VEREIT (VER) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Entity Information [Line Items]
Entity Registrant Name	VEREIT, Inc.
Entity Central Index Key	1,507,385
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		905,020,348
VEREIT Operating Partnership, L.P. [Member]
Entity Information [Line Items]
Entity Registrant Name	VEREIT Operating Partnership, L.P.
Entity Central Index Key	1,528,059
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments, at cost:
Land	$ 3,351,303	$ 3,472,298
Buildings, fixtures and improvements	11,779,450	12,307,758
Land and construction in progress	83,104	77,450
Intangible lease assets	2,339,273	2,435,054
Total real estate investments, at cost	17,553,130	18,292,560
Less: accumulated depreciation and amortization	1,401,843	1,034,122
Total real estate investments, net	16,151,287	17,258,438
Investment in unconsolidated entities	94,502	98,053
Investment in direct financing leases, net	49,801	56,076
Investment securities, at fair value	55,802	58,646
Loans held for investment, net	40,598	42,106
Cash and cash equivalents	121,651	416,711
Restricted cash	53,336	62,651
Intangible assets, net	135,340	150,359
Deferred costs and other assets, net	403,606	389,922
Goodwill	1,847,295	1,894,794
Due from affiliates	53,456	86,122
Assets held for sale	242,701	1,261
Total assets	19,249,375	20,515,139
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable and other debt, net	3,500,144	3,805,761
Corporate bonds, net	2,546,864	2,546,499
Convertible debt, net	979,852	977,521
Credit facility	2,300,000	3,184,000
Below-market lease liabilities, net	298,102	317,838
Accounts payable and accrued expenses	168,877	163,025
Deferred rent, derivative and other liabilities	122,999	127,611
Distributions payable	9,938	9,995
Due to affiliates	268	559
Mortgage notes payable associated with assets held for sale	118,493	0
Total liabilities	10,045,537	11,132,809
Commitments and contingencies (Note 14)	0	0
STOCKHOLDERS’ EQUITY
Preferred stock	428	428
Common stock	9,051	9,055
Additional paid-in capital	11,924,547	11,920,253
Accumulated other comprehensive (loss) income	(1,928)	2,728
Accumulated deficit	(2,951,019)	(2,778,576)
Total stockholders’ equity	8,981,079	9,153,888
Non-controlling interests	222,759	228,442
Total equity	9,203,838	9,382,330
Total liabilities and equity	19,249,375	20,515,139
VEREIT Operating Partnership, L.P. [Member]
Real estate investments, at cost:
Land	3,351,303	3,472,298
Buildings, fixtures and improvements	11,779,450	12,307,758
Land and construction in progress	83,104	77,450
Intangible lease assets	2,339,273	2,435,054
Total real estate investments, at cost	17,553,130	18,292,560
Less: accumulated depreciation and amortization	1,401,843	1,034,122
Total real estate investments, net	16,151,287	17,258,438
Investment in unconsolidated entities	94,502	98,053
Investment in direct financing leases, net	49,801	56,076
Investment securities, at fair value	55,802	58,646
Loans held for investment, net	40,598	42,106
Cash and cash equivalents	121,651	416,711
Restricted cash	53,336	62,651
Intangible assets, net	135,340	150,359
Deferred costs and other assets, net	403,606	389,922
Goodwill	1,847,295	1,894,794
Due from affiliates	53,456	86,122
Assets held for sale	242,701	1,261
Total assets	19,249,375	20,515,139
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable and other debt, net	3,500,144	3,805,761
Corporate bonds, net	2,546,864	2,546,499
Convertible debt, net	979,852	977,521
Credit facility	2,300,000	3,184,000
Below-market lease liabilities, net	298,102	317,838
Accounts payable and accrued expenses	168,877	163,025
Deferred rent, derivative and other liabilities	122,999	127,611
Distributions payable	9,938	9,995
Due to affiliates	268	559
Mortgage notes payable associated with assets held for sale	118,493	0
Total liabilities	$ 10,045,537	$ 11,132,809
Commitments and contingencies (Note 14)
STOCKHOLDERS’ EQUITY
Total partners’ equity	$ 9,182,119	$ 9,358,631
Non-controlling interests	21,719	23,699
Total equity	9,203,838	9,382,330
Total liabilities and equity	19,249,375	20,515,139
VEREIT Operating Partnership, L.P. [Member] | Common Stock [Member]
STOCKHOLDERS’ EQUITY
General partners' capital account	8,020,430	8,157,167
Limited partners' capital account	197,273	201,102
VEREIT Operating Partnership, L.P. [Member] | Preferred Units [Member]
STOCKHOLDERS’ EQUITY
General partners' capital account	961,041	996,987
Limited partners' capital account	$ 3,375	$ 3,375

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	100,000,000	100,000,000
Convertible preferred stock, shares issued	42,834,138	42,834,138
Convertible preferred stock, shares outstanding	42,834,138	42,834,138
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	905,062,673	905,530,431
Common stock, shares outstanding	905,062,673	905,530,431
VEREIT Operating Partnership, L.P. [Member] | Common Stock [Member]
General partners', units issued	905,062,673	905,530,431
General partners', units outstanding	905,062,673	905,530,431
Limited partners', units issued	23,763,797	23,763,797
Limited partners', units outstanding	23,763,797	23,763,797
VEREIT Operating Partnership, L.P. [Member] | Preferred Units [Member]
General partners', units issued	42,834,138	42,834,138
General partners', units outstanding	42,834,138	42,834,138
Limited partners', units issued	86,874	86,874
Limited partners', units outstanding	86,874	86,874

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income		$ 341,183	$ 314,519	$ 683,942	$ 558,934
Direct financing lease income		697	1,181	1,438	2,187
Operating expense reimbursements		25,312	29,256	48,286	50,732
Cole Capital revenue		26,529	37,222	54,023	91,479
Total revenues		393,721	382,178	787,689	703,332
Operating expenses:
Cole Capital reallowed fees and commissions		3,710	7,068	5,741	41,504
Acquisition related	[1]	1,563	7,201	3,745	20,618
Merger and other non-routine transactions	[2]	16,864	7,422	33,287	167,720
Property operating		32,598	39,286	63,597	69,041
Management fees to affiliates		0	0	0	13,888
General and administrative	[3]	33,958	37,224	67,064	92,593
Depreciation and amortization		217,513	250,739	436,654	424,581
Impairments		85,341	1,556	85,341	1,556
Total operating expenses		391,547	350,496	695,429	831,501
Operating income (loss)		2,174	31,682	92,260	(128,169)
Other (expense) income:
Interest expense, net		(90,572)	(103,897)	(186,271)	(224,848)
Extinguishment of debt, net		0	(6,469)	429	(15,868)
Other income, net		5,302	4,442	14,263	8,417
Gain (loss) on derivative instruments, net		311	14,207	(717)	7,086
Total other expenses, net		(84,959)	(91,717)	(172,296)	(225,213)
Loss before income and franchise taxes and loss on disposition of real estate and held for sale assets		(82,785)	(60,035)	(80,036)	(353,382)
Loss on disposition of real estate and held for sale assets, net		(24,674)	(1,269)	(56,042)	(18,874)
Loss before income and franchise taxes		(107,459)	(61,304)	(136,078)	(372,256)
(Provision for) benefit from income and franchise taxes		(1,250)	4,706	(3,324)	9,818
Net loss		(108,709)	(56,598)	(139,402)	(362,438)
Net (income) loss attributable to non-controlling interests		2,187	1,878	2,910	16,274
Net loss attributable to the Company / OP		$ (106,522)	$ (54,720)	$ (136,492)	$ (346,164)
Basic and diluted net loss per share attributable to common stockholders		$ (0.14)	$ (0.10)	$ (0.19)	$ (0.58)
Distributions declared per common share / unit		$ 0	$ 0.25	$ 0	$ 0.54
VEREIT Operating Partnership, L.P. [Member]
Revenues:
Rental income		$ 341,183	$ 314,519	$ 683,942	$ 558,934
Direct financing lease income		697	1,181	1,438	2,187
Operating expense reimbursements		25,312	29,256	48,286	50,732
Cole Capital revenue		26,529	37,222	54,023	91,479
Total revenues		393,721	382,178	787,689	703,332
Operating expenses:
Cole Capital reallowed fees and commissions		3,710	7,068	5,741	41,504
Acquisition related	[4]	1,563	7,201	3,745	20,618
Merger and other non-routine transactions	[5]	16,864	7,422	33,287	167,720
Property operating		32,598	39,286	63,597	69,041
Management fees to affiliates		0	0	0	13,888
General and administrative	[6]	33,958	37,224	67,064	92,593
Depreciation and amortization		217,513	250,739	436,654	424,581
Impairments		85,341	1,556	85,341	1,556
Total operating expenses		391,547	350,496	695,429	831,501
Operating income (loss)		2,174	31,682	92,260	(128,169)
Other (expense) income:
Interest expense, net		(90,572)	(103,897)	(186,271)	(224,848)
Extinguishment of debt, net		0	(6,469)	429	(15,868)
Other income, net		5,302	4,442	14,263	8,417
Gain (loss) on derivative instruments, net		311	14,207	(717)	7,086
Total other expenses, net		(84,959)	(91,717)	(172,296)	(225,213)
Loss before income and franchise taxes and loss on disposition of real estate and held for sale assets		(82,785)	(60,035)	(80,036)	(353,382)
Loss on disposition of real estate and held for sale assets, net		(24,674)	(1,269)	(56,042)	(18,874)
Loss before income and franchise taxes		(107,459)	(61,304)	(136,078)	(372,256)
(Provision for) benefit from income and franchise taxes		(1,250)	4,706	(3,324)	9,818
Net loss		(108,709)	(56,598)	(139,402)	(362,438)
Net (income) loss attributable to non-controlling interests		(613)	(272)	(793)	(80)
Net loss attributable to the Company / OP		$ (109,322)	$ (56,870)	$ (140,195)	$ (362,518)
Basic and diluted net loss from continuing operations per unit attributable to common unitholders		$ (0.14)	$ (0.10)	$ (0.19)	$ (0.58)
Distributions declared per common share / unit		$ 0	$ 0.25	$ 0	$ 0.54
[1]	Includes $113,000 and $1.7 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[2]	Includes $40,000 and $137.8 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[3]	Includes $437,000 and $16.0 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[4]	Includes $113,000 and $1.7 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[5]	Includes $40,000 and $137.8 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[6]	Includes $437,000 and $16.0 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.

Consolidated Statements of Ope5

Consolidated Statements of Operations (Footnotes) - Affiliated Entity [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related party expenses	$ 26,529,000	$ 37,222,000	$ 54,023,000	$ 91,479,000
Acquisition-related Costs [Member]
Related party expenses	0	113,000	0	1,700,000
Merger And Other Non-Routine Transactions [Member]
Related party expenses	0	40,000	0	137,778,000
General and Administrative Expense [Member]
Related party expenses	0	437,000	0	16,029,000
VEREIT Operating Partnership, L.P. [Member] | Acquisition-related Costs [Member]
Related party expenses	0	113,000	0	1,700,000
VEREIT Operating Partnership, L.P. [Member] | Merger And Other Non-Routine Transactions [Member]
Related party expenses	0	40,000	0	137,800,000
VEREIT Operating Partnership, L.P. [Member] | General and Administrative Expense [Member]
Related party expenses	$ 0	$ 437,000	$ 0	$ 16,000,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net loss	$ (108,709)	$ (56,598)	$ (139,402)	$ (362,438)
Other comprehensive (loss) income:
Unrealized loss on interest rate derivatives	(585)	(9,857)	(10,981)	(13,696)
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	2,793	2,574	5,529	4,115
Unrealized (loss) gain on investment securities, net	(110)	5,878	686	8,973
Reclassification of previous unrealized gains on investment securities into net loss	110	0	110	0
Total other comprehensive income (loss)	2,208	(1,405)	(4,656)	(608)
Total comprehensive loss	(106,501)	(58,003)	(144,058)	(363,046)
Comprehensive (income) loss attributable to non-controlling interests	2,187	1,878	2,910	16,274
Total comprehensive loss attributable to the Company / OP	(104,314)	(56,125)	(141,148)	(346,772)
VEREIT Operating Partnership, L.P. [Member]
Net loss	(108,709)	(56,598)	(139,402)	(362,438)
Other comprehensive (loss) income:
Unrealized loss on interest rate derivatives	(585)	(9,857)	(10,981)	(13,696)
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	2,793	2,574	5,529	4,115
Unrealized (loss) gain on investment securities, net	(110)	5,878	686	8,973
Reclassification of previous unrealized gains on investment securities into net loss	110	0	110	0
Total other comprehensive income (loss)	2,208	(1,405)	(4,656)	(608)
Total comprehensive loss	(106,501)	(58,003)	(144,058)	(363,046)
Comprehensive (income) loss attributable to non-controlling interests	(613)	(272)	(793)	(80)
Total comprehensive loss attributable to the Company / OP	$ (107,114)	$ (58,275)	$ (144,851)	$ (363,126)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands		Total	Affiliated Entity [Member]	Affiliated Entity [Member]Offering Related Costs [Member]	Series D Preferred Stock [Member]	Preferred Stock [Member]	Common Units [Member]	Preferred OP Units [Member]	Member Units [Member]	Cumulative Preferred Stock [Member]	Total Stockholders' Equity	Total Stockholders' EquitySeries D Preferred Stock [Member]	Total Stockholders' EquityPreferred Stock [Member]	Total Stockholders' EquityCommon Units [Member]	Total Stockholders' EquityPreferred OP Units [Member]	Total Stockholders' EquityCumulative Preferred Stock [Member]	Preferred Stock [Member]	Preferred Stock [Member]Preferred OP Units [Member]	Common Stock [Member]	Common Stock [Member]Common Units [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Common Units [Member]	Additional Paid-In Capital [Member]Preferred OP Units [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Series D Preferred Stock [Member]	Accumulated Deficit [Member]Preferred Stock [Member]	Accumulated Deficit [Member]Cumulative Preferred Stock [Member]	Non-Controlling Interests [Member]	Non-Controlling Interests [Member]Common Units [Member]	Non-Controlling Interests [Member]Preferred OP Units [Member]	Non-Controlling Interests [Member]Member Units [Member]
Beginning balance (shares) at Dec. 31, 2013																	42,199,547		239,234,725
Beginning balance at Dec. 31, 2013		$ 2,229,228									$ 2,073,430						$ 422		$ 2,392		$ 2,940,907			$ 7,666	$ (877,957)				$ 155,798
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation, net forfeitures		27,264									20,384										20,384								6,880
Distributions to non-controlling interest holders		(21,967)																											(21,967)
Distributions					$ (2,280)					$ (44,468)		$ (2,280)				$ (44,468)										$ (2,280)		$ (44,468)
Net loss		(362,438)									(346,164)														(346,164)				(16,274)
Other comprehensive loss		(608)									(608)													(608)
Issuance of stock (shares)	[1]																		662,305,318
Issuance of common stock	[1]	8,923,570									8,923,570								$ 6,623		8,916,947
Conversion of Units to Stock (shares)																		530,466		1,017,355
Conversion of Units to stock							$ 0	$ 0						$ 14,725	$ 10,800			$ 5		$ 10		$ 14,715	$ 10,795							$ (14,725)	$ (10,800)
Issuance of share awards, net (shares)																			5,361,423
Issuance of restricted share awards, net		(2,019)									(2,019)								$ 54		(2,073)								0
Distributions declared on common stock		(368,339)									(368,339)														(368,339)
Issuance of OP Units									$ 152,484																							$ 152,484
Contributions from non-controlling interest holders		982																											982
Non-controlling interests retained in Cole Merger		24,766																											24,766
Ending balance (shares) at Jun. 30, 2014																	42,730,013		907,918,821
Ending balance at Jun. 30, 2014		10,556,175									10,279,031						$ 427		$ 9,079		11,901,675			7,058	(1,639,208)				277,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Related party expenses			$ 91,479	$ 2,150
Beginning balance (shares) at Dec. 31, 2013																	42,199,547		239,234,725
Beginning balance at Dec. 31, 2013		2,229,228									2,073,430						$ 422		$ 2,392		2,940,907			7,666	(877,957)				155,798
Ending balance (shares) at Dec. 31, 2014																	42,834,138		905,530,431
Ending balance at Dec. 31, 2014		$ 9,382,330									9,153,888						$ 428		$ 9,055		11,920,253			2,728	(2,778,576)				228,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock to settle tax obligation (shares)		142,587																	142,587
Repurchases of common stock to settle tax obligation		$ (1,339)									(1,339)								$ (1)		(1,338)
Equity-based compensation, net of forfeitures (shares)																			(325,171)
Equity-based compensation, net forfeitures		6,173									6,173								$ (3)		6,176								0
Tax shortfall from equity-based compensation		(544)									(544)										(544)
Distributions to non-controlling interest holders		(5,814)																											(5,814)
Distributions					$ (5)	$ (35,946)						$ (5)	$ (35,946)													$ (5)	$ (35,946)
Disposition of consolidated joint venture interest		3,041																											3,041
Net loss		(139,402)									(136,492)														(136,492)				(2,910)
Other comprehensive loss		(4,656)									(4,656)													(4,656)
Ending balance (shares) at Jun. 30, 2015																	42,834,138		905,062,673
Ending balance at Jun. 30, 2015		$ 9,203,838									$ 8,981,079						$ 428		$ 9,051		$ 11,924,547			$ (1,928)	$ (2,951,019)				$ 222,759
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Related party expenses			$ 54,023	$ 0
[1]	Includes $2.2 million issued to affiliates of the Former Manager (as defined in Note 15 – Equity) for the six months ended June 30, 2014.

CONSOLIDATED STATEMENT OF CHAN8

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - ARC Properties Operating Partnership, L.P. - USD ($) $ in Thousands		Total	VEREIT Operating Partnership, L.P. [Member]	VEREIT Operating Partnership, L.P. [Member]Preferred Units [Member]General Partner [Member]	VEREIT Operating Partnership, L.P. [Member]Preferred Units [Member]Limited Partner [Member]	VEREIT Operating Partnership, L.P. [Member]Common Stock [Member]General Partner [Member]	VEREIT Operating Partnership, L.P. [Member]Common Stock [Member]Limited Partner [Member]	VEREIT Operating Partnership, L.P. [Member]Parent [Member]	VEREIT Operating Partnership, L.P. [Member]Noncontrolling Interest [Member]	Affiliated Entity [Member]	Offering Related Costs [Member]Affiliated Entity [Member]	Offering Related Costs [Member]Affiliated Entity [Member]VEREIT Operating Partnership, L.P. [Member]
Units, outstanding, beginning balance at Dec. 31, 2013				42,199,547	721,465	239,234,725	17,832,274
Beginning balance at Dec. 31, 2013			$ 2,229,228	$ 1,054,989	$ 16,466	$ 1,018,123	$ 139,083	$ 2,228,661	$ 567
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity-based compensation, net of forfeitures (shares)							(10,744,697)
Equity-based compensation, net of forfeitures			27,264			20,384	$ 6,880	27,264
Distributions to Common OP Units, LTIPs and non-controlling interests		$ (21,967)	(392,586)			(370,619)	(21,166)	(391,785)	(801)
Distributions to Preferred OP Units			(44,468)	$ (35,147)		(9,321)		(44,468)
Net (loss) income		(362,438)	(362,438)			(346,164)	(16,354)	(362,518)	80
Other comprehensive loss		(608)	(608)			$ (581)	$ (27)	(608)
Issuance of Common OP units, net, units	[1]					662,305,318	7,956,297
Issuance of common OP units, net	[1]		9,076,054			$ 8,923,570	$ 152,484	9,076,054
Conversion of Units to units, units				530,466	(530,466)	1,017,355	(1,017,335)
Conversion of Units to units				$ 10,800	$ (10,800)	$ 14,725	$ (14,725)
Issuance of share awards, net (shares)						5,361,423
Issuance of restricted share awards, net		(2,019)	(2,019)			$ (2,019)		(2,019)
Contributions from non-controlling interest holders			982						982
Non-controlling interests retained in Cole Merger		$ 982	24,766						24,766
Units, outstanding, ending balance at Jun. 30, 2014				42,730,013	190,999	907,918,821	35,515,933
Ending balance at Jun. 30, 2014			10,556,175	$ 1,030,642	$ 5,666	$ 9,248,098	$ 246,175	10,530,581	25,594
Increase (Decrease) in Partners' Capital [Roll Forward]
Related party expenses										$ 91,479	$ 2,150	$ 2,150
Units, outstanding, beginning balance at Dec. 31, 2013				42,199,547	721,465	239,234,725	17,832,274
Beginning balance at Dec. 31, 2013			2,229,228	$ 1,054,989	$ 16,466	$ 1,018,123	$ 139,083	2,228,661	567
Units, outstanding, ending balance at Dec. 31, 2014				42,834,138	86,874	905,530,431	23,763,797
Ending balance at Dec. 31, 2014			9,382,330	$ 996,987	$ 3,375	$ 8,157,167	$ 201,102	9,358,631	23,699
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common OP units to settle tax obligation (shares)		(142,587)				(142,587)
Repurchases of common OP Units to settle tax obligation		$ (1,339)	(1,339)			$ (1,339)		(1,339)
Equity-based compensation, net of forfeitures (shares)						(325,171)
Equity-based compensation, net of forfeitures			6,173			$ 6,173	0	6,173
Tax shortfall from equity-based compensation			(544)			(544)		(544)
Distributions to Common OP Units, LTIPs and non-controlling interests		(5,814)	(5,819)			(5)	0	(5)	(5,814)
Distributions to Preferred OP Units			(35,946)	$ (35,946)	$ 0	0		(35,946)
Disposition of consolidated joint venture interest		3,041							3,041
Net (loss) income		(139,402)	(139,402)			(136,492)	(3,703)	(140,195)	793
Other comprehensive loss		$ (4,656)	(4,656)			$ (4,530)	$ (126)	(4,656)
Units, outstanding, ending balance at Jun. 30, 2015				42,834,138	86,874	905,062,673	23,763,797
Ending balance at Jun. 30, 2015			$ 9,203,838	$ 961,041	$ 3,375	$ 8,020,430	$ 197,273	$ 9,182,119	$ 21,719
Increase (Decrease) in Partners' Capital [Roll Forward]
Related party expenses										$ 54,023	$ 0
[1]	Includes $2.2 million issued to affiliates of the Former Manager (as defined in Note 15 – Equity) for the six months ended June 30, 2014.

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (139,402)	$ (362,438)
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of common OP units	0	92,884
Depreciation and amortization	444,713	473,184
Loss on disposition of real estate and held for sale assets, net	56,042	18,874
Impairments	85,341	1,556
Equity-based compensation	6,173	27,264
Equity in (income) loss of unconsolidated entities	(1,503)	385
Distributions from unconsolidated entities	5,229	4,033
Loss (gain) on derivative instruments	717	(7,086)
Gain on sale and unrealized gains of investments securities	(61)	0
Gain on extinguishment and forgiveness of debt	(5,307)	(16,985)
Changes in assets and liabilities:
Investment in direct financing leases	986	525
Deferred costs and other assets, net	(41,788)	(93,553)
Due from affiliates	32,666	(5,685)
Accounts payable and accrued expenses	14,841	(51,771)
Deferred rent, derivative and other liabilities	(7,581)	(8,732)
Due to affiliates	(291)	(41,262)
Net cash provided by operating activities	450,775	31,193
Cash flows from investing activities:
Investments in real estate and other assets	(10,207)	(1,246,588)
Acquisition of real estate businesses, net of cash acquired	0	(756,232)
Capital expenditures	(6,791)	(9,989)
Real estate developments	(35,370)	(21,733)
Principal repayments received from borrowers	5,028	4,155
Investments in unconsolidated entities	0	(2,500)
Proceeds from disposition of real estate assets	324,949	94,823
Investment in intangible assets	0	(266)
Proceeds from sale of investments	229	0
Deposits for real estate assets	(7,555)	(129,602)
Uses and refunds of deposits for real estate assets	11,878	196,075
Line of credit advances to affiliates	(10,000)	(80,300)
Line of credit repayments from affiliates	10,000	15,600
Change in restricted cash	4,927	(15,499)
Net cash provided by (used in) investing activities	287,088	(1,952,056)
Cash flows from financing activities:
Proceeds from mortgage notes payable	1,314	718,275
Payments on mortgage notes payable and other debt	(106,799)	(884,398)
Proceeds from credit facilities	0	3,246,000
Payments on credit facilities	(884,000)	(4,628,800)
Proceeds from corporate bonds	0	2,545,760
Payments of deferred financing costs	(334)	(84,165)
Repurchases of common stock for tax obligation	(1,339)	0
Proceeds from issuances of common stock / OP units, net of offering costs	0	1,593,462
Contributions from non-controlling interest holders	0	982
Distributions to non-controlling interest holders	(5,814)	(15,831)
Distributions paid	(35,951)	(427,618)
Net cash (used in) provided by financing activities	(1,032,923)	2,063,667
Net change in cash and cash equivalents	(295,060)	142,804
Cash and cash equivalents, beginning of period	416,711	52,725
Cash and cash equivalents, end of period	121,651	195,529
VEREIT Operating Partnership, L.P. [Member]
Cash flows from operating activities:
Net loss	(139,402)	(362,438)
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of common OP units	0	92,884
Depreciation and amortization	444,713	473,184
Loss on disposition of real estate and held for sale assets, net	56,042	18,874
Impairments	85,341	1,556
Equity-based compensation	6,173	27,264
Equity in (income) loss of unconsolidated entities	(1,503)	385
Distributions from unconsolidated entities	5,229	4,033
Loss (gain) on derivative instruments	717	(7,086)
Gain on sale and unrealized gains of investments securities	(61)	0
Gain on extinguishment and forgiveness of debt	(5,307)	(16,985)
Changes in assets and liabilities:
Investment in direct financing leases	986	525
Deferred costs and other assets, net	(41,788)	(93,553)
Due from affiliates	32,666	(5,685)
Accounts payable and accrued expenses	14,841	(51,771)
Deferred rent, derivative and other liabilities	(7,581)	(8,732)
Due to affiliates	(291)	(41,262)
Net cash provided by operating activities	450,775	31,193
Cash flows from investing activities:
Investments in real estate and other assets	(10,207)	(1,246,588)
Acquisition of real estate businesses, net of cash acquired	0	(756,232)
Capital expenditures	(6,791)	(9,989)
Real estate developments	(35,370)	(21,733)
Principal repayments received from borrowers	5,028	4,155
Investments in unconsolidated entities	0	(2,500)
Proceeds from disposition of real estate assets	324,949	94,823
Investment in intangible assets	0	(266)
Proceeds from sale of investments	229	0
Deposits for real estate assets	(7,555)	(129,602)
Uses and refunds of deposits for real estate assets	11,878	196,075
Line of credit advances to affiliates	(10,000)	(80,300)
Line of credit repayments from affiliates	10,000	15,600
Change in restricted cash	4,927	(15,499)
Net cash provided by (used in) investing activities	287,088	(1,952,056)
Cash flows from financing activities:
Proceeds from mortgage notes payable	1,314	718,275
Payments on mortgage notes payable and other debt	(106,799)	(884,398)
Proceeds from credit facilities	0	3,246,000
Payments on credit facilities	(884,000)	(4,628,800)
Proceeds from corporate bonds	0	2,545,760
Payments of deferred financing costs	(334)	(84,165)
Repurchases of common stock for tax obligation	(1,339)	0
Proceeds from issuances of common stock / OP units, net of offering costs	0	1,593,462
Contributions from non-controlling interest holders	0	982
Distributions to non-controlling interest holders	(5,814)	(15,831)
Distributions paid	(35,951)	(427,618)
Net cash (used in) provided by financing activities	(1,032,923)	2,063,667
Net change in cash and cash equivalents	(295,060)	142,804
Cash and cash equivalents, beginning of period	416,711	52,725
Cash and cash equivalents, end of period	$ 121,651	$ 195,529

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization VEREIT, Inc., f/k/a American Realty Capital Properties, Inc. (the “General Partner” or “VEREIT”), 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. VEREIT Operating Partnership, L.P., f/k/a ARC Properties Operating Partnership, L.P. (together with its subsidiaries, the “Operating Partnership” or the “OP”), is a Delaware limited partnership of which the General Partner is the sole general partner. The board of directors authorized amendments to the General Partner’s Articles of Amendment and Restatement and the Operating Partnership’s Certificate of Limited Partnership to effect name changes from American Realty Capital Properties, Inc. and ARC Properties Operating Partnership, L.P., to VEREIT, Inc. and VEREIT Operating Partnership, L.P., respectively, which became effective July 28, 2015. On July 20, 2015, VEREIT, under its former name, provided written notice to the NASDAQ Global Select Market (the “NASDAQ”) that it intended to voluntarily delist its common stock (“Common Stock”), par value $0.01 per share, and its 6.70% Series F Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”), par value $0.01 per share, from the NASDAQ promptly following the close of trading on July 30, 2015. VEREIT obtained authorization for listing on the New York Stock Exchange (the “NYSE”) and, effective July 31, 2015, transferred the listing of its Common Stock and Series F Preferred Stock to the NYSE. The Common Stock and Series F Preferred Stock now trade under the trading symbols, “VER” and “VER PRF”, respectively. As used herein, the terms the “Company,” “we,” “our” and “us” refer to VEREIT, together with our consolidated subsidiaries, including the OP. The Company is a full-service real estate operating company with investment management capabilities that operates through two business segments, Real Estate Investment (“REI”) and its investment management business, Cole Capital (“Cole Capital”), as further discussed in Note 3 – Segment Reporting . Through the REI segment, the Company owns and actively manages a diversified portfolio of retail, restaurant, office and industrial real estate assets subject to long-term net leases with high credit quality tenants. Cole Capital is contractually responsible for raising capital for and managing the affairs of the Managed REITs (as defined in Note 3 – Segment Reporting ) on a day-to-day basis, identifying and making acquisitions and investments on the Managed REITs’ behalf and recommending to the respective board of directors of each of the Managed REITs an approach for providing investors with liquidity. Cole Capital receives compensation and reimbursement for performing these services. Substantially all of the Company’s REI segment is conducted through the OP. VEREIT is the sole general partner and holder of 97.4% of the common equity interests in the OP as of June 30, 2015 with the remaining 2.6% of the common equity interests owned by certain unaffiliated investors. Under the limited partnership agreement of the OP (the “LPA”), after holding units of limited partner interests in the OP (“OP Units”) for a period of one year , unless otherwise consented to by VEREIT, holders of OP Units have the right to redeem the OP Units for the cash value of a corresponding number of shares of VEREIT’s common stock or, at the option of VEREIT, a corresponding number of shares of VEREIT’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 and a wholly owned subsidiary of the OP. 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”). The actions of the Operating Partnership and its relationship with the General Partner are governed by the LPA. The General Partner does not have any significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the General Partner and the Operating Partnership are substantially the same. Additionally, pursuant to the LPA, all administrative expenses and expenses associated with the formation, continuity, existence and operation of the General Partner incurred by the General Partner on the Operating Partnership’s behalf shall be treated as expenses of the Operating Partnership. Further, when the General Partner issues any equity instrument that has been approved by the General Partner’s board of directors, the LPA requires the Operating Partnership to issue to the General Partner equity instruments with substantially similar terms, to protect the integrity of the Company’s umbrella partnership REIT structure, pursuant to which each holder of interests in the Operating Partnership has a proportionate economic interest in the Operating Partnership reflecting its capital contributions thereto. OP Units issued to the General Partner are referred to as General Partner OP Units. OP Units issued to parties other than the General Partner are referred to as Limited Partner OP Units. The LPA also provides that the Operating Partnership issue debt that mirrors debt issued by the General Partner. The LPA will be amended to provide for the issuance of any additional class of equivalent equity instruments to the extent the General Partner’s board of directors authorizes the issuance of any new class of equity securities. On March 2, 2015, the General Partner issued restated consolidated financial statements and related financial information as of and for the fiscal years ended December 31, 2013 and 2012 and the fiscal periods ended March 31, 2014 and 2013, June 30, 2014 and 2013 and September 30, 2013, and the OP restated and amended its consolidated financial statements and related financial information as of and for the fiscal years ended December 31, 2013 and 2012 and the fiscal periods ended June 30, 2014 and 2013 (collectively, the “Restatement”) to correct errors that were identified as a result of a previously-announced investigation conducted by the audit committee (the “Audit Committee”) of the General Partner’s board of directors (the “Audit Committee Investigation”), as well as certain other errors that were identified by the Company’s new management. In addition, the Restatement reflected corrections of certain immaterial errors and certain previously identified errors that the Company became aware of during the normal course of business and were determined to be immaterial, both individually and in the aggregate, when the consolidated financial statements were originally issued. The restated and corrected prior period data is reflected in these consolidated financial statements and accompanying notes. See Amendment No. 1 to the General Partner’s Quarterly Report on Form 10-Q/A filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2015 for the three and six months ended June 30, 2014 for additional information about the Audit Committee Investigation and reconciliations of the amounts as originally reported to the corresponding restated amounts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The consolidated financial statements of the Company presented herein include the accounts of the General Partner and its consolidated subsidiaries, including the OP. All intercompany transactions have been eliminated upon consolidation. The financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). 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 and six months ended June 30, 2015 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, 2014 of the Company, which are included in the Company’s Annual Report on Form 10-K, as amended, filed March 30, 2015. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2015 . Information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries and consolidated joint venture arrangements. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests. In addition, as described in Note 1 – Organization , certain third parties have been issued OP Units. Holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interest is reflected as equity in the consolidated balance sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of common shares issued and the carrying value of the OP Units converted is recorded as a component of equity. As of both June 30, 2015 and December 31, 2014 , there were approximately 23.8 million Limited Partner OP Units outstanding. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity of which the Company is the primary beneficiary. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of the qualitative and quantitative significance of fees it earns from certain of its relationships and investments. If the Company determines that it holds a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE’s operations and the difference between consolidating the VIE and accounting for it using the equity method would be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate joint ventures and the managed investment programs based on standards set forth in GAAP as described above. Reclassification The other debt balance from prior year has been combined in the consolidated balance sheets and consolidated statements of cash flows into the captions mortgage notes payable and other debt, net and payments on mortgage notes payable and other debt, respectively. Additionally, state property income and franchise taxes previously included in general and administrative expenses and federal and state income taxes previously included in other income, net have been combined into the caption (provision for) benefit from income and franchise taxes in the consolidated statements of operations. Assets Held for Sale The Company classifies real estate investments as held for sale in accordance with U.S. GAAP. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated cost to dispose of the assets. As of June 30, 2015 , two properties were classified as held for sale. As of December 31, 2014, two properties were classified as held for sale, which were sold during the first quarter. If circumstances arise which the Company previously considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify the property as held and used. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. Upon classifying an asset as held for sale, the Company will no longer recognize depreciation expense related to the depreciable assets of the property. Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000 . At times, our cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Restricted Cash Restricted cash primarily consists of reserves related to lease expirations, as well as maintenance, structural and debt service reserves. Revenue Recognition The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for the purposes of this calculation. Since many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. Straight-line rent receivables are included in deferred costs and other assets, net, in the consolidated balance sheets. See Note 8 – Deferred Costs and Other Assets, Net . The Company defers the revenue related to lease payments received from tenants in advance of their due dates. As of June 30, 2015 and December 31, 2014 , the Company had $59.0 million and $57.8 million , respectively, of deferred rental income, which is included in deferred rent, derivative, and other liabilities in the consolidated balance sheets. Cost recoveries from tenants are included within operating expense reimbursements in the consolidated statements of operations, in the period the related costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is uncertain, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive loss. As of June 30, 2015 and December 31, 2014 , the Company recorded an allowance for uncollectible accounts of $3.2 million and $2.5 million , respectively. Acquisition Related Expenses and Merger and Other Non-routine Transaction Related Expenses All direct costs incurred as a result of a business combination are classified as acquisition related costs or merger and other non-routine transaction costs and expensed as incurred. Acquisition related expenses include legal and other transaction related costs incurred in connection with self-originated acquisitions including purchases of portfolios. In addition, indirect costs, such as internal salaries, that are tracked and documented in a manner that clearly indicates that the activities driving the cost directly relate to activities necessary to complete, or effect, self-originating purchases are classified as acquisition related expenses. Similar costs incurred in relation to mergers, which are not accounted for as acquisitions, are included in merger and other non-routine transactions in the consolidated statements of operations. Other non-routine transaction related expenses are also presented within merger and other non-routine transactions in the consolidated statements of operations. Merger and other non-routine transaction related expenses include the following costs (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Merger related costs: Strategic advisory services $ — $ — $ — $ 32,615 Transfer taxes — — — 5,109 Legal fees and expenses — 1,563 — 4,547 Personnel costs and other reimbursements — — — 751 Multi-tenant spin off — 2,859 — 5,180 Other fees and expenses — 346 — 1,676 Other non-routine transaction related costs: Post-transaction support services — — — 14,251 Subordinated distribution fee — — — 78,244 Audit Committee Investigation and related matters (1) 14,386 — 29,702 — Furniture, fixtures and equipment — — — 14,085 Legal fees and expenses (2) 2,478 — 2,953 1,826 Personnel costs and other reimbursements — 275 — 2,718 Other fees and expenses — 2,379 632 6,718 Total $ 16,864 $ 7,422 $ 33,287 $ 167,720 ___________________________________ (1) Includes all fees and costs associated with the Audit Committee Investigation and various litigations and investigations prompted by the results of the Audit Committee Investigation, including fees and costs reimbursed pursuant to the Company’s indemnification obligations. (2) Primarily relates to fees incurred in connection with a legal matter resolved in early 2014. Income Taxes The General Partner 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 General Partner 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 General Partner maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, federal income taxes on certain income and excise taxes on its undistributed income. The OP is classified as a partnership for federal income tax purposes. As a partnership, the OP is not a taxable entity for federal income tax purposes. Instead, each partner in the OP is required to take into account its allocable share of the OP’s income, gains, losses, deductions and credits for each taxable year. However, the OP may be subject to certain state and local taxes on its income and property. As of June 30, 2015 , the OP and the General Partner had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended December 31, 2010 remain open to examination by the major taxing jurisdictions to which the OP, the General Partner, American Realty Capital Trust III, Inc. (“ARCT III”), CapLease, Inc. (“CapLease”), American Realty Capital Trust IV, Inc., (“ARCT IV”), Cole Real Estate Investments, Inc. (“Cole”) and Cole Credit Property Trust, Inc. are subject. Under the LPA, the OP is to conduct business in such a manner as to permit the General Partner at all times to qualify as a REIT. The Company conducts substantially all of its Cole Capital segment through a TRS structure. 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 Canada and, as a result, it files income tax returns in the U.S. federal jurisdiction, Canadian 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 provision or benefit related to significant or unusual 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 or benefit from income taxes may change as new events occur, additional information is obtained or the tax environment changes. Recent Accounting Pronouncements In May 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and allows for either full retrospective adoption or modified retrospective adoption, with early application not permitted. The Company is currently evaluating the impact of the new standard on its financial statements. In February 2015, FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of Financial Accounting Standard (“ FAS”) No. 167, Amendments to FASB Interpretation No. 46(R), modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception for reporting entities with interests in legal entities that operate as registered money market funds . These changes will require re-evaluation of the consolidation conclusion for certain entities and will require the Company to revise its analysis regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Companies may elect to apply the amendments in ASU 2015-02 using a modified retrospective approach or by applying the amendments retrospectively. The Company is currently evaluating the impact of the new standard on its financial statements. In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than presenting the costs as an asset, a deferred charge. The previous requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, “Elements of Financial Statements,” which states that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. After the update is adopted, debt disclosures will include the face amount of the debt liability and the effective interest rate. For public companies, ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company has evaluated the impact of the adoption of this new standard, which is expected to result in reclassifications of certain deferred costs on the Company’s balance sheets but will not have an impact on its results of operations or cash flows.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in two segments, REI and Cole Capital, as further discussed below. REI – Through its REI segment, the Company owns and actively manages a diversified portfolio of retail, restaurant, office and industrial real estate assets subject to long-term net leases with high credit quality tenants. As of June 30, 2015 , the Company owned 4,645 properties comprising 101.8 million square feet of retail and commercial space located in 49 states, the District of Columbia, Puerto Rico and Canada, which includes certain properties owned through consolidated joint ventures. The rentable space at these properties was 98.4% leased with a weighted-average remaining lease term of 11.5 years. In addition, as of June 30, 2015 , the Company owned 10 commercial mortgage-backed securities (“CMBS”) and 12 loans held for investment. Cole Capital – Cole Capital is contractually responsible for raising capital for and managing the day-to-day affairs of Cole Credit Property Trust IV, Inc. (“CCPT IV”), 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 IV, INAV and CCIT II, the “Managed REITs”), identifying and making acquisitions and investments on the Managed REITs’ behalf and recommending to the respective board of directors of each of the Managed REITs an approach for providing investors with liquidity. Prior to its merger with Select Income REIT on January 29, 2015, Cole Corporate Income Trust, Inc. (“CCIT”), was also managed by Cole Capital. 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 and assists in obtaining regulatory approvals from the SEC, the Financial Industry Regulatory Authority, Inc. and various blue sky 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 operating segments. The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 REI segment: Revenues: Rental income $ 341,183 $ 314,519 $ 683,942 $ 558,934 Direct financing lease income 697 1,181 1,438 2,187 Operating expense reimbursements 25,312 29,256 48,286 50,732 Total real estate investment revenues 367,192 344,956 733,666 611,853 Operating expenses: Acquisition related 1,563 7,201 3,286 20,618 Merger and other non-routine transactions 16,864 5,999 33,287 165,793 Property operating 32,598 39,286 63,597 69,041 Management fees to affiliates — — — 13,888 General and administrative 16,827 15,189 32,197 49,727 Depreciation and amortization 209,122 225,965 419,910 385,448 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Impairment of real estate 85,341 1,556 85,341 1,556 Total operating expenses 362,315 295,196 637,618 706,071 Operating income (loss) 4,877 49,760 96,048 (94,218 ) Other (expense) income: Interest expense, net (90,572 ) (103,897 ) (186,271 ) (224,848 ) Extinguishment of debt, net — (6,469 ) 429 (15,868 ) Other income, net 4,910 4,332 12,652 8,291 Gain (loss) on derivative instruments, net 311 14,207 (717 ) 7,086 Total other expenses, net (85,351 ) (91,827 ) (173,907 ) (225,339 ) Loss before income and franchise taxes and disposition of real estate and held for sale assets (80,474 ) (42,067 ) (77,859 ) (319,557 ) Loss on disposition of real estate and held for sale assets, net (24,674 ) (1,269 ) (56,042 ) (18,874 ) Loss before income and franchise taxes (105,148 ) (43,336 ) (133,901 ) (338,431 ) Provision for income and franchise taxes (3,119 ) (2,788 ) (4,973 ) (3,911 ) Net loss $ (108,267 ) $ (46,124 ) $ (138,874 ) $ (342,342 ) Cole Capital segment: Revenues: Dealer manager and distribution fees, selling commissions and offering reimbursements $ 5,516 $ 9,969 $ 8,633 $ 52,422 Transaction service fees and reimbursements 7,036 15,116 17,296 19,983 Management fees and reimbursements 13,977 12,137 28,094 19,074 Total Cole Capital revenues 26,529 37,222 54,023 91,479 Operating expenses: Cole Capital reallowed fees and commissions 3,710 7,068 5,741 41,504 Acquisition related — — 459 — Merger and other non-routine transactions — 1,423 — 1,927 General and administrative 17,131 22,035 34,867 42,866 Depreciation and amortization 8,391 24,774 16,744 39,133 Total operating expenses 29,232 55,300 57,811 125,430 Operating loss (2,703 ) (18,078 ) (3,788 ) (33,951 ) Total other income, net 392 110 1,611 126 Loss before income and franchise taxes (2,311 ) (17,968 ) (2,177 ) (33,825 ) Benefit from income and franchise taxes 1,869 7,494 1,649 13,729 Net loss $ (442 ) $ (10,474 ) $ (528 ) $ (20,096 ) Total Company: Total revenues $ 393,721 $ 382,178 $ 787,689 $ 703,332 Total operating expenses $ 391,547 $ 350,496 $ 695,429 $ 831,501 Total other expense, net $ (84,959 ) $ (91,717 ) $ (172,296 ) $ (225,213 ) Net loss $ (108,709 ) $ (56,598 ) $ (139,402 ) $ (362,438 ) Total Assets June 30, 2015 December 31, 2014 REI segment $ 18,555,098 $ 19,821,440 Cole Capital 694,277 693,699 Total Company $ 19,249,375 $ 20,515,139

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Goodwill In connection with the Company’s acquisition of CapLease and the merger of Cole with and into our wholly owned subsidiary (the “Cole Merger”), the Company recorded goodwill as a result of the merger consideration exceeding the net assets acquired. The goodwill recorded as a result of the Cole Merger was allocated between the Company’s two reporting units, the REI segment and Cole Capital segment. The following table summarizes the Company’s goodwill activity by segment from the date of the Caplease acquisition (in thousands): REI Segment Cole Capital Segment Consolidated Balance as of January 1, 2013 $ — $ — $ — Acquisition of Caplease 92,789 — 92,789 Balance as of December 31, 2013 92,789 — 92,789 Cole Merger 1,654,085 558,835 2,212,920 Measurement period adjustments (27,339 ) 49,627 22,288 Goodwill allocated to dispositions (1) (210,139 ) — (210,139 ) Impairment — (223,064 ) (223,064 ) Balance as of December 31, 2014 $ 1,509,396 $ 385,398 $ 1,894,794 Goodwill allocated to dispositions and held for sale assets (1) (47,499 ) — (47,499 ) Balance as of June 30, 2015 $ 1,461,897 $ 385,398 $ 1,847,295 _______________________________________________ (1) Goodwill allocated to the cost basis of properties sold or held for sale and included in loss on disposition of real estate and held for sale assets, net, in the consolidated statements of operations. Goodwill Impairment The REI segment and Cole Capital segment each comprise one reporting unit. In the event the Company disposes of a leased property that constitutes a business under U.S. GAAP from a reporting unit with goodwill, the Company will allocate a portion of the reporting unit’s goodwill to that property in determining the gain or loss on the disposal of the property. The amount of goodwill allocated to the property will be based on the relative fair value of the property to the fair value of the reporting unit. The Company generally estimates the relative fair value by utilizing rental income on a straight line basis as an indication of the relative fair value. Future property acquisitions that constitute a business will be integrated in the REI segment and therefore will also be allocated goodwill upon disposition. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The Company’s annual testing date is during the fourth quarter. The Company tests goodwill for impairment by first comparing the carrying value of net assets to the fair value of each reporting unit. If the fair value is determined to be less than the carrying value or if qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows and relevant competitor multiples. The evaluation of goodwill 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. While the Company believes its assumptions are reasonable, there are no guarantees as to actual results. Changes in assumptions based on actual results may have a material impact on the Company’s financial results. During the six months ended June 30, 2015 , management monitored the actual performance of the business segments relative to the fair value assumptions used during our annual goodwill impairment test. During the six months ended June 30, 2015 , no triggering events were identified. Intangible Assets The intangible assets of $150.4 million , primarily consist of management and advisory contracts that the Company has with certain Managed REITs, which are subject to an estimated useful life of approximately five years. The Company recorded $7.5 million and $15.0 million of amortization expense for the three and six months ended June 30, 2015 , respectively, related to the management and advisory contracts. The estimated amortization expense for the remainder of the year ending December 31, 2015 is $15.2 million . The estimated amortization expense for each of the years ending December 31, 2016, 2017, 2018 and 2019 is $30.1 million . Impairment of Management and Advisory Contracts The Company evaluates intangible assets for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The Company tests intangible assets for impairment by first comparing the carrying value of the asset group to the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the intangible assets to their respective fair values and recognize an impairment loss. The Company will estimate the fair value of the intangible assets using a discounted cash flow model specific to the applicable Managed REITs. The evaluation of intangible assets 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. There were no events or changes in circumstances that indicated that intangible assets were impaired during the six months ended June 30, 2015 . While the Company believes its assumptions are reasonable, there are no guarantees as to actual results. Changes in assumptions based on actual results may have a material impact on the Company’s financial results. Recoverability of the carrying value of the intangible assets is dependent upon actual results, including, but not limited to, the timing of and aggregate capital raised and deployed on behalf of the Managed REITs, which is influenced by the Company’s ability to reinstate certain selling agreements that were suspended as a result of the Audit Committee Investigation and the resulting restatements. In addition, actual timing of closing an offering or executing a liquidity event may differ from the Company’s assumptions used at June 30, 2015 . Intangible Leases Intangible lease assets and liabilities of the Company consist of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands, except weighted-average useful life): Weighted-Average Useful Life June 30, 2015 December 31, 2014 Intangible lease assets: In-place leases, net accumulated amortization of $317,079 and $236,096, respectively 14.2 $ 1,645,280 $ 1,816,508 Leasing commissions, net of accumulated amortization of $725 and $505, respectively 7.7 3,887 4,205 Above-market leases, net of accumulated amortization of $34,764 and $22,471, respectively 16.5 337,538 355,269 Total intangible lease assets, net $ 1,986,705 $ 2,175,982 Intangible lease liabilities: Below-market leases, net of accumulated amortization of $29,477 and $19,123, respectively 18.0 $ 298,102 $ 317,838 The following table provides the projected amortization expense and adjustments to rental income related to the intangible lease assets and liabilities for the remainder of 2015 and the next four calendar years as of June 30, 2015 (amounts in thousands) : July 1, 2015 - December 31, 2015 2016 2017 2018 2019 In-place leases: Total to be included in amortization expense $ 93,804 $ 181,211 $ 165,618 $ 151,440 $ 139,492 Leasing Commissions Total to be included in amortization expense $ 360 $ 714 $ 701 $ 594 $ 570 Above-market lease assets: Total to be deducted from rental income $ 13,485 $ 26,897 $ 26,525 $ 25,950 $ 23,988 Below-market lease liabilities: Total to be included in rental income $ 11,322 $ 22,537 $ 22,395 $ 22,068 $ 21,325

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments The Company acquired controlling financial interests in 14 commercial properties, including nine land parcels for build-to-suit development, for an aggregate purchase price of $10.2 million during the six months ended June 30, 2015 (the “2015 Acquisitions”). During the six months ended June 30, 2014 , the Company acquired controlling interests in 337 commercial properties, excluding the properties acquired in the Cole Merger and the ARCT IV Merger, for an aggregate purchase price of $1.5 billion . The following table presents the preliminary allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (in thousands): Six Months Ended June 30, 2015 2014 Real estate investments, at cost: Land $ 2,043 $ 239,663 Buildings, fixtures and improvements 5,249 946,381 Land and construction in progress 2,140 239,260 Total tangible assets 9,432 1,425,304 Acquired intangible assets: In-place leases 715 128,581 Above-market leases 168 21,145 Assumed intangible liabilities: Below-market leases (108 ) (3,321 ) Fair value adjustment of assumed notes payable — (23,589 ) Total purchase price of assets acquired, net 10,207 1,548,120 Mortgage notes payable assumed — (301,532 ) Cash paid for acquired real estate investments $ 10,207 $ 1,246,588 Future Lease Payments The following table presents future minimum base rent 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 Base Rent Payments Future Minimum Direct Financing Lease Payments (1) July 1, 2015 - December 31, 2015 $ 607,976 $ 2,333 2016 1,243,488 4,672 2017 1,212,653 4,271 2018 1,176,142 3,182 2019 1,135,398 2,380 Thereafter 10,051,959 7,937 Total $ 15,427,616 $ 24,775 ____________________________________ (1) 37 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 minimum base rental cash payments due to the Company under the lease agreements on these respective properties. Investment in Direct Financing Leases, Net The components of the Company’s net investment in direct financing leases as of June 30, 2015 and December 31, 2014 are as follows (in thousands): June 30, 2015 December 31, 2014 Future minimum lease payments receivable $ 24,775 $ 27,199 Unguaranteed residual value of property 33,558 39,852 Unearned income (8,532 ) (10,975 ) Net investment in direct financing leases $ 49,801 $ 56,076 Development Activities The Company has contracted with a developer to complete a portfolio of build-to suit development projects, of which, as of June 30, 2015 , 19 have been completed, for an aggregate cost of $41.1 million to date, and the remaining 18 projects are estimated to be completed within the next 12 months. Pursuant to the agreement between the Company and the developer, the Company will acquire the respective land parcel for each development and subsequently pay a fixed construction draw until the project is complete. The Company is also in the process of completing six other build-to-suit, redevelopment and expansion projects, which are expected to increase our revenue as a result of the additional square footage and improvement of the quality of the properties. Below is a summary of the construction commitments as of June 30, 2015 (dollar amounts in thousands): Development projects in progress 24 Investment to date $ 67,911 Estimated cost to complete (1) 26,195 Total Investment (2) $ 94,106 _______________________________________________ (1) The Company is contractually committed to fund a developer $12.9 million to complete the remaining 18 build-to-suit developments. (2) Excludes tenant improvement costs incurred in accordance with existing leases. As of June 30, 2015 , $10.7 million of tenant improvement costs were included in land and construction in progress in the consolidated financial statements. Unconsolidated Joint Ventures As of June 30, 2015 , the Company had interests in six unconsolidated joint ventures with aggregate equity investments of $90.8 million , which had interests in six properties comprising 1.6 million of square feet of retail and office space (the “Unconsolidated Joint Ventures”). The following is a summary of the Company’s percentage ownership and carrying amount related to each of the unconsolidated joint ventures (dollar amounts in thousands): Name of Joint Venture Partner Ownership % Carrying Amount (2) Cole/Mosaic JV South Elgin IL, LLC Affiliate of Mosaic Properties and Development, LLC 50% $ 7,003 SanTan Festival, LLC Propstra Chandler Trust & RED Development, LLC 45% (1) 4,586 Chandler Village Center, LLC Propstra Chandler Trust & RED Development, LLC 45% (1) 20,612 Cole/LBA JV OF Pleasanton CA, LLC Affiliate of LBA Realty 90% 34,508 Chandler Gateway Partners, LLC Propstra Chandler Trust & RED Development, LLC 45% (1) 9,663 Cole/Faison JV Bethlehem GA, LLC Faison-Winder Investors, LLC 90% 14,422 $ 90,794 _______________________________________________ (1) Represents the Company's 90% interest in a consolidated joint venture, whose only assets are 50% interests in the respective unconsolidated joint ventures. (2) The total carrying amount of the investments is greater than the underlying equity in net assets by $55.9 million . This difference relates to a purchase price allocation of goodwill and a step up in fair value of the investment assets acquired in connection with the Cole Merger. The step up in fair value was allocated to the individual investment assets and is being amortized in accordance with the Company's depreciation policy. 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. The Company records its proportionate share of net income from the Unconsolidated Joint Ventures in other income, net in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2015 , the Company recognized $1.3 million and $1.4 million , respectively, of equity in income from the Unconsolidated Joint Ventures, which is included in other income, net in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2014 , the Company recognized $0.4 million and $1.4 million of equity in income from the Unconsolidated Joint Ventures, respectively. Tenant Concentration As of June 30, 2015 , leases with Red Lobster ® restaurants represented 11.9% of consolidated annualized rental income. Annualized rental income is rental revenue under our leases reflecting straight-line rent adjustments associated with contractual rent increases in the leases as required by GAAP, which includes the effect of any tenant concessions, such as free rent, and excludes any contingent rent, such as percentage rent. There were no other tenants exceeding 10% of consolidated annualized rental income as of June 30, 2015 . Geographic Concentration As of June 30, 2015 , properties located in Texas represented 12.9% of consolidated annualized rental income. There were no other geographic concentrations exceeding 10% of consolidated annualized rental income as of June 30, 2015 . Industry Concentration As of June 30, 2015 , tenants in the casual dining restaurant industry accounted for 18.8% of consolidated annualized rental income. There were no other industry concentrations exceeding 10% of consolidated annualized rental income as of June 30, 2015 .

Investment Securities, at Fair

Investment Securities, at Fair Value	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [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 in 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 June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value CMBS $ 52,930 $ 3,253 $ (381 ) $ 55,802 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value CMBS $ 56,459 $ 2,207 $ (20 ) $ 58,646 As of June 30, 2015 and December 31, 2014 , the Company owned 10 CMBS with an estimated aggregate fair value of $55.8 million and $58.6 million , respectively. The Company generally receives monthly payments of principal and interest on the CMBS. As of June 30, 2015 , the Company earned interest on the CMBS at rates ranging between 5.88% and 8.95% . As of June 30, 2015 , the fair value of two CMBS were below their amortized cost. The Company believes that none of the unrealized losses on investment securities are other-than-temporary as management expects the Company will receive all contractual principal and interest related to these investments. The scheduled maturity of the Company’s CMBS as of June 30, 2015 is as follows (in thousands): June 30, 2015 Amortized Cost Fair Value Due within one year $ — $ — Due after one year through five years 5,312 5,331 Due after five years through 10 years 30,531 32,630 Due after 10 years 17,087 17,841 Total $ 52,930 $ 55,802

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment As of June 30, 2015 , the Company owned 12 loans held for investment with a weighted-average interest rate of 6.1% and weighted-average years to maturity of 9.5 years. The following table presents the composition of the loans held for investment as of June 30, 2015 (dollar amounts in thousands): Loans held for investment Outstanding Balance Carrying Value Weighted-Average Interest Rate (1) Weighted-Average Years to Maturity (2) Mortgage notes receivable 11 $ 27,100 $ 25,298 5.1 % 13.9 Unsecured note (3) 1 15,300 15,300 8.0 % 1.8 Total 12 $ 42,400 $ 40,598 6.1 % 9.5 ____________________________________ (1) The interest rates on the loans secured by real estate range from a zero coupon rate to 7.24% , as of June 30, 2015 . The unsecured note requires principal payments of $7.7 million on March 31, 2016 and $3.8 million on September 30, 2016 and the remaining balance is due at maturity, on March 31, 2017. The note may be pre-paid at par any time prior to maturity. (2) The mortgage notes receivable have maturity dates ranging from September 1, 2015 to January 1, 2033 . (3) The Company’s unsecured note is with an affiliate of the Former Manager, as defined within Note 15 – Equity . During the three and six months ended June 30, 2015 , the borrower of a $0.2 million mortgage note receivable scheduled to mature on August 31, 2015 prepaid the mortgage note at par. The Company’s mortgage notes receivable are comprised primarily of fully-amortizing or nearly fully-amortizing first mortgage loans. The Company has one mortgage note receivable with zero coupon rate, where the Company does not receive monthly payments of principal and interest but rather the principal and interest are capitalized into the outstanding balance due at maturity. The mortgage notes receivable are primarily on commercial real estate leased to a single tenant. Therefore, the Company’s monitoring of the credit quality of its mortgage notes receivable is focused primarily on an analysis of the tenant, including review of tenant quality and ratings, 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-to-value ratio (principal amount outstanding divided by estimated value of the property) and its remaining term until maturity. As of June 30, 2015 and December 31, 2014 , the Company had no reserve for loan loss. The following table summarizes the scheduled aggregate principal payments due to the Company on the loans held for investment subsequent to June 30, 2015 (in thousands): Outstanding Balance Due within one year $ 9,623 Due after one year through five years 14,001 Due after five years through 10 years 6,821 Due after 10 years (1) 15,923 Total $ 46,368 ____________________________________ (1) Includes additional $4.0 million of principal scheduled to be capitalized on zero coupon note subsequent to June 30, 2015 .

Deferred Costs and Other Assets

Deferred Costs and Other Assets, Net	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Assets, Net	Deferred Costs and Other Assets, Net Deferred costs and other assets, net consisted of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Deferred costs, net $ 111,180 $ 126,202 Accounts receivable, net (1) 56,047 66,021 Straight-line rent receivable 134,340 89,355 Prepaid expenses 13,508 15,171 Leasehold improvements, property and equipment, net (2) 19,749 21,351 Restricted escrow deposits 30,040 34,339 Deferred tax asset and tax receivable 15,141 15,924 Program development costs, net (3) 19,006 12,871 Derivative assets, at fair value 2,093 5,509 Other assets 2,502 3,179 Total $ 403,606 $ 389,922 ___________________________________ (1) Allowance for doubtful accounts was $3.2 million and $2.5 million as of June 30, 2015 and December 31, 2014 , respectively. (2) Amortization expense for leasehold improvements totaled $0.4 million and $0.7 million for the three and six months ended June 30, 2015 , respectively. Accumulated amortization was $1.9 million and $1.2 million as of June 30, 2015 and December 31, 2014 , respectively. Depreciation expense for property and equipment totaled $0.5 million and $1.0 million for the three and six months ended June 30, 2015 , respectively. Accumulated depreciation was $2.6 million and $1.6 million as of June 30, 2015 and December 31, 2014 , respectively. (3) As of June 30, 2015 and December 31, 2014 , the Company had reserves of $18.1 million and $13.1 million , respectively, relating to the program development costs.

Fair Value Measures

Fair Value Measures	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measures	Fair Value Measures 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 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. 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 June 30, 2015 , the Company 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 determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. 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. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the six months ended June 30, 2015 . The Company expects that changes in classifications between levels will be infrequent. During the six months ended June 30, 2015 , real estate assets with carrying values totaling $319.3 million were deemed to be impaired and their carrying values were reduced to their estimated fair value of $234.0 million , resulting in impairment charges of $85.3 million . The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant or tenants, such as a history of late payments, rental concessions and other factors, as well as significant decreases in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, or reduced lease rates. When impairment indicators are identified, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to its respective fair values and recognize an impairment loss. During the six months ended June 30, 2015 , the Company identified certain properties with impairment indicators through the procedures noted above, of which 27 properties were noted to have carrying amounts in excess of the undiscounted cash flows from the expected use and disposition of each asset. As such, the Company reduced the carrying amounts of each asset to their respective fair value as of June 30, 2015 and recognized an impairment loss for such reductions. In addition to the properties identified through the quarterly review procedures noted above, the Company identified certain properties with a more likely than not probability of being disposed within the next 12 to 24 months. The Company considered the likely disposition to be an impairment indicator for these properties. As such, the Company reviewed estimated selling prices for these assets based on a number of factors including, but not limited to, existing leases in place, comparable lease rates and sales prices, third party opinions of value, comparable capitalization rates and estimated disposal costs. Of the properties reviewed, 161 properties were noted to have an estimated sales price, less disposal costs, that was less than the carrying amount of each respective property. As such, the Company reduced the carrying amounts of each asset to their respective fair values as of June 30, 2015 and recognized an impairment loss for such reductions. As of June 30, 2015 , there were two properties (the “2015 Held for Sale Properties”) classified as held for sale, as discussed within Note 19 – Property Dispositions . The Company classifies real estate investments as held for sale in accordance with the criteria set forth in U.S. GAAP. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated cost to dispose of the asset. During the six months ended June 30, 2014 , real estate assets with carrying values totaling $3.2 million were deemed to be impaired and their carrying values were reduced to their estimated fair value of $1.6 million , resulting in impairment charges of $1.6 million . The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2015 and 2014 (dollar amounts in thousands): Six Months Ended June 30, 2015 2014 Properties impaired 188 4 Asset classes impaired: Investment in real estate assets, net $ 82,654 $ 1,556 Investment in direct financing leases, net 3,417 — Below-market lease liabilities, net (730 ) — Total impairment loss $ 85,341 $ 1,556 The Company’s estimated fair values of its real estate assets were primarily based upon recent comparable sales transactions, which are considered to be Level 2 inputs, or based upon an income approach utilizing a present value technique to discount the expected cash flows using market participant assumptions for market rent and terminal values, which are considered to be Level 3 inputs. The following tables present information about the Company ’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands): Level 1 Level 2 Level 3 Balance as of June 30, 2015 Assets: CMBS $ — $ — $ 55,802 $ 55,802 Interest rate swap assets — 2,093 — 2,093 Total assets $ — $ 2,093 $ 55,802 $ 57,895 Liabilities: Interest rate swap liabilities $ — $ (9,409 ) $ — $ (9,409 ) Level 1 Level 2 Level 3 Balance as of December 31, 2014 Assets: CMBS $ — $ — $ 58,646 $ 58,646 Interest rate swap assets — 5,509 — 5,509 Total assets $ — $ 5,509 $ 58,646 $ 64,155 Liabilities: Interest rate swap liabilities $ — $ (7,384 ) $ — $ (7,384 ) CMBS – The Company’s CMBS are carried at fair value and are valued using Level 3 inputs. The Company used estimated non-binding quoted market prices from the trading desks of financial institutions that are dealers in such securities for similar CMBS tranches that actively participate in the CMBS market. Broker quotes are only indicative of fair value and may not necessarily represent what the Company would receive in an actual trade for the applicable instrument. Management determines the prices are representative of fair value through their knowledge of and experience in the market. The significant unobservable input used in valuing the CMBS is the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Significant increases or decreases in the discount rate or market yield would result in a decrease or increase in the fair value measurement. The following risk factors are included in the consideration and selection of discount rates or market yields: risk of default, rating of the investment and comparable company investments. 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. 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 June 30, 2015 , 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. 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 in the accompanying consolidated balance sheets due to their short-term nature and are classified as Level 1 under the fair value hierarchy. The following are reconciliations of the changes in assets and (liabilities) with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2015 and 2014 (in thousands): CMBS Beginning Balance, December 31, 2014 $ 58,646 Total gains and losses: Unrealized gain included in other comprehensive income, net 686 Purchases, issuances, settlements and amortization: Principal payments received (3,596 ) Amortization included in net loss 66 Ending balance, June 30, 2015 $ 55,802 CMBS Series D Preferred Stock Embedded Derivative Contingent Consideration Arrangements Total Balance, December 31, 2013 $ 60,583 $ (16,736 ) $ — $ 43,847 Total gains and losses: Unrealized gain included in other comprehensive income, net 8,598 — — 8,598 Changes in fair value included in net loss — 5,216 (1,212 ) 4,004 Purchases, issuances, settlements and amortization: Fair value at purchase/issuance 151,197 — (3,606 ) 147,591 Amortization included in net loss (3,065 ) — — (3,065 ) Ending balance, June 30, 2014 $ 217,313 $ (11,520 ) $ (4,818 ) $ 200,975 The fair values of the Company ’s financial instruments that are not reported at fair value in the consolidated balance sheets are reported below (dollar amounts in thousands): Level Carrying Amount at June 30, 2015 Fair Value at June 30, 2015 Carrying Amount at December 31, 2014 Fair Value at December 31, 2014 Assets: Loans held for investment 3 $ 40,598 $ 44,249 $ 42,106 $ 42,645 Liabilities: Mortgage notes payable and other debt, net (1) 3 $ 3,618,637 $ 3,558,050 $ 3,805,761 $ 3,931,029 Corporate bonds, net 3 2,546,864 2,455,768 2,546,499 2,709,845 Convertible debt, net 3 979,852 946,219 977,521 1,088,069 Credit facilities 3 2,300,000 2,308,088 3,184,000 3,145,884 Total liabilities $ 9,445,353 $ 9,268,125 $ 10,513,781 $ 10,874,827 ___________________________________ (1) Includes mortgage notes secured by properties held for sale as of June 30, 2015 . 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 market interest rates. Mortgage notes payable and other debt and credit facilities – The fair value is estimated by an independent third party using a discounted cash flow analysis, based on management’s estimates of market interest rates. Convertible debt and corporate bonds – The fair value is estimated based on current pricing marks received from an independent third party.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2015 , the Company had $9.4 billion of debt outstanding, including net premiums, with a weighted-average years to maturity of 4.7 years and weighted-average interest rate of 3.61% . The following table summarizes the carrying value of debt as of June 30, 2015 and December 31, 2014 , and the debt activity for the six months ended June 30, 2015 (in thousands): Six Months Ended June 30, 2015 Balance as of December 31, 2014 Debt Issuances Repayments, Extinguishment and Assumptions Accretion and (Amortization) Balance as of June 30, 2015 Mortgage notes payable: Outstanding balance (1) $ 3,689,796 $ 1,314 $ (176,570 ) $ — $ 3,514,540 Net premiums (2)(3) 70,139 — — (3,719 ) 66,420 Other debt: Outstanding balance 45,325 — (8,026 ) — 37,299 Premium (3) 501 — — (123 ) 378 Mortgages and other debt, net 3,805,761 1,314 (184,596 ) (3,842 ) 3,618,637 Corporate bonds: Outstanding balance 2,550,000 — — — 2,550,000 Discount (4) (3,501 ) — — 365 (3,136 ) Corporate bonds, net 2,546,499 — — 365 2,546,864 Convertible debt: Outstanding balance 1,000,000 — — — 1,000,000 Discount (4) (22,479 ) — — 2,331 (20,148 ) Convertible debt, net 977,521 — — 2,331 979,852 Credit facility: Outstanding balance 3,184,000 — (884,000 ) — 2,300,000 Total debt $ 10,513,781 $ 1,314 $ (1,068,596 ) $ (1,146 ) $ 9,445,353 ____________________________________ (1) Includes $124.3 million of mortgage notes secured by properties held for sale as of June 30, 2015 . (2) Includes $5.8 million discount of mortgage notes associated with properties held for sale as of June 30, 2015 . (3) Net premiums on mortgages notes payable and other debt were recorded upon the assumption of the respective debt instruments in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Discounts on the corporate bonds and convertible debt were recorded based upon the fair value of the respective debt instruments as of the respective issuance dates. Amortization of these discounts is recorded as an increase to interest expense over the remaining term of the respective debt instruments using the effective-interest method. Mortgage Notes Payable The Company ’s mortgage notes payable consist of the following as of June 30, 2015 (dollar amounts in thousands): Encumbered Properties Gross Carrying Value of Collateralized Properties (1) Outstanding Balance (2) Weighted-Average Interest Rate (3) Weighted-Average Years to Maturity Fixed-rate debt (4) 745 $ 6,460,421 $ 3,506,433 4.96 % 6.8 Variable-rate debt 1 24,615 8,107 3.13 % 1.2 Total (5) 746 $ 6,485,036 $ 3,514,540 4.95 % 6.8 ____________________________________ (1) Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities. (2) Includes $124.3 million of mortgage notes secured by properties held for sale. (3) Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of June 30, 2015 . (4) Includes $285.0 million of variable-rate debt fixed by way of interest rate swap arrangements. (5) The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $170.1 million , of which $5.1 million is recourse to the Company. These loans mature on various dates ranging from September 2015 to July 2021 . 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 June 30, 2015 , the Company believes it was in compliance with the debt covenants under the mortgage loan agreements, except for a loan in default with a principal balance of $38.1 million that is described below. During the three and six months ended June 30, 2015 , an aggregate of $39.0 million and $111.3 million , respectively, of mortgage notes payable were repaid prior to maturity or assumed by the buyer in a property disposition. In connection with the extinguishments, the Company paid prepayment penalties and fees totaling $5,000 for the six months ended June 30, 2015 , which are included in extinguishment of debt, net in the accompanying consolidated statements of operations. No such prepayment penalties were paid during the three months ended June 30, 2015 . During the three and six months ended June 30, 2014 , an aggregate of $132.8 million and $855.1 million , respectively, were repaid prior to maturity or assumed by the buyer in a property disposition with prepayment fees totaling $3.8 million and $32.9 million , respectively, which are included in extinguishment of debt, net in the accompanying consolidated statements of operations. In addition, the Company paid $10.1 million , during the six months ended June 30, 2014 for the settlement of interest rate swaps that were associated with certain mortgage notes that were repaid prior to maturity, which approximated the fair value of the interest rate swaps. No such swap settlements were paid during the three months ended June 30, 2014 . The Company wrote off the deferred financing costs and net premiums associated with these mortgage notes payable, which resulted in a gain of $0.4 million during the six months ended June 30, 2015 . No such gain was recorded during the three months ended June 30, 2015 . During the three and six months ended June 30, 2014 , a loss of $2.6 million and a gain of $17.0 million , respectively, were recorded in relation to the write-off of deferred financing costs and net premiums. These costs are included in extinguishment of debt, net in the accompanying consolidated statements of operations. The mortgage notes payable repaid during the six months ended June 30, 2015 had a weighted-average interest rate of 5.78% and a weighted-average remaining term of 4.5 years at the time of extinguishment. On January 13, 2015, a substantially vacant office building in Bethesda, Maryland was foreclosed upon after the Company elected to stop making debt service payments on the related non-recourse loan with an outstanding balance of $53.8 million as of December 31, 2014. As a result of the foreclosure, the Company forfeited its right to the property and was relieved of all obligations on the non-recourse loan. During the six months ended June 30, 2015 , the Company recorded a gain on the forgiveness of debt of $4.9 million , which is included in other income, net in the accompanying consolidated statements of operations. On March 6, 2015, the Company received a notice of default from the lender of a non-recourse loan, with a principal balance of $38.1 million as of June 30, 2015 , due to the Company’s failure to pay a reserve payment required per the loan agreement. Due to the default, the Company is currently accruing interest at the default rate of interest of 10.68% per annum. The Company is actively negotiating a restructuring of the loan with the lender. The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to June 30, 2015 (in thousands): Total July 1, 2015 - December 31, 2015 $ 11,524 2016 252,235 2017 457,932 2018 220,184 2019 296,006 Thereafter 2,276,659 Total (1) $ 3,514,540 ____________________________________ (1) Includes $124.3 million of mortgage notes included in liabilities held for sale. Other Debt As of June 30, 2015 , the Company had a secured term loan from KBC Bank, N.V. with an outstanding principal balance of $37.3 million and remaining unamortized premium of $0.4 million (the “KBC Loan”). The interest coupon on the KBC Loan is fixed at 5.81% annually until its maturity in January 2018. The KBC Loan is non-recourse to the Company, subject to limited non-recourse exceptions. The KBC Loan provides for monthly payments of both principal and interest. The scheduled principal repayments subsequent to June 30, 2015 are $3.8 million , $12.5 million , $7.7 million and $13.3 million for the years ended December 31, 2015 , 2016 , 2017 and 2018 , respectively. The KBC Loan is secured by various investment assets held by the Company. The following table is a summary of the amount outstanding and carrying value of the collateral by asset type as of June 30, 2015 (in thousands): Outstanding Balance Collateral Carrying Value Loans held for investment $ 10,305 $ 20,698 Intercompany mortgage loans 2,882 8,834 CMBS 24,112 40,199 $ 37,299 $ 69,731 Corporate Bonds As of June 30, 2015 , the OP had aggregate senior unsecured notes of $2.55 billion outstanding (the “Senior Notes”). The following table presents the three senior notes with their respective terms (dollar amounts in thousands): Outstanding Balance Interest Rate Maturity Date 2017 Senior Notes $ 1,300,000 2.0 % February 6, 2017 2019 Senior Notes 750,000 3.0 % February 6, 2019 2024 Senior Notes 500,000 4.6 % February 6, 2024 Total balance and weighted-average interest rate $ 2,550,000 2.8 % The Senior Notes are guaranteed by the General Partner. The OP may redeem all or a part of any series of the Senior Notes at any time, at its option, for the redemption prices set forth in the indenture governing the Senior Notes. With respect to the 2019 Senior Notes and the 2024 Senior Notes, if such Senior Notes are redeemed on or after January 6, 2019 with respect to the 2019 Senior Notes, or November 6, 2023 with respect to the 2024 Senior Notes, the redemption price will equal 100% of the principal amount of the Senior 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. The Senior Notes are registered under the Securities Act of 1933, as amended, and are freely transferable. Agreement in Principle with Senior Noteholder Group On January 22, 2015, the Company announced that it had entered into an agreement in principle with an ad hoc group of holders (the “Senior Noteholder Group”), which the Company had been advised then represented a majority of the aggregate principal amounts outstanding of each of the Senior Notes, which, in each case, were issued by the OP and guaranteed by the Company under an Indenture, dated February 6, 2014 (the “Indenture”), by and among the OP, U.S. Bank National Association, as trustee, and the guarantors named therein. Pursuant to such agreement, the Senior Noteholder Group agreed not to issue a notice of default, prior to March 3, 2015, for the Company’s failure to timely deliver a quarterly report on Form 10-Q for the third quarter of 2014 (the “2014 Third Quarter 10-Q”) containing financial information required to be included therein for the OP, which was required to be delivered pursuant to the terms of the Indenture. In exchange, the Company agreed to sign a confidentiality agreement with the Senior Noteholder Group’s counsel and pay reasonable and documented fees and out-of-pocket expenses of such counsel up to $300,000 . Furthermore, the parties agreed that in the event a notice of default related to the Company’s failure to timely deliver such third quarter 2014 financial statements was issued by the senior noteholders on or after March 3, 2015, the 60 -day cure period set forth in the Indenture would be reduced by one day for each day after January 19, 2015 that such notice of default was given. Such agreement was subsequently definitively documented and a supplement to the Indenture was entered into on February 9, 2015. The agreement was reached after the ad hoc group organized and directed counsel to the Senior Noteholder Group to engage in discussions with the Company regarding the terms of a possible resolution in response to the Company’s failure to timely deliver such third quarter 2014 financial information regarding the OP. The Company and the OP filed the 2014 Third Quarter 10-Q containing the required financial information with the SEC on March 2, 2015. The Company has also filed subsequent required financial information and other necessary deliverables in a timely manner. As such, the Company believes it was in compliance with the Indenture as of that date and continues to be in compliance as of June 30, 2015 . Convertible Debt As of June 30, 2015 , the OP had two tranches of convertible notes with an aggregate balance of $1.0 billion outstanding to the General Partner (the “Convertible Notes”) comprised of notes due in 2018 (“2018 Convertible Notes”) and notes due in 2020 (“2020 Convertible Notes”). The Convertible Notes are identical to the General Partner’s registered issuance of the same amount of notes to various purchasers in a public offering. The following table presents each of the 2018 Convertible Notes and the 2020 Convertible Notes listed below with their respective terms (dollar amounts in thousands): Outstanding Balance Interest Rate Conversion Rate (1) Maturity Date 2018 Convertible Notes $ 597,500 3.00 % 60.5997 August 1, 2018 2020 Convertible Notes 402,500 3.75 % 66.7249 December 15, 2020 Total balance and weighted-average interest rate $ 1,000,000 3.30 % ____________________________________ (1) Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount. In connection with any permissible conversion election made by the holders of the identical convertible notes issued by the General Partner, the General Partner may elect to convert the 2018 Convertible Notes into cash, General Partner OP Units or a combination thereof, in limited circumstances prior to February 1, 2018 and may convert the 2018 Convertible Notes at any time into such consideration on or after February 1, 2018. Additionally, the General Partner may elect to convert the 2020 Convertible Notes into cash, General Partner OP Units or a combination thereof, in limited circumstances prior to June 15, 2020 and may convert the 2020 Convertible Notes at any time into such consideration on or after June 15, 2020. The Company received notice from the trustee under the indentures (the “Convertible Indentures”) governing each of the Convertible Notes, of the Company’s failure to timely deliver the Company’s 2014 Third Quarter 10-Q. As required by the terms of the Convertible Indentures, the Company and the OP filed the 2014 Third Quarter 10-Q containing the required financial information with the SEC on March 2, 2015. As such, the Company believes it was in compliance with the Convertible Indentures as of that date and continues to be in compliance as of June 30, 2015 . Credit Facility The General Partner, as guarantor, and the OP, as borrower, are parties to an unsecured credit facility (the “Credit Facility”) pursuant to a credit agreement, dated as of June 30, 2014, as amended, with Wells Fargo, National Association, as administrative agent and other lenders party thereto (the “Credit Agreement”). As of June 30, 2015 , the Credit Facility allowed for maximum borrowings of $3.6 billion , consisting of a $1.0 billion term loan and a $2.6 billion revolving credit facility. The outstanding balance on the Credit Facility was $2.3 billion , of which $1.3 billion bore a floating interest rate of 1.98% , at June 30, 2015 . The remaining outstanding balance on the Credit Facility of $1.0 billion is, in effect, fixed through the use of derivative instruments used to hedge interest rate volatility. Including the spread, which can vary based on the General Partner’s credit rating, the interest rate on this portion was 3.28% at June 30, 2015 . As of June 30, 2015 , a maximum of $1.3 billion was available to the OP for future borrowings, subject to borrowing availability. The Credit Facility matures on June 30, 2018. Subsequent to June 30, 2015 , the General Partner and the OP entered into the Second Amendment to Credit Agreement (the “Second Amendment”) with Wells Fargo, National Association and other lenders party to the Credit Agreement. The Second Amendment further reduced the maximum capacity under the Credit Facility from $3.6 billion to $3.3 billion and modified certain financial covenants beginning in the third quarter of 2015. For further discussion on the Second Amendment, please refer to Note 21 – Subsequent Events . On December 23, 2014, the General Partner and the OP, as the borrower, entered into a Consent and Waiver Agreement (the “Consent and Waiver”) with respect to the Credit Agreement. The Consent and Waiver, among other things, (i) provided an extension from the lenders for the delivery of the Company’s full-year 2014 audited financial statements, (ii) permanently reduced the maximum amount of capacity under the Credit Agreement to $3.6 billion , including the reduction of commitments under the undrawn term loan commitments and the Company’s revolving facilities as well as the elimination of the $25.0 million swingline facility, (iii) provided that until the date that all required financial deliverables have been delivered, no further loans or letters of credit would be requested under the Credit Agreement by the Company, other than in accordance with the cash flow forecast provided by the Company to the lenders thereunder and that the Company would not pay any dividends on, or make any other Restricted Payment (as defined in the Credit Agreement) on, its respective common equity and (iv) provided that the Company would provide additional financial and other information to the lenders from time to time. In connection with the Consent and Waiver, the Company agreed to pay certain customary fees to the consenting lenders and agreed to reimburse certain customary expenses of the arrangers. The Company filed the 2014 Third Quarter 10-Q and other necessary deliverables on March 2, 2015 and its Annual Report on Form 10-K, as amended, with the SEC on March 30, 2015. As such, all limitations on making Restricted Payments, which included dividends, or borrowing funds have been lifted. The revolving credit facility generally bears interest at an annual rate of LIBOR plus from 1.00% to 1.80% or Base Rate plus 0.00% to 0.80% (based upon the General Partner’s then current credit rating). “Base Rate” is defined as the highest of the prime rate, the federal funds rate plus 0.50% or a floating rate based on one month LIBOR, determined on a daily basis. The term loan facility generally bears interest at an annual rate of LIBOR plus 1.15% to 2.05% , or Base Rate plus 0.15% to 1.05% (based upon the General Partner’s then current credit rating). In addition, the Credit Agreement provides the flexibility for interest rate auctions, pursuant to which, at the Company’s election, the Company may request that lenders make competitive bids to provide revolving loans, which competitive bids may be at pricing levels that differ from the foregoing interest rates. The Credit Agreement provides for monthly interest payments under the Credit Facility. In the event of default, at the election of the majority of the lenders (or automatically upon a bankruptcy event of default with respect to the OP or the General Partner), the commitments of the lenders under the Credit Facility terminate, and payment of any unpaid amounts in respect of the Credit Facility is accelerated. The revolving credit facility and the term loan facility both terminate on June 30, 2018 , in each case, unless extended in accordance with the terms of the Credit Agreement. The Credit Agreement provides for a one -year extension option with respect to each of the revolving credit facility and the term loan facility, exercisable at the Company’s election and subject to certain customary conditions, as well as certain customary “amend and extend” provisions. At any time, upon timely notice by the OP and subject to any breakage fees, the OP may prepay borrowings under the Credit Facility (subject to certain limitations applicable to the prepayment of any loans obtained through an interest rate auction, as described above). The OP incurs a fee equal to 0.15% to 0.25% per annum (based upon the General Partner’s then current credit rating) multiplied by the commitments (whether or not utilized) in respect of the dollar revolving credit facility and the multi-currency credit facility. In addition, the OP incurs customary administrative agent, letter of credit issuance, letter of credit fronting, extension and other fees. 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. The Company believes it was in compliance with the Credit Agreement and is not restricted from accessing the borrowing availability under the Credit Facility as of June 30, 2015 .

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2015
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 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 these objectives, the Company primarily uses interest rate swaps 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. The effective portion of changes in the fair value of derivatives designated 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 and six months ended June 30, 2015 , 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 12 months, the Company estimates that an additional $8.5 million will be reclassified from other comprehensive income as an increase to interest expense. As of June 30, 2015 , 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 Instruments Notional Amount Interest rate swaps 17 $ 1,248,630 The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 Interest rate swaps Deferred costs and other assets, net $ 1,767 $ 4,941 Interest rate swaps Deferred rent, derivative and other liabilities $ (9,409 ) $ (7,384 ) In January 2014, the Company entered into an interest rate lock agreement with a notional amount of $250.0 million (the “Treasury Lock Agreement”). The Treasury Lock Agreement, which had an original maturity date of February 12, 2014, was entered into to hedge part of the Company's interest rate exposure associated with the variability in future cash flows attributable to changes in the 10 -year U.S. treasury rates related to the planned issuance of debt securities in conjunction with the Cole Merger. In connection with the Company's bond offering in February 2014, the Company settled the Treasury Lock Agreement for $3.9 million , which was accounted for as a cash flow hedge, recorded to other comprehensive loss and will be amortized into earnings over the 10 -year term of the Treasury Lock. The Company recognized $0.1 million and $0.3 million of interest expense for the three and six months ended June 30, 2015 , respectively, related to the Treasury Lock Agreement. 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 requirements to be classified as hedging instruments. A gain of $0.3 million and loss of $0.7 million related to the change in the fair value of derivatives not designated as hedging instruments was recorded directly in earnings for the three and six months ended June 30, 2015 , respectively. The Company recorded a gain of $14.2 million and $7.1 million for the three and six months ended June 30, 2014 , respectively. As of June 30, 2015 , the Company had the following outstanding interest rate derivative that was not designated as a qualifying hedging relationship (dollar amounts in thousands): Interest Rate Derivative Number of Instruments Notional Amount Interest rate swap 1 $ 51,400 The table below presents the fair value of the Company ’s derivative financial instrument not designated as a hedge as well as its classification in the consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 Interest rate swaps Deferred costs and other assets, net $ 326 $ 568 Tabular Disclosure of Offsetting Derivatives The table below details a gross presentation, the effects of offsetting and a net presentation of the Company ’s derivatives as of June 30, 2015 and December 31, 2014 (in thousands). 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 in the accompanying 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 Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 2,093 $ (9,409 ) $ — $ 2,093 $ (9,409 ) $ — $ — $ (7,316 ) December 31, 2014 $ 5,509 $ (7,384 ) $ — $ 5,509 $ (7,384 ) $ — $ — $ (1,875 ) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision specifying that, if the Company either defaults or is capable of being declared in default on any of its indebtedness, the Company could also be declared in default on its derivative obligations. As of June 30, 2015 , 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 $11.1 million . As of June 30, 2015 , 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 $11.1 million at June 30, 2015 .

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Supplemental Cash Flow Disclosures Supplemental cash flow information was as follows for the six months ended June 30, 2015 and June 30, 2014 (in thousands): Six Months Ended June 30, 2015 2014 Supplemental Disclosures: Cash paid for interest $ 179,318 $ 137,844 Cash paid for income taxes $ 6,670 $ 7,622 Non-cash investing and financing activities: Common stock issued in merger with Cole $ — $ 7,285,868 Accrued capital expenditures and real estate developments $ 1,313 $ 5,534 Mortgage note payable relieved by foreclosure $ 53,798 $ — Mortgage note payable assumed in real estate disposition $ 24,000 $ —

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Accrued other $ 55,902 $ 58,807 Accrued interest 57,320 56,558 Accrued real estate taxes 49,849 37,633 Accounts payable 5,806 10,027 Total $ 168,877 $ 163,025

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is involved in various routine legal proceedings and claims incidental to the ordinary course of its business. There are no material legal proceedings pending against the Company, except as follows: Regulatory Investigations and Litigation Relating to the Audit Committee Investigation On October 29, 2014, the Company filed a Current Report on Form 8-K (the “October 29 8-K”) reporting the Audit Committee’s conclusion, based on the preliminary findings of its investigation, that certain previously issued consolidated financial statements of the Company, including those included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014, and related financial information should no longer be relied upon. Prior to that filing, the Audit Committee previewed for the SEC the information contained in the filing. Subsequent to that filing, the SEC provided notice that it had commenced a formal investigation and issued subpoenas calling for the production of various documents. In addition, the United States Attorney’s Office for the Southern District of New York contacted counsel for the Audit Committee and counsel for the Company with respect to this matter, and the Secretary of the Commonwealth of Massachusetts issued a subpoena calling for the production of various documents. The Audit Committee and the Company are cooperating with these regulators in their investigations. As discussed below, the Company and certain of its former officers and current and former directors have been named as defendants in a number of lawsuits filed following the October 29 8-K, including class actions, derivative actions, and individual actions under the federal securities laws and state common and corporate laws in both federal and state courts in New York and Maryland. Between October 30, 2014 and January 20, 2015, the Company and certain of its former officers and current and former directors (in addition to the Company’s underwriters for certain of the Company’s securities offerings, among other individuals and entities) were named as defendants in ten putative securities class action complaints filed in the United States District Court for the Southern District of New York (the “SDNY Actions”): Ciraulu v. American Realty Capital, Inc., et al., No. 14-cv-8659 (AKH); Priever v. American Realty Capital Properties, Inc., et al., No. 14-cv-8668 (AKH); Rubinstein v. American Realty Capital Properties, Inc., et al., No. 14-cv-8669 (AKH); Patton v. American Realty Capital Properties, Inc., et al., No. 14-cv-8671 (AKH); Edwards v. American Realty Capital Properties, Inc. , et al., No. 14-cv-8721 (AKH); Harris v. American Realty Capital Properties, Inc., et al., No. 14-cv-8740 (AKH); Abadi v. American Realty Capital Properties, Inc., et al. , No. 14-cv-9006 (AKH); City of Tampa General Employees Retirement Fund v. American Realty Capital Properties, Inc., et al., No. 14-cv-10134 (AKH); Teachers Insurance and Annuity Association of America v. American Realty Capital Properties, Inc., et al., No. 15-cv- 0421 (AKH); and New York City Employees Retirement System v. American Realty Capital Properties, Inc., et al. , No. 15-cv-0422 (AKH). The Court subsequently consolidated the SDNY Actions under the caption In re American Realty Capital Properties, Inc. Litigation , No. 15-MC-00040 (AKH) (the “SDNY Consolidated Securities Class Action”) and appointed a lead plaintiff. Following the Company’s issuance of its restated financials in March, 2015, on April 17, 2015 the lead plaintiff filed an amended class action complaint, which asserted claims for violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14a-9 promulgated thereunder, arising out of allegedly false and misleading statements in connection with the purchase or sale of the Company’s securities. On May 29, 2015, the defendants filed motions to dismiss certain claims in the SDNY Consolidated Securities Class Action and the plaintiffs filed their response on July 17, 2015. In addition, on November 25, 2014, the Company and certain of its former officers and current and former directors were named as defendants in a putative securities class action complaint filed in the Circuit Court for Baltimore County, Maryland, captioned Wunsch v. American Realty Capital Properties, Inc., et al. , No. 03-C-14-012816 (the “Wunsch Action”). On December 23, 2014, the Company removed the action to the United States District Court for the District of Maryland (Northern Division), under the caption Wunsch v. American Realty Capital Properties, Inc., et al., No. 14-cv-4007 (ELH). On April 15, 2015, the Maryland court transferred the Wunsch Action to the United States District Court for the Southern District of New York, under the caption Wunsch v. American Realty Capital Properties, Inc., et al., No. 15-cv-2934. The Wunsch Action asserts claims for violations of Sections 11 and 15 of the Securities Act of 1933, arising out of allegedly false and misleading statements made in connection with the Company’s securities issued in connection with the Cole Merger. The Company is not yet required to respond to the complaint in the Wunsch Action. Between November 2014 and February 2015, six shareholder derivative actions, purportedly in the name and for the benefit of the Company, were filed against certain of the Company’s former officers and current and former directors in the United States District Court for the Southern District of New York: Michelle Graham Turner 1995 Revocable Trust v. Schorsch, et al., No. 14-cv-9140 (AKH); Froehner v. Schorsch, et al. , No. 14-cv-9444 (AKH); Serafin v. Schorsch, et al. , No. 14-cv-9672 (AKH); Hopkins v. Schorsch, et al., No. 15-cv-262 (AKH); Appolito v. Schorsch, et al., No. 15-cv-644 (AKH); and The Joel and Robin Staadecker Living Trust v. Schorsch, et al., No. 15-cv-768 (AKH), which were later consolidated under the caption Serafin v. Schorsch, et al., No. 14-cv-9672 (AKH) (the “SDNY Consolidated Derivative Action”). In addition, between December 2014 and January 2015, the Company and certain of its former officers and current and former directors were named as defendants in two shareholder derivative actions filed in the Circuit Court for Baltimore City, Maryland: Meloche v. Schorsch, et al., No. 24-C-14-008210 (the “Meloche Action”) and Botifoll v. Schorsch, et al., No. 24-C-15-000245 (the “ Botifoll Action”). In addition, in January 2015, the Company and certain of its current directors, amongst others, were named as defendants in a shareholder derivative action filed in the Supreme Court of the State of New York, captioned Fran Kosky Roth IRA v. Rendell, et al. , No. 15-650269 (the “New York Derivative Action,” and together with the SDNY Consolidated Derivative Action, the Meloche Action, and the Botifoll Action, the “Derivative Actions”). The Derivative Actions seek money damages and other relief on behalf of the Company for, among other things, alleged breaches of fiduciary duty, abuse of control, gross mismanagement and unjust enrichment in connection with the alleged conduct underlying the claims asserted in the securities actions and negligence and breach of contract. On March 10, 2015, the plaintiffs in the SDNY Consolidated Derivative Action filed a consolidated amended complaint. On April 3, 2015, the Company and defendants filed motions to dismiss the consolidated amended complaint in the SDNY Consolidated Derivative Action due to plaintiffs’ failure to make a pre-suit demand as required under Maryland law, which the Court granted on June 24, 2015. On July 8, 2015, the plaintiffs in the Botifoll Action voluntarily dismissed their complaint without prejudice. On July 15, 2015, the parties to the New York Derivative Action entered into a stipulation dismissing the action with prejudice as to plaintiffs’ failure to comply with the pre-suit demand requirement under Maryland law and without prejudice as to the underlying claims. In January 2015, the Company and certain of its former directors and officers were named as defendants in an individual securities fraud action filed in the United States District Court for the Southern District of New York, captioned Jet Capital Master Fund, L.P. v. American Realty Capital Properties, Inc., et al., No. 15-cv-307 (AKH) (the “Jet Capital Action”). The Jet Capital Action seeks money damages and asserts claims for alleged violations of Sections 10(b), 18 and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, as well as common law fraud under New York law in connection with the purchase of the Company’s securities. On April 17, 2015, the plaintiff filed an amended complaint. On May 29, 2015, the Company and defendants filed motions to dismiss certain claims in the Jet Capital Action, which are now fully briefed and pending before the Court. The Company, certain of its former officers and current and former directors, and ARC Properties Operating Partnership L.P. (in addition to several other individuals and entities) have also been named as defendants in two additional individual securities fraud actions filed in the United States District Court for the Southern District of New York, captioned Twin Securities, Inc. v. American Realty Capital Properties, Inc., et al. , No. 15-cv-1291 (the “Twin Securities Action”) and HG Vora Special Opportunities Master Fund, Ltd v. American Realty Capital Properties, Inc., et al., No. 15-cv-4107 (the “HG Vora Action”). The Twin Securities Action and the HG Vora Action seek money damages and assert claims for alleged violations of Sections 10(b), 14(a), 18, and 20(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14a-9 promulgated thereunder, Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as well as common law fraud under New York law in connection with the purchase of the Company’s securities. The Company and defendants are not yet required to respond to the complaints in either of these actions. On July 31, 2015, the Company and certain of its former officers and current and former directors were named as defendants in a shareholder derivative action filed in the United States District Court for the Southern District of New York, captioned Witchko v. Schorsch, et al ., No. 15-cv-06043 (PKC). The action seeks money damages and other relief on behalf of the Company, for, among other things, alleged breach of fiduciary duty, abuse of control and unjust enrichment. The Company has not reserved amounts for any of the litigation or investigation matters referenced above either because we have not concluded that a loss is probable in the matter or because we believe that any probable loss or range of loss is not reasonably estimable at this time. ARCT III Litigation Matters After the announcement of the merger agreement with American Realty Capital Trust III, Inc. (“ARCT III”) in December 2012 (the “ARCT III Merger Agreement”), a putative class action lawsuit was filed in January 2013 against the Company, the OP, ARCT III, ARCT III’s operating partnership, members of the board of directors of ARCT III and certain subsidiaries of the Company in Supreme Court in the State of New York, captioned Quall v. American Realty Capital Properties, et al., No. 650329/2013. The plaintiff alleged, among other things, that the ARCT III board 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. The proposed settlement terms required certain additional disclosures related to the merger, which were included in a Current Report on Form 8-K filed by ARCT III with the SEC on February 21, 2013, but did not include any monetary payment to plaintiff. The memorandum of understanding also provided that the parties would enter into a stipulation of settlement, which would 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, which has not yet occurred, 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 settlement will be under the same terms as those contemplated by the memorandum of understanding. CapLease Litigation Matters Following the announcement of the merger agreement with CapLease in May 2013, a number of lawsuits were filed by CapLease stockholders, the following of which remain pending: On June 25, 2013, a putative class action and derivative lawsuit was filed in the Circuit Court for Baltimore City against the Company, the OP, CapLease, and members of the CapLease board of directors, among others, captioned Tarver v. CapLease, Inc., et al., No. 24-C-13-004176 (the “Tarver Action”). The complaint alleged, among other things, that the merger agreement was the product of breaches of fiduciary duty by the CapLease directors because the transaction purportedly did not provide for full and fair value for the CapLease shareholders and was not the result of a competitive bidding process, the merger agreement allegedly contained coercive deal protection measures and the merger was purportedly 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 alleged that CapLease,the Company, the OP and others aided and abetted the CapLease directors’ alleged breaches of fiduciary duty. In August 2013, counsel in the Tarver Action filed a motion for a stay in the Baltimore Court, informing the court that the plaintiff had agreed to join and participate in the prosecution of other actions concerning the CapLease transaction then pending in a New York court (which were subsequently dismissed). The stay was granted by the Baltimore Court and there has been no subsequent activity in the Tarver Action. In October 2013, a putative class action lawsuit was filed in the Circuit Court for Baltimore City against the Company, the OP, CapLease, and members of the CapLease board of directors, among others, captioned Poling v. CapLease, Inc., et al., No. 24-C-13-006178 (the “Poling Action”). The complaint alleged that the merger agreement breached 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 was in violation of the Series B Articles Supplementary and the Series C Articles Supplementary. The complaint alleged claims for breach of contract and breach of fiduciary duty against the CapLease entities and the CapLease board of directors, and 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. In December 2013, all Defendants filed a motion to dismiss the Poling Action, which was granted by the court in May 2015. Plaintiff filed a notice of appeal on June 4, 2015. Cole Litigation Matters Two actions filed in March and April 2013 in United States District Court for the District of Arizona, assert shareholder class action claims under the Securities Act of 1933, along with claims for breach of fiduciary duty, abuse of control, corporate waste, and unjust enrichment, among others, relating to the merger between a wholly owned subsidiary of Cole and Cole Holdings Corporation, pursuant to which Cole became a self-managed REIT; Schindler v. Cole Holdings Corp., et al., 13-cv-00712; and Carter v. Cole Holdings Corp., et al., 13-cv-00629. Defendants filed a motion to dismiss both complaints in January 2014. 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 Maryland Cole Merger Action described below. To date, a number of lawsuits have been filed in connection with the Cole Merger, the following of which remain pending. Between October and November 2013, eight 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 named the Company, Cole and Cole’s board of directors as defendants, and certain of the actions also named CREInvestments, LLC, a Maryland limited liability company and a wholly-owned subsidiary of Cole, as a defendant. Each complaint generally alleged that the individual defendants breached fiduciary duties owed to 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 included claims that the Cole Merger did not provide for full and fair value for the Cole shareholders and was the product of an “inadequate sale process,” that the Cole Merger Agreement contained coercive deal protection measures and that the Cole Merger Agreement and the Cole Merger were approved as a result of, or in a manner which facilitated, improper self-dealing by certain defendants. In addition, certain of the lawsuits claimed that the individual defendants breached their duty of candor to shareholders and/or asserted claims derivatively against the individual defendants for their alleged breach of fiduciary duties owed to Cole, waste of corporate assets and unjust enrichment. Among other remedies, the complaints sought unspecified money damages, costs and attorneys’ fees. In December 2013, the eight lawsuits were consolidated under the caption Polage v. Cole Real Estate Investments, Inc., et al. , 24-c-13-006665 (the “Consolidated Maryland Cole Merger Action”). In January 2014, the parties to the Consolidated Maryland Cole Merger Action entered into a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of Cole stockholders. 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 would enter into a stipulation of settlement, subject to customary conditions, including confirmatory discovery and court approval following notice to Cole’s stockholders. In August 2014, the parties in the Consolidated Maryland Cole Merger Action executed a Stipulation and Release and Agreement of Compromise and Settlement (the “Stipulation”) and the Baltimore Circuit Court entered an Order on Preliminary Approval of Derivative and Class Action Settlement and Class Action Certification and scheduled a final settlement hearing. In December 2014, the parties in the Consolidated Maryland Cole Merger Action executed an Amended Stipulation and Release and Agreement of Compromise and Settlement (the “Amended Stipulation”) modifying the Stipulation. In January 2015, the Baltimore Circuit Court issued an order approving the settlement pursuant to the terms of the Amended Stipulation. Under the terms of the approved settlement, defendants paid a settlement amount of $14.0 million , half of which was to be used for attorney’s fees. Two objectors have since filed a notice of appeal of the settlement order. That appeal is pending. In December 2013, Realistic Partners filed a putative class action lawsuit against the Company and the then-members of its board of directors in the Supreme Court for the State of New York, captioned Realistic Partners v. American Realty Capital Partners, et al., No. 654468/2013. Cole was later added as a defendant. The plaintiff alleged, 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. 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 would enter into a stipulation of settlement, which would be subject to customary conditions, including confirmatory discovery and court approval following notice to the Company’s stockholders, and provided that the defendants would not object to a payment of up to $625,000 for attorneys’ fees. If the parties enter into a stipulation of settlement, which has not occurred, 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. Contractual Lease Obligations The following table reflects the minimum base rent payments due from the Company over the next five years and thereafter for certain ground lease obligations, which are substantially reimbursable by our tenants, and office lease obligations (in thousands): Future Minimum Base Rent Payments Ground Leases Offices Leases July 1, 2015 - December 31, 2015 $ 9,683 $ 2,576 2016 18,518 4,955 2017 17,947 4,585 2018 15,785 4,645 2019 15,383 4,706 Thereafter 251,217 18,361 Total $ 328,533 $ 39,828 Purchase Commitments Cole Capital enters into purchase and sale agreements and deposits funds into escrow towards the purchase of real estate assets, 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 June 30, 2015 , Cole Capital was a party to 32 purchase and sale agreements with unaffiliated third-party sellers to purchase a 100% interest in 140 properties, subject to meeting certain criteria, for an aggregate purchase price of $610.3 million , exclusive of closing costs. As of June 30, 2015 , Cole Capital had $27.8 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. Cole Capital will be reimbursed by the assigned Managed REIT for amounts escrowed when the property is acquired. Additionally, the REI segment had $2.2 million of property escrow deposits as of June 30, 2015 . 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.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Equity	Equity Common Stock and General Partner OP Units The General Partner is authorized to issue up to 1.5 billion shares of Common Stock. As of June 30, 2015 , the General Partner had approximately 905.1 million common shares issued and outstanding. Additionally, the Operating Partnership had approximately 905.1 million General Partner OP Units issued and outstanding as of June 30, 2015 , corresponding to the General Partner’s outstanding shares of Common Stock. Preferred Stock and Preferred OP Units On January 3, 2014, in connection with the ARCT IV Merger, 42.2 million shares of Series F Preferred Stock, were issued, resulting in the Operating Partnership concurrently issuing 42.2 million General Partner Series F preferred units (“General Partner Series F Preferred Units”) to the General Partner, and 700,000 Series F Preferred Units (“Limited Partner Series F Preferred Units”) to holders of each outstanding unit of American Realty Capital Operating Partnership IV, L.P. (the “ARCT IV Operating Partnership”)(each, an “ARCT IV OP Unit”). As of June 30, 2015 , there were approximately 42.8 million shares of Series F Preferred Stock (and approximately 42.8 million corresponding General Partner Series F Preferred Units) and 86,874 Limited Partner Series F Preferred Units issued and outstanding. The Series F Preferred Units contain the same terms as the Series F Preferred Stock. Therefore, the Series F Preferred Stock/Units will pay cumulative cash dividends at the rate of 6.70% per annum on their liquidation preference of $25.00 per share/unit (equivalent to $1.675 per share/unit on an annual basis). The Series F Preferred Stock is not 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 General Partner’s status as a REIT 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 General Partner 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 traded on the NASDAQ under the symbol “ARCPP” through July 30, 2015. Beginning July 31, 2015, the Series F Preferred Stock trades on the NYSE under the symbol “VER PRF”. Limited Partner OP Units As of June 30, 2015 and December 31, 2014 , the Operating Partnership had approximately 23.8 million of Limited Partner OP Units outstanding. On March 11, 2015, the Company received redemption requests totaling approximately 13.1 million OP Units ( $126.7 million based on a redemption price of $9.65 ) from certain affiliates of ARC Properties Advisors, LLC (the “Former Manager”). The Company believes it has potential claims against recipients of those OP Units and is engaged in discussions with affiliates of the Former Manager regarding the redemption requests. Pending any resolution, the Company does not currently intend to satisfy any of the redemption requests. Public Offerings On May 28, 2014, the General Partner closed on a public offering of 138.0 million shares of Common Stock at a price of $12.00 per share. The net proceeds to the General Partner were $1.6 billion after deducting underwriting discounts, commissions and offering-related expenses. Concurrently, the Operating Partnership issued the General Partner 138.0 million General Partner OP Units. Common Stock Dividends The Company’s annualized dividend rate at June 30, 2014 was $1.00 per share of Common Stock, which reflected an increase of $0.06 per share in February of 2014. The Company paid no Common Stock dividends during the six months ended June 30, 2015 . The Consent and Waiver restricted payment of Common Stock dividend payments, as discussed within Note 10 – Debt . On March 2, 2015, the Company satisfied the requirements of the Consent and Waiver Agreement releasing the Company from the restriction on paying a Common Stock dividend. On August 5, 2015, the General Partner’s board of directors authorized, and the General Partner declared, a dividend in respect of its Common Stock whereby $0.1375 per share (equaling an annualized dividend rate of $0.55 per share) will be paid on each of October 15, 2015 and January 15, 2016 to holders of record on each of September 30, 2015 and December 31, 2015, respectively. Common Stock Repurchases Under the General Partner’s Equity Plan (defined below), individuals have the option to have the General Partner repurchase shares vesting from awards made under the Equity Plan in order to satisfy the minimum federal and state tax withholding obligations. During the six months ended June 30, 2015 , the General Partner repurchased 142,587 shares to satisfy the federal and state tax withholding on behalf of employees.

Equity-based Compensation

Equity-based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-based Compensation	Equity-based Compensation Equity Plan The General Partner has adopted an equity plan (the “Equity Plan”), which provides for the grant of stock options, stock appreciation rights, restricted shares of Common Stock (“Restricted Shares”), restricted stock units (“Restricted Stock Units”), dividend equivalent rights and other stock-based awards to the General Partner’s and its affiliates’ non-executive directors, officers and other employees and advisors or consultants who are providing services to the General Partner or its affiliates. To date, the General Partner has granted fully vested shares of Common Stock, Restricted Shares, Restricted Stock Units and Deferred Stock Units, as defined below, under the Equity Plan. Restricted Shares provide for rights identical to those of Common Stock. Restricted Stock Units do not provide for any rights of a common stockholder prior to the vesting of such Restricted Stock Units. In accordance with U.S. GAAP, Restricted Shares are considered issued and outstanding. For each Restricted Share awarded under the Equity Plan, the Operating Partnership issues a General Partner OP Unit to the General Partner with identical terms. Upon vesting of Restricted Stock Units, the Operating Partnership issues a General Partner OP Unit to the General Partner for each share of Common Stock issued as a result of such vesting. The General Partner 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. As of June 30, 2015 , the General Partner had cumulatively awarded under its Equity Plan approximately 4.3 million Restricted Shares, net of the forfeiture of 3.4 million Restricted Shares through that date, 2.2 million Restricted Stock Units, net of the forfeiture of 0.1 million Restricted Stock Units through that date, and 0.1 million Deferred Stock Units, as defined below, collectively representing approximately 6.6 million shares of Common Stock. Accordingly, as of such date, approximately 86.3 million additional shares were available for future issuance. In accordance with the LPA, the Operating Partnership issued an equal number of General Partner OP Units to the General Partner when the General Partner awarded shares under the Equity Plan. During the three and six months ended June 30, 2015 , the General Partner awarded 5,634 common shares. The fair value of the awards was determined using the closing stock price on the grant date and expensed in full on the grant date. The Company recorded $0.1 million of compensation expense related to the awards for the three and six months ended June 30, 2015 , which is recorded in general and administrative expense in the accompanying consolidated statements of operations. Restricted Shares The Company has issued Restricted Shares to certain employees and non-executive directors beginning in 2011 through June 30, 2015 . In addition, the Company issued Restricted Shares to employees of affiliates of the Former Manager prior to 2015. The fair value of the Restricted Shares granted to employees under the Equity Plan is generally determined using the closing stock price on the grant date and is expensed over the requisite service period on a straight-line basis. The fair value of Restricted Shares granted to non-executive directors and employees of affiliates of the Former Manager under the Equity Plan is measured based upon the fair value of goods or services received or the equity instruments granted, whichever is more reliably determinable and is expensed in full at the date of grant. During the three and six months ended June 30, 2015 , the Company recorded $1.3 million and $2.1 million , respectively, of compensation expense related to the Restricted Shares, which is recorded in general and administrative expense in the accompanying consolidated statements of operations. The following table details the activity of the Restricted Shares during the six months ended June 30, 2015 . Restricted Shares Weighted-Average Grant Date Fair Value Unvested shares, December 31, 2014 2,684,062 $ 13.84 Granted 4,010 9.76 Vested (598,896 ) 13.84 Forfeited (337,815 ) 13.76 Unvested shares, June 30, 2015 1,751,361 $ 13.85 Time-Based Restricted Stock Units During the three and six months ended June 30, 2015 , the General Partner awarded Restricted Stock Units to certain employees that will vest if the recipient maintains his/her employment over the requisite service period (the “Time-Based Restricted Stock Units”). The fair value of the Time-Based Restricted Stock Units granted to employees under the Equity Plan is generally determined using the closing stock price on the grant date and is expensed over the requisite service period on a straight-line basis, which is generally three years. During the three and six months ended June 30, 2015 , the Company recorded $0.5 million of compensation expense related to the Time-Based Restricted Stock Units, which is recorded in general and administrative expense in the accompanying consolidated statements of operations. Deferred Stock Units During the three months ended June 30, 2015 , the General Partner awarded Deferred Stock Units to non-executive directors under the Equity Plan (the “Deferred Stock Units”). Each Deferred Stock Unit represents the right to receive one share of Common Stock. The Deferred Stock Units provide for immediate vesting and will be settled with Common Stock on the earlier of the date at which the respective director separates from the Company or the third anniversary of the grant date. The fair value of the Deferred Stock Units is determined using the closing stock price on the grant date and is expensed in full on the grant date. During the three and six months ended June 30, 2015 , the Company recorded $0.7 million of expense related to the Deferred Stock Units, which is recorded in general and administrative expense in the accompanying consolidated statements of operations. The following table details the activity of the Time-Based Restricted Stock Units and Deferred Stock Units during the six months ended June 30, 2015 . Time-Based Restricted Stock Units Weighted-Average Grant Date Fair Value Deferred Stock Units Weighted-Average Grant Date Fair Value Unvested units, December 31, 2014 — $ — — $ — Granted 642,808 9.68 72,080 9.02 Vested — — (72,080 ) 9.02 Forfeited (22,189 ) 9.76 — — Unvested units, June 30, 2015 620,619 $ 9.68 — $ — Market-Based Restricted Stock Units During the three months ended June 30, 2015 , the General Partner awarded Restricted Stock Units to certain employees under the Equity Plan that are contingent upon the General Partner’s common stock reaching a certain market price (the “Market-Based Restricted Stock Units”). The Market-Based Restricted Stock Units will vest on December 31, 2015 if the employee is still employed as of such date and if the closing price of the General Partner’s common stock exceeds $10 for 20 consecutive trading days (the “Market Condition”) prior to December 31, 2015. If the Market Condition is achieved subsequent to December 31, 2015 but prior to December 31, 2017, the Market-Based Restricted Stock Units will vest on the date the Market Condition is satisfied, provided the recipient has maintained his/her continuous employment for the required period. If the Market Condition is not satisfied by December 31, 2017, the Market-Based Restricted Stock Units will become null and void. The fair value and derived service period of the Market-Based Restricted Stock Units as of their grant date is determined using a Monte Carlo simulation, which takes into account multiple input variables that determine the probability of satisfying the Market Condition. The method requires the input of assumptions, including the future dividend yield and expected volatility of the Common Stock. Compensation expense relating to the awards that are expected to vest upon achieving the Market Condition is recognized on a straight-line basis over the derived service period regardless of whether the Market Condition is satisfied, provided that the requisite service has been achieved. The amount of periodic expense recognized is based upon the estimated forfeiture rate, which is updated according to the Company’s actual forfeiture rate. During the three and six months ended June 30, 2015 , the Company recorded $2.1 million of expense related to the Market-Based Restricted Stock Units which is recorded in general and administrative expense in the accompanying consolidated statements of operations. Long-Term Incentive Awards During the three months ended June 30, 2015 , the General Partner awarded long-term incentive-based Restricted Stock Units (the “LTI Target Awards”) to certain employees under the Equity Plan. Vesting of the LTI Target Awards is based upon the General Partner’s level of achievement of total stockholder return (“TSR”), including both share price appreciation and common stock dividends, as measured equally against a market index and against a peer group for the period from April 1, 2015 through December 31, 2017 (“LTI Performance Period”). The fair value and derived service period of the LTI Target Awards as of their grant date is determined using a Monte Carlo simulation which takes into account multiple input variables that determine the probability of satisfying the required TSR, as outlined in the award agreements. This method requires the input of assumptions, including the future dividend yield, the expected volatility of the Common Stock and the expected volatility of the Index constituents’ and the Peer Group. Compensation expense relating to awards that are expected to vest based upon the General Partner’s expected TSR is recognized on a straight-line basis over the derived service period regardless of whether the necessary TSR is attained, provided that the requisite service has been achieved. The amount of periodic expense recognized is based upon the estimated forfeiture rate, which is updated according to the General Partner’s actual forfeiture. During the three and six months ended June 30, 2015 , the Company recorded $0.7 million of expense related to the LTI Target Awards, which is recorded in general and administrative expense in the accompanying consolidated statements of operations. The following table details the activity of the unvested Market-Based Restricted Stock Units and the LTI Target Awards during the six months ended June 30, 2015 . Market-Based Restricted Stock Units Weighted-Average Grant Date Fair Value LTI Target Awards Weighted-Average Grant Date Unvested units, December 31, 2014 — $ — — $ — Granted 922,686 8.57 759,241 11.65 Forfeited (46,313 ) 8.58 (44,375 ) 11.77 Unvested units, June 30, 2015 876,373 $ 8.57 714,866 $ 11.64 Director Stock Plan The General Partner has adopted the Non-Executive Director Stock Plan (the “Director Stock Plan”), which provides for the grant of Restricted Shares of common stock to each of the General Partner’s non-executive directors. Awards of Restricted Shares will vest in accordance with the award agreements, which generally provide for ratable vesting over a five -year period following the date of grant. The awards of Restricted Shares provide for “distribution equivalents” with respect to the Restricted Shares, whether or not vested, at the same time and in the same amounts as distributions are paid to the stockholders. As of June 30, 2015 , a total of 99,000 shares of common stock was reserved for issuance under the Director Stock Plan. As of June 30, 2015 , the General Partner had awarded 45,000 shares under the Director Stock Plan, with 54,000 shares available for future issuance. In accordance with the LPA, the Operating Partnership issued an equal number of General Partner OP Units to the General Partner when the General Partner awarded Restricted Shares under the Director Stock Plan. There was no activity within the Director Stock Plan during the six months ended June 30, 2015 . The fair value of these Restricted Shares, as well as the corresponding General Partner OP Units issued by the Operating Partnership, under the Director Stock Plan is determined based upon the closing stock price on the grant date. Multi-Year Outperformance Plans Upon consummation of the merger with ARCT III, the Company entered into the 2013 Advisor Multi-Year Outperformance Agreement (the “OPP”) with the Former Manager, whereby the Former Manager was able to earn compensation upon the attainment of stockholder value creation targets. Under the OPP, the Former Manager was granted long-term incentive plan units of the OP (“LTIP Units”), which could be earned or forfeited based on the General Partner’s total return to stockholders, as defined by the OPP, for the three -year period that commenced on December 11, 2012. Pursuant to previous authorization of the General Partner’s board of directors, as a result of the termination of the Management Agreement, all of the approximately 8.2 million LTIP Units were deemed vested and convertible into OP Units upon the consummation of the Company’s transition to self-management on January 8, 2014 and were converted into OP Units on such date. On October 3, 2013, the General Partner’s board of directors approved a multi-year outperformance plan (the “2014 OPP”), which became effective upon the General Partner’s transition to self-management on January 8, 2014. Under the 2014 OPP, individual agreements were entered into between the General Partner and the participants selected by the General Partner’s board of directors (the “Participants”) that set forth the Participant’s participation percentage in the 2014 OPP and the number of LTIP Units of the OP subject to the award (“OPP Agreements”). Under the 2014 OPP and the OPP Agreements, the Participants were 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 of approximately 5% of the General Partner’s equity market capitalization at the time of the approval of the 2014 OPP which, following the Audit Committee’s and new management’s review, was determined to be $120.0 million , not the $218.1 million pool which had been used originally to calculate and report the OPP awards issued to the Participants. During the three months ended December 31, 2014 , all of the Participants of the 2014 OPP departed from the Company and forfeited all of their interests in the 2014 OPP. As such, all equity-based compensation expense related to the 2014 OPP was reversed in the three months ended December 31, 2014 and no expense was recorded during the three and six months ended June 30, 2015 . During the three and six months ended June 30, 2014 , the Company recorded $1.6 million of equity-based compensation expense relating to the 2014 OPP, which is included in general and administrative expense in the accompanying statements of operations. The Compensation Committee of the General Partner’s board of directors (the “Compensation Committee”) elected to terminate the 2014 OPP on April 23, 2015, which had zero LTIP Units outstanding following the fourth quarter 2014 departures of the Participants. During the first quarter of 2015, the Compensation Committee, with input from its independent compensation consultant, elected to adopt the Long-Term Incentive Award structure described above.

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Prior to January 8, 2014, the Former Manager 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 interest of the Company and its stockholders to become self-managed, and the Company transitioned to self-management on January 8, 2014. In connection with becoming self-managed, the General Partner terminated the management agreement with the Former Manager and the General Partner and the OP entered into employment and incentive compensation arrangements with certain former executives. The Company, ARCT III and ARCT IV have incurred commissions, fees and expenses payable to the Former Manager and its affiliates including Realty Capital Securities, LLC (“RCS”), RCS Advisory Services, LLC (“RCS Advisory”), AR Capital, LLC (“ARC”), ARC Advisory Services, LLC (“ARC Advisory”), American Realty Capital Advisors III, LLC (the “ARCT III Advisor”), American Realty Capital Advisors IV, LLC (the “ARCT IV Advisor”), American National Stock Transfer, LLC (“ANST”) and ARC Real Estate Partners, LLC (“ARC Real Estate”). As a result of the resignations of certain officers and directors in December 2014, the Former Manager and its affiliates are no longer affiliated with the Company. During the three and six months ended June 30, 2015 , there were no material transactions with the Former Manager or any of the Former Manager’s affiliates. The Audit Committee Investigation identified certain payments made by the Company to the Former Manager and its affiliates that were not sufficiently documented or that otherwise warrant scrutiny. As of December 31, 2014 , the Company had recovered consideration valued at $8.5 million in respect of such payments. The Company is considering whether it has a right to seek recovery for any other such payments and, if so, its alternatives for seeking recovery. The Company believes it has potential claims against recipients of certain OP Units and is engaged in discussions with affiliates of the Former Manager regarding pending redemption requests. Prior to any resolution, the Company does not currently intend to satisfy any of the redemption requests. Please refer to Note 15 – Equity for further discussion. As of June 30, 2015 , no asset has been recognized in the accompanying consolidated financial statements related to any potential recovery . The following table summarizes the related party fees and expenses incurred by the Company and ARCT IV by category and the aggregate amounts contained in such categories for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Expenses and capitalized costs: Offering related costs $ — $ 2,000 $ — $ 2,150 Acquisition related expenses — 113 — 1,652 Merger and other non-routine transaction related costs — 40 — 137,778 Management fees to affiliates — — — 13,888 General and administrative expenses — 437 — 16,029 Indirect affiliate expenses — 3,997 — 4,495 Total expenses and capitalized costs $ — $ 6,587 $ — $ 175,992 The following sections below further expand on the summarized related party transactions listed above. Offering Related Costs The Company and ARCT IV recorded commissions, fees and offering cost reimbursements for services provided to the Company and ARCT IV, as applicable, by affiliates of the Former Manager. During the three and six months ended June 30, 2014 , the Company incurred $2.0 million and $2.2 million , respectively, in commissions and fees paid to RCS in connection with the ARCT IV IPO, of which RCS served as the dealer manager. In addition, the Company reimbursed RCS for services relating to the Company’s ATM equity program during 2014. No such fees were incurred during the three and six months ended June 30, 2015 . Offering related costs are included in offering costs in the accompanying consolidated statements of changes in equity. Acquisition Related Expenses During the six months ended June 30, 2014 , the Company paid a fee of $1.0 million (equal to 0.25% of the contract purchase price) to RCS for strategic advisory services related to its acquisition of certain properties from Fortress Investment Group LLC and $0.6 million (equal to 0.25% of the contract purchase price) to RCS related to its acquisition of certain properties from Inland American Real Estate Trust, Inc. (“Inland”). During the three months ended June 30, 2014 , the Company paid a fee of $0.1 million to RCS related to its acquisition of certain properties from Inland. No such fees were paid to RCS during the six months ended June 30, 2015 in connection with these transactions. Merger and Other Non-routine Transactions The Company and ARCT IV incurred fees and expenses payable to the Former Manager and its affiliates for services related to mergers and other non-routine transactions, as discussed below. Unless otherwise indicated, all of the merger and other non-routine fees and reimbursements discussed below were incurred and recognized during the three and six months ended June 30, 2014 . The tables below shows fees and expenses attributable to each merger and other non-routine transactions during the three and six months ended June 30, 2014 (in thousands): Three Months Ended June 30, 2014 ARCT IV Merger Internalization and Other Cole Merger Multi-tenant Spin Off Total Other non-routine transaction related costs: Personnel costs and other reimbursements $ — $ — $ 40 $ — $ 40 Six Months Ended June 30, 2014 ARCT IV Merger Internalization and Other Cole Merger Multi-tenant Spin Off Total Merger related costs: Strategic advisory services $ 8,400 $ — $ 17,115 $ 1,750 $ 27,265 Personnel costs and other reimbursements — — 72 — 72 Other non-routine transaction related costs: Subordinated distribution fees 78,244 — — — 78,244 Furniture, fixtures and equipment 5,800 10,000 — — 15,800 Other fees and expenses — — 2,900 — 2,900 Personnel costs and other reimbursements 417 — 1,728 — 2,145 Post-transaction support services 1,352 10,000 — — 11,352 Total Merger and Other Non-Routine Transaction Related Costs $ 94,213 $ 20,000 $ 21,815 $ 1,750 $ 137,778 Merger Related Costs ARCT IV Merger 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 this agreement. These commissions were included in merger and other non-routine transactions in the accompanying consolidated statements of operations for the six months ended June 30, 2014 . No fees were incurred under this agreement during the three months ended June 30, 2014 . Cole Merger The Company entered into an agreement with RCS under which RCS agreed 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. The Company incurred and recognized $14.2 million in expense from this agreement during the six months ended June 30, 2014 . No fees relating to this agreement were incurred during the three months ended June 30, 2014 . Pursuant to the Transaction Management Services Agreement, dated December 9, 2013, the Company and the OP agreed to pay RCS Advisory an aggregate fee of $2.9 million in connection with providing the following services: transaction management support related to the Cole Merger up to the date of the Transaction Management Services Agreement and ongoing transaction management support, marketing support, due diligence coordination and event coordination up to the date of the termination of the Transaction Management Services Agreement. The Transaction Management Services Agreement expired on the consummation of the Company’s transition to self-management on January 8, 2014. The Company paid RCS Advisory $2.9 million thereunder on January 8, 2014. Multi-tenant Spin-off The Company entered into an agreement with RCS, under which RCS agreed to provide strategic and financial advisory services to the Company in connection with a spin-off of the Company’s multi-tenant shopping center business. During the six months ended June 30, 2014 , the Company incurred $1.8 million of such fees, which are included in merger and other non-routine transactions in the accompanying consolidated statement of operations. No such fees were incurred under this transaction during three months ended June 30, 2014 . Other Non-routine Transactions ARCT IV Merger Subordinated Distribution Fee 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, American Realty Capital Trust IV Special Limited Partner, LLC (the “ARCT IV Special Limited Partner”) and ARC Real Estate. 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,” due to the attainment of the 6.0% performance hurdle and the return to ARCT IV’s stockholders of $358.3 million in addition to their initial investment. 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 $78.2 million of subordinated distribution proceeds received, to the ARCT IV OP in exchange for 2.8 million ARCT IV OP Units. Upon consummation of the ARCT IV Merger, these ARCT IV OP Units were immediately converted into 6.7 million OP Units after application of the applicable ARCT IV exchange ratio. In conjunction with the merger agreement with ARCT IV, the ARCT IV Special Limited Partner agreed to hold its OP Units for a minimum of two years before converting them into shares of the Company’s common stock. Furniture, Fixtures and Equipment and Other Assets The Company entered into three agreements with affiliates of the Former Manager and the Former Manager (the “Sellers”), as applicable, pursuant to which, the Sellers sold the OP certain furniture, fixtures and equipment and other assets (“FF&E”) used by the Sellers in connection with managing the property-level business and operations and accounting functions of the Company and the OP. The Company incurred and recorded $15.8 million to purchase the FF&E and other assets during the six months ended June 30, 2014 . No such costs were incurred during the three months ended June 30, 2014 . The Company has concluded that there was no evidence of the receipt and it could not support the value of the FF&E and other assets. As such, the Company expensed the amount originally capitalized and recognized the expense in merger and other non-routine transactions during the fourth quarter of 2014. Other Fees and Expenses In connection with the closing of the Cole Merger, the Company paid $2.9 million to RCS Advisory during the six months ended June 30, 2014 . No such payments were made during the three months ended June 30, 2014 . Personnel Costs and Other Reimbursements The Company and ARCT IV incurred expenses of and paid $2.1 million to RCS Advisory and ANST for personnel costs and reimbursements in connection with non-recurring transactions during the six months ended June 30, 2014 . No such expenses were incurred during the three months ended June 30, 2014 . Post-Transaction Support Services In connection with its entry into the merger agreement with ARCT IV, ARCT IV agreed to pay additional asset management fees, which totaled $1.4 million net of credits received from affiliates during the six months ended June 30, 2014 . No such fees were incurred during the three months ended June 30, 2014 . Pursuant to the Amendment and Acknowledgment of Termination of Amended and Restated Management Agreement entered into as of January 8, 2014, the Former Manager agreed to provide certain transition services 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. Pursuant to this agreement, the Company paid $10.0 million to the Former Manager on January 8, 2014. This arrangement was in effect for a 60 -day term beginning on January 8, 2014. Management Fees to Affiliates The Company and ARCT IV recorded fees and reimbursements for services provided by the Former Manager and its affiliates related to the operations of the Company and ARCT IV. Asset Management Fees ARCT IV In connection with the asset management services provided by the ARCT IV Advisor, ARCT IV issued (subject to periodic approval by ARCT IV’s 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 equaled 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”); (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, ARCT IV’s 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. 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 and the Company recorded an expense of $13.9 million based on the fair value of the ARCT IV Class B Units during the six months ended June 30, 2014 . No such expense was recognized during the three months ended June 30, 2014 or during the six months ended June 30, 2015 . General and Administrative Expenses The Company and ARCT IV recorded general and administrative expenses as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company and ARCT IV during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 General and administrative expenses: Advisory fees and reimbursements $ — $ 437 $ — $ 1,955 Equity awards — — — 14,074 Total $ — $ 437 $ — $ 16,029 Advisory Fees and Reimbursements The Company and ARCT IV agreed to pay certain fees and reimbursements during the three and six months ended June 30, 2014 , to the Former Manager and its affiliates, as applicable, for their out-of-pocket costs, 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 or general operation of the Company. During the three and six months ended June 30, 2014 these expenses totaled $0.4 million and $2.0 million , respectively. No such fees were agreed upon or incurred during the three and six months ended June 30, 2015 . Equity Awards Upon consummation of the merger with ARCT III, the Company entered into the OPP with the Former Manager. The OPP gave the Former Manager the opportunity to earn compensation upon the attainment of certain stockholder value creation targets. During the six months ended June 30, 2014 , $1.6 million was recorded to general and administrative as equity-based compensation relating to the change in total return to stockholders used in computing the number of LTIP units earned between December 31, 2013 and January 8, 2014. No expenses were incurred during the three months ended June 30, 2014 or during the six months ended June 30, 2015 . During the six months ended June 30, 2014 , the Company granted 796,075 restricted share awards to employees of affiliates of the Former Manager as compensation for certain services and 87,702 restricted stock awards to two directors who are affiliates of the Former Manager. The grant date fair value of the awards of $12.5 million for the six months ended June 30, 2014 was recorded in general and administrative expenses in the accompanying consolidated statements of operations. No grants were made to employees of affiliates of the Former Manager during the three months ended June 30, 2014 or during the six months ended June 30, 2015 . Indirect Affiliate Expenses The Company incurred fees and expenses payable to affiliates of the Former Manager or payable to a third party on behalf of affiliates of the Former Manager for amenities related to certain buildings, as explained below. These expenses are depicted in the table below for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Indirect affiliate expenses: Audrain building $ — $ 3,517 $ — $ 3,922 ANST office build-out — 335 — 335 New York (405 Park Ave.) office — 116 — 187 Dresher, PA office — 17 — 36 North Carolina office — 12 — 15 Total $ — $ 3,997 $ — $ 4,495 Audrain Building During the year ended December 31, 2013, a wholly owned subsidiary of ARC Real Estate purchased a historic building in Newport, Rhode Island (“Audrain”) with plans to renovate the second floor to serve as offices for certain executives of the Company, the Former Manager and affiliates of the Former Manager. An affiliate of the Former Manager requested that invoices relating to the second floor renovation and tenant improvements and all building operating expenses either be reimbursed by the Company to ARC Advisory or be paid directly to the contractors and vendors. During the three and six months ended June 30, 2014 , the Company incurred $3.5 million and $3.9 million , respectively, for tenant improvements and furniture and fixtures relating to the renovation directly to the third parties. During the six months ended June 30, 2015 , the Company incurred no such expenses. In addition, on October 4, 2013, the Company entered into a lease agreement with the subsidiary of ARC Real Estate for a term of 15 years with annual base rent of $0.4 million requiring monthly payments beginning on that date. As there were tenants occupying the building when it was purchased, these tenants subleased their premises from the Company until their leases terminated. During each of the three and six months ended June 30, 2014 , the Company incurred and paid $0.1 million , respectively, for base rent, which was partially offset by $9,000 and $17,000 , respectively, of rental revenue received from the subtenants. As a result of findings of the investigation conducted by the Audit Committee, the Company terminated this lease agreement and was reimbursed for the tenant improvements and furniture costs incurred by the Company, totaling $8.5 million , during the year ended December 31, 2014. Reimbursement was made by delivery and retirement of 916,423 OP Units held by an affiliate of the Former Manager. The Company never moved into or occupied the building. ANST Office Build-out During the six months ended June 30, 2014 , as a result of the Cole Merger, the Company worked to develop a partnership with ANST. Plans were made to move ANST to part of the Cole Capital office building in 2014. In order to accommodate the ANST employees, the Cole Capital office building was remodeled. During the six months ended June 30, 2014 , the Company paid $0.3 million directly to third parties for leasehold improvements and furniture and fixtures relating to the renovation. ANST never moved into the building. The Company is considering its options with regard to recovery of such payments, although no decisions have been made at this time. No asset has been recognized in the financial statements related to any potential recovery. Shared Office Space During the three and six months ended June 30, 2014 , the Company paid $0.1 million and $0.2 million , respectively, to an affiliate of the Former Manager for rent related to offices in New York, Pennsylvania, and North Carolina where certain of the Company’s employees shared office space with an affiliate of the Former Manager. The Company did not make rent or leasehold improvement payments to an affiliate of the Former Manager relating to these offices during the six months ended June 30, 2015 and the Company no longer occupies the office space. Additional Related Party Transactions The following related party transactions were not included in the tables above. Tax Protection Agreement The Company is party to a tax protection agreement with ARC Real Estate, which contributed its 100% indirect ownership interests in 63 of the Company’s properties to the Operating Partnership in the formation transactions related to the Company’s IPO. Pursuant to the tax protection agreement, the Company has agreed to indemnify ARC Real Estate for its tax liabilities (plus an additional amount equal to the taxes incurred as a result of such indemnity payment) attributable to its built-in gain, as of the closing of the formation transactions, with respect to its interests in the contributed properties (other than two vacant properties contributed), if the Company sells, conveys, transfers or otherwise disposes of all or any portion of these interests in a taxable transaction on or prior to September 6, 2021. The sole and exclusive rights and remedies of ARC Real Estate under the tax protection agreement will be a claim against the Operating Partnership for ARC Real Estate’s tax liabilities as calculated in the tax protection agreement, and ARC Real Estate shall not be entitled to pursue a claim for specific performance or bring a claim against any person that acquires a protected party from the Operating Partnership in violation of the tax protection agreement. Investment from the ARCT IV Special Limited Partner In connection with the ARCT IV Merger, the ARCT IV Special Limited Partner invested $0.8 million in the ARCT IV OP and was subsequently issued 79,870 OP Units in respect thereof upon the closing of the ARCT IV Merger after giving effect to the ARCT IV’s exchange ratio of 2.3961 of ARCT IV OP Units. This investment is included in non-controlling interests in the accompanying consolidated balance sheets. Investment in an Affiliate of the Former Manager The Company held an investment of $1.7 million in a real estate fund advised by an affiliate of the Former Manager, American Real Estate Income Fund, which invests primarily in equity securities of other publicly traded REITs as of June 30, 2014 . As of June 30, 2015 , the Company sold substantially all of such investment and retained a remaining investment value less than $0.1 million . 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 the respective board of directors of each of the Managed REITs 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. The following table summarizes the related party Cole Capital revenues earned by the Company by category and the aggregate amounts contained in such categories for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Cole Capital revenues: Cole Capital offering related revenue $ 5,516 $ 9,969 $ 8,633 $ 52,422 Cole Capital operating revenue 21,013 27,253 45,390 39,057 Total Cole Capital revenues $ 26,529 $ 37,222 $ 54,023 $ 91,479 Cole Capital Offering Related Revenue The Company generally received 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 (CCPT IV’s offering closed April 4, 2014). The Company has and intends to continue to reallow 100% of selling commissions earned to participating broker-dealers. In addition, the Company generally received 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 issued 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 issued under the respective Managed REIT’s distribution reinvestment plan, 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 annual asset-based dealer manager fee of 0.55% of the net asset value (“NAV”) for Wrap Class Shares (“W Shares”) and Advisor Class Shares (“A Shares”) and 0.25% of the NAV for Institutional Class Shares (“I Shares”). 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. The Company also receives an annual asset-based distribution fee of 0.50% of the NAV for A Shares. The Company, in its sole discretion, may reallow a portion of the distribution fee to participating broker-dealers. In addition, the Company receives a selling commission on A Shares issued 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. 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 issued pursuant to INAV’s distribution reinvestment plan. 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 in accordance with their respective advisory agreements and charters. The organization and offering expenses incurred by the Company that are subject to reimbursement include costs paid to affiliates. As these costs are incurred, they are recorded as reimbursement revenue, up to the respective limit, and are included in dealer manager and distribution fees, selling commissions and offering reimbursements in the financial results for Cole Capital in Note 3 – Segment Reporting . Expenses paid on behalf of the Managed REITs in excess of these limits that are expected to be collected based on future expected offering proceeds 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 offerings and reserves for any balances considered not collectible. As of June 30, 2015 and December 31, 2014 , the Company had organization and offering costs of $19.0 million and $12.9 million , respectively, which were net of reserves of $18.1 million and $13.1 million , respectively. Such amounts had been paid on behalf of the Managed REITs in excess of the applicable limits and are expected to be reimbursed by the Managed REITs as they raise additional proceeds from the respective offering, subject to certain limitations. Additional reserves may be recorded in subsequent periods if actual proceeds raised from the offerings and corresponding program development costs incurred differ from management’s assumptions used at June 30, 2015 . The program development costs are included in deferred costs and other assets, net in the accompanying consolidated unaudited balance sheets. The tables below reflect financial data for the three and six months ended June 30, 2015 , the three months ended June 30, 2014 and the period from the date the Cole Merger was consummated, February 7, 2014, (the “Cole Acquisition Date”) to June 30, 2014 (in thousands): For the Three Months Ended June 30, 2015 CCPT V CCIT II INAV Total Offering: Selling commission revenue $ 678 $ 2,535 $ 30 $ 3,243 Selling commissions reallowance expense $ (678 ) $ (2,535 ) $ (30 ) $ (3,243 ) Dealer manager and distribution fee revenue $ 207 $ 759 $ 202 $ 1,168 Dealer manager and distribution fees reallowance expense $ (84 ) $ (336 ) $ (47 ) $ (467 ) Other expense reimbursement revenue $ 225 $ 800 $ 80 $ 1,105 For the Six Months Ended June 30, 2015 CCPT V CCIT II INAV Total Offering: Selling commission revenue $ 1,214 $ 3,761 $ 43 $ 5,018 Selling commissions reallowance expense $ (1,214 ) $ (3,761 ) $ (43 ) $ (5,018 ) Dealer manager and distribution fee revenue $ 374 $ 1,118 $ 392 $ 1,884 Dealer manager and distribution fees reallowance expense $ (145 ) $ (487 ) $ (91 ) $ (723 ) Other expense reimbursement revenue $ 421 $ 1,195 $ 115 $ 1,731 For the Three Months Ended June 30, 2014 CCPT IV (1) CCPT V CCIT II INAV Total Offering: Selling commission revenue $ (12 ) $ 1,347 $ 4,579 $ 195 $ 6,109 Selling commissions reallowance expense $ 12 $ (1,347 ) $ (4,579 ) $ (195 ) $ (6,109 ) Dealer manager and distribution fee revenue $ (2 ) $ 416 $ 1,372 $ 123 $ 1,909 Dealer manager and distribution fees reallowance expense $ (107 ) $ (178 ) $ (668 ) $ (6 ) $ (959 ) Other expense reimbursement revenue $ (18 ) $ 415 $ 1,372 $ 182 $ 1,951 _______________________________________________ (1) Negative revenue balances are due to net cancellations during the quarter of shares sold prior to the fund closing on April 4, 2014. Period from the Cole Acquisition Date to June 30, 2014 CCPT IV CCPT V CCIT II INAV Total Offering: Selling commission revenue $ 29,113 $ 1,347 $ 4,950 $ 216 $ 35,626 Selling commissions reallowance expense $ (29,113 ) $ (1,347 ) $ (4,950 ) $ (216 ) $ (35,626 ) Dealer manager and distribution fee revenue $ 8,771 $ 416 $ 1,486 $ 188 $ 10,861 Dealer manager and distribution fees reallowance expense $ (4,971 ) $ (178 ) $ (721 ) $ (8 ) $ (5,878 ) Other expense reimbursement rev

Net Loss Per Share_Unit

Net Loss Per Share/Unit	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share/Unit	Net Loss Per Share/Unit The General Partner’s unvested Restricted Shares 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 Shares are not allocated losses as the awards do not have a contractual obligation to share in losses of the General Partner. 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. Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the General Partner for the three and six months ended June 30, 2015 and 2014 (dollar amounts in thousands, except for share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to the Company $ (106,522 ) $ (54,720 ) $ (136,492 ) $ (346,164 ) Less: dividends to preferred shares and participating securities 17,973 23,291 35,951 46,723 Net loss attributable to common stockholders $ (124,495 ) $ (78,011 ) $ (172,443 ) $ (392,887 ) Weighted average number of common shares outstanding - basic and diluted 903,339,143 815,406,408 903,168,654 682,178,587 Basic and diluted net loss per share from continuing operations attributable to common stockholders $ (0.14 ) $ (0.10 ) $ (0.19 ) $ (0.58 ) As of June 30, 2015 , approximately 23.8 million OP Units outstanding, which are convertible into an equal number of shares of Common Stock, and approximately 4.0 million of unvested Restricted Shares and unvested Restricted Stock Units were excluded from the calculation of diluted net loss per share as the effect would have been antidilutive. Net Loss Per Unit The following is a summary of the basic and diluted net loss per unit computation for the OP for the three and six months ended June 30, 2015 and 2014 (dollar amounts in thousands, except for unit and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to the Operating Partnership $ (109,322 ) $ (56,870 ) $ (140,195 ) $ (362,518 ) Less: dividends to preferred units and participating securities 17,973 23,291 35,951 46,723 Net loss attributable to common unitholders $ (127,295 ) $ (80,161 ) $ (176,146 ) $ (409,241 ) Weighted average number of common units outstanding - basic and diluted 927,102,940 840,184,663 926,932,451 707,060,440 Basic and diluted net loss from continuing operations per unit attributable to common unitholders $ (0.14 ) $ (0.10 ) $ (0.19 ) $ (0.58 ) As of June 30, 2015 , approximately 4.0 million shares of unvested restricted units were excluded from the calculation of diluted net loss per unit as the effect would have been antidilutive.

Property Dispositions

Property Dispositions	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions During the six months ended June 30, 2015 , the Company disposed of 11 single-tenant properties, three multi-tenant properties, and one property owned by a consolidated joint venture for an aggregate gross sales price of $352.3 million , excluding disposition costs and purchase price adjustments of $3.3 million . During the six months ended June 30, 2015 , the Company also had one property that had been foreclosed upon with a net book value of $38.2 million at the time of foreclosure. During the six months ended June 30, 2014 , the Company disposed of 24 single-tenant properties, and one multi-tenant property for an aggregate gross sales price of $96.4 million . The Company has no continuing involvement with these properties. The dispositions did not represent a change in strategic direction for the Company and will not have a significant effect on the operations or financial results of the Company. As such, the operating results of the dispositions are not classified as discontinued operations for any periods presented. Please see Note 21 – Subsequent Events for dispositions subsequent to June 30, 2015 . As of December 31, 2014 , there were two properties classified as held for sale (the “2014 Held for Sale Properties”), both of which were sold during the six months ended June 30, 2015 . As of June 30, 2015 , there were two properties (the “2015 Held for Sale Properties”) classified as held for sale. The 2015 Held for Sale Properties are expected to be sold in the next 12 months as part of the Company’s portfolio management strategy. To reflect the 2015 Held for Sale Properties’ fair values less cost to sell, the Company recorded a loss of $23.2 million , which includes $17.8 million of goodwill allocated in the cost basis of such properties, for each of the three and six months ended June 30, 2015 . The loss on properties held for sale is included in loss on disposition of real estate and held for sale assets, net in the accompanying consolidated statements of operations. The following table presents the major classes of assets and liabilities of the 2015 Held for Sale Properties as of June 30, 2015 and the 2014 Held for Sale Properties as of December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Assets Held for Sale Investment in real estate assets, net $ 242,701 $ 1,261 Mortgage Notes Payable Associated with Assets Held for Sale Mortgage notes payable, net $ 118,493 $ —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the General Partner generally is not subject to federal income tax, with the exception of its TRS entities. However, the General Partner, including its TRS entities, and the Operating Partnership are still subject to certain state and local income and franchise taxes in the various jurisdictions in which they operate. Based on the above, Cole Capital’s business, substantially all of which is conducted through a TRS structure, recognized a benefit of $1.9 million and $1.6 million for the three and six months ended June 30, 2015 , which is included in (provision for) benefit from income and franchise taxes in the accompanying consolidated statements of operations. A benefit of $7.5 million and $13.7 million was recognized for the three and six months ended June 30, 2014 . The difference in the provision or benefit reflected in the accompanying consolidated statements of operations as compared to the provision or benefit 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 a provision for the three and six months ended June 30, 2015 of $3.1 million and $5.0 million , respectively, and a provision for the three and six months ended June 30, 2014 of $2.8 million and $3.9 million , respectively, which are included in (provision for) benefit from income and franchise taxes in the accompanying consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the six months ended June 30, 2015 and 2014 . Any interest and penalties related to unrecognized tax benefits would be recognized within (provision for) benefit from income and franchise taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and various Canadian 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	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to June 30, 2015 : Changes in Corporate Governance Practices The Board adopted the following changes to the General Partner’s corporate governance practices. Amendment to Articles of Amendment and Restatement - Opt-Out from Maryland Unsolicited Takeover Act Provision The Board, as permitted under Section 3-802(c) of the Maryland General Corporation Law (the “MGCL”), adopted an amendment (the “Articles Supplementary”) to the General Partner’s Articles of Amendment and Restatement pursuant to which the General Partner has opted out of the provisions of Section 3-803 of the MGCL (Subtitle 8, Title 3 of the MGCL is commonly referred as the Maryland Unsolicited Takeover Act or “MUTA”), which would otherwise allow the Board to unilaterally divide itself into staggered classes. The Articles Supplementary became effective upon filing with the State Department of Assessments and Taxation of Maryland on August 5, 2015. The opt-out is irrevocable unless approved by an affirmative vote of at least a majority of the votes cast on the matter by stockholders which are entitled to vote generally in the election of directors. A copy of the Articles Supplementary is attached to this Quarterly Report on Form 10-Q as Exhibit 3.10. Bylaws Amendment - Adoption of a Majority Voting Standard and Proxy Access Bylaw and Additional Opt-outs from Permitted Takeover Defenses The Board, as permitted under the MGCL and pursuant to the General Partner’s bylaws (the “Bylaws”), adopted amendments to the Bylaws (the “Bylaws Amendment”) effective August 5, 2015 (except for the proxy access bylaw, as described below), which address the following: (i) amendment to adopt a majority voting standard for directors in uncontested elections - the plurality voting standard, which was previously applicable to all elections of directors, will remain applicable in contested elections (where a stockholder nomination of a director has been properly made and not revoked); (ii) amendment to effectuate permanent opt-outs from the provisions of each of the Control Share Acquisition Act (contained in Title 3, Subtitle 7 of the MGCL) and Business Combinations Act (contained in Title 3, Subtitle 7 of the MGCL), both of which opt-outs may not be revoked without the affirmative vote of a majority of the votes cast on the applicable matter by the General Partner’s stockholders; and (iii) effective as of January 1, 2016, an amendment to adopt proxy access provisions requiring the General Partner to include in its annual proxy statement nominees for election of up to 25% of the Board that have been nominated by stockholders. To be eligible to nominate directors for election, a stockholder or limited group of stockholders must have owned 3% or more of the General Partner’s common stock for at least three years as of the applicable nomination deadline. The foregoing description of the Bylaws Amendment is qualified in its entirety by reference to the full text of the Bylaws Amendment, a copy of which is attached to this Quarterly Report on Form 10-Q as Exhibit 3.15. Director Resignation Policy In connection with the General Partner’s adoption of a majority voting standard for uncontested elections as described above, the Board concurrently adopted a director resignation policy, effective August 5, 2015, whereby an incumbent director who does not receive the requisite majority of votes in an uncontested election must tender his or her resignation to the Board for consideration. Such resignation may specify that it will only be effective upon its acceptance by the Board within 90 days following certification of the stockholder vote. The Board expects that a director whose resignation is under consideration shall abstain from participating in any decision regarding his or her resignation. If the resignation is not accepted, the director will continue to serve until the next annual meeting and until the director’s successor is duly elected and qualified or until the director’s earlier resignation or removal. The Nominating and Corporate Governance Committee and the Board may consider any factors they deem relevant in deciding whether to accept a director’s resignation. Stockholder Rights Plan Policy The Board adopted a stockholder rights plan policy, effective August 5, 2015, whereby the Board has agreed that it will not adopt a stockholder rights plan (a “poison pill”) unless stockholders approve such rights plan in advance or alternatively, if the Board does adopt a rights plan, the General Partner will submit the rights plan to stockholders for ratification within 12 months of adoption and, if such ratification is not secured within 12 months from adoption, the rights plan will automatically terminate. Credit Agreement Amendment On July 31, 2015, the General Partner and the OP entered into the Second Amendment (as defined in Note 10 – Debt ). Pursuant to the Second Amendment, the maximum capacity under the Credit Facility was reduced from $3.6 billion to $3.3 billion , which included a reduction in the size of the $2.45 billion revolving credit facility to $2.3 billion and the elimination of the $150.0 million multicurrency revolving credit facility. The maximum aggregate dollar amount of letters of credit that may be outstanding at any one time under the Credit Facility was reduced from $50.0 million to $25.0 million . In respect of financial covenants, the Second Amendment reduced the Company’s minimum Unencumbered Asset Value (as defined in the Credit Agreement) from $10.5 billion to $8.0 billion . For the purposes of determining Unencumbered Asset Value, the Company is permitted to include restaurant properties representing more than 30% of its Unencumbered Asset Value in such calculation such that: (i) from July 1, 2015 to June 29, 2016, up to 40% of the Unencumbered Asset Value may be comprised of restaurant properties; and (ii) from June 30, 2016 to December 30, 2016, up to 35% of the Unencumbered Asset Value may be comprised of restaurant properties. From December 31, 2016 on, the maximum percentage of Unencumbered Asset Value attributable to restaurant properties will be reduced back down to 30% . In connection with the Second Amendment, the Company agreed to pay certain customary fees to the consenting lenders and agreed to reimburse customary expenses of the arrangers. The foregoing description of the Second Amendment is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which is attached to this Quarterly Report on Form 10-Q as Exhibit 10.10. Notable Real Estate Investment Activity On July 10, 2015, the Company disposed of a portfolio of 68 CVS properties for an aggregate gross sales price of $318.2 million . The properties secured mortgage notes with an aggregate outstanding debt balance of $276.7 million , which were assumed by the buyer in the sale. NYSE Listing; NASDAQ De-listing On July 20, 2015, VEREIT, under its former name, provided written notice to the NASDAQ that it intended to voluntarily delist the Common Stock and the Series F Preferred Stock from the NASDAQ promptly following the close of trading on July 30, 2015. VEREIT obtained authorization for listing on the NYSE and, effective July 31, 2015, transferred the listing of its Common Stock and Series F Preferred Stock to the NYSE. Common Stock Dividends On August 5, 2015, the General Partner’s board of directors authorized, and the General Partner declared, a dividend in respect of its Common Stock whereby $0.1375 per share (equaling an annualized dividend rate of $0.55 per share) will be paid on each of October 15, 2015 and January 15, 2016 to holders of record on each of September 30, 2015 and December 31, 2015, respectively. Upcoming Changes to the General Partner’s Board of Directors On August 4, 2015, Thomas A. Andruskevich and William G. Stanley notified the General Partner’s board of directors that they would not stand for re-election at the General Partner’s 2015 annual meeting of stockholders to be held on September 29, 2015. In connection therewith, the General Partner’s board of directors approved the accelerated vesting of 2,400 and 3,841 Restricted Shares (each representing 2014 annual equity retainers) held by Messrs. Andruskevich and Stanley, respectively, to be effective at such time as they cease being members of the General Partner’s board of directors (their “Departure Dates”). Further, the General Partner’s board of directors approved the accelerated vesting of 6,000 of the 32,000 Restricted Shares Mr. Stanley holds which were issued to him in connection with the completion of the General Partner’s transition to self-management on January 8, 2014 (the “Self-Management Award”). The 6,000 Restricted Shares represent nine months of service by Mr. Stanley from January 8, 2015 (the previous vesting date) to the Departure Date. In connection therewith, Mr. Stanley notified the General Partner’s board of directors that he would not ask its members to accelerate the vesting of the remaining 26,000 Restricted Shares comprising the Self-Management Award and, accordingly, agreed to forfeit such shares upon his Departure Date. Deferred Stock Units issued to each of Messrs. Andruskevich and Stanley in respect of their 2015 annual equity retainers will be fully settled in accordance with their terms upon the Departure Dates.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	The consolidated financial statements of the Company presented herein include the accounts of the General Partner and its consolidated subsidiaries, including the OP. All intercompany transactions have been eliminated upon consolidation. The financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).
Principles of Consolidation and Basis of Presentation	The consolidated financial statements include the accounts of the Company and its subsidiaries and consolidated joint venture arrangements. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests. In addition, as described in Note 1 – Organization , certain third parties have been issued OP Units. Holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interest is reflected as equity in the consolidated balance sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of common shares issued and the carrying value of the OP Units converted is recorded as a component of equity. As of both June 30, 2015 and December 31, 2014 , there were approximately 23.8 million Limited Partner OP Units outstanding. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity of which the Company is the primary beneficiary. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of the qualitative and quantitative significance of fees it earns from certain of its relationships and investments. If the Company determines that it holds a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE’s operations and the difference between consolidating the VIE and accounting for it using the equity method would be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate joint ventures and the managed investment programs based on standards set forth in GAAP as described above.
Reclassification	The other debt balance from prior year has been combined in the consolidated balance sheets and consolidated statements of cash flows into the captions mortgage notes payable and other debt, net and payments on mortgage notes payable and other debt, respectively. Additionally, state property income and franchise taxes previously included in general and administrative expenses and federal and state income taxes previously included in other income, net have been combined into the caption (provision for) benefit from income and franchise taxes in the consolidated statements of operations.
Assets Held for Sale	The Company classifies real estate investments as held for sale in accordance with U.S. GAAP. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated cost to dispose of the assets. As of June 30, 2015 , two properties were classified as held for sale. As of December 31, 2014, two properties were classified as held for sale, which were sold during the first quarter. If circumstances arise which the Company previously considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify the property as held and used. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. Upon classifying an asset as held for sale, the Company will no longer recognize depreciation expense related to the depreciable assets of the property.
Cash and Cash Equivalents	Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000 . At times, our cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Restricted Cash Restricted cash primarily consists of reserves related to lease expirations, as well as maintenance, structural and debt service reserves.
Revenue Recognition	The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for the purposes of this calculation. Since many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. Straight-line rent receivables are included in deferred costs and other assets, net, in the consolidated balance sheets. See Note 8 – Deferred Costs and Other Assets, Net . The Company defers the revenue related to lease payments received from tenants in advance of their due dates. As of June 30, 2015 and December 31, 2014 , the Company had $59.0 million and $57.8 million , respectively, of deferred rental income, which is included in deferred rent, derivative, and other liabilities in the consolidated balance sheets. Cost recoveries from tenants are included within operating expense reimbursements in the consolidated statements of operations, in the period the related costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is uncertain, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive loss.
Acquisition Related Expenses and Merger and Other Non-routine Transaction Related Expenses	All direct costs incurred as a result of a business combination are classified as acquisition related costs or merger and other non-routine transaction costs and expensed as incurred. Acquisition related expenses include legal and other transaction related costs incurred in connection with self-originated acquisitions including purchases of portfolios. In addition, indirect costs, such as internal salaries, that are tracked and documented in a manner that clearly indicates that the activities driving the cost directly relate to activities necessary to complete, or effect, self-originating purchases are classified as acquisition related expenses. Similar costs incurred in relation to mergers, which are not accounted for as acquisitions, are included in merger and other non-routine transactions in the consolidated statements of operations. Other non-routine transaction related expenses are also presented within merger and other non-routine transactions in the consolidated statements of operations.
Income Taxes	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 General Partner 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 General Partner maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, federal income taxes on certain income and excise taxes on its undistributed income. The OP is classified as a partnership for federal income tax purposes. As a partnership, the OP is not a taxable entity for federal income tax purposes. Instead, each partner in the OP is required to take into account its allocable share of the OP’s income, gains, losses, deductions and credits for each taxable year. However, the OP may be subject to certain state and local taxes on its income and property. As of June 30, 2015 , the OP and the General Partner had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended December 31, 2010 remain open to examination by the major taxing jurisdictions to which the OP, the General Partner, American Realty Capital Trust III, Inc. (“ARCT III”), CapLease, Inc. (“CapLease”), American Realty Capital Trust IV, Inc., (“ARCT IV”), Cole Real Estate Investments, Inc. (“Cole”) and Cole Credit Property Trust, Inc. are subject. Under the LPA, the OP is to conduct business in such a manner as to permit the General Partner at all times to qualify as a REIT. The Company conducts substantially all of its Cole Capital segment through a TRS structure. 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 Canada and, as a result, it files income tax returns in the U.S. federal jurisdiction, Canadian 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 provision or benefit related to significant or unusual 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 or benefit from income taxes may change as new events occur, additional information is obtained or the tax environment changes.
Recent Accounting Pronouncements	In May 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and allows for either full retrospective adoption or modified retrospective adoption, with early application not permitted. The Company is currently evaluating the impact of the new standard on its financial statements. In February 2015, FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of Financial Accounting Standard (“ FAS”) No. 167, Amendments to FASB Interpretation No. 46(R), modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception for reporting entities with interests in legal entities that operate as registered money market funds . These changes will require re-evaluation of the consolidation conclusion for certain entities and will require the Company to revise its analysis regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Companies may elect to apply the amendments in ASU 2015-02 using a modified retrospective approach or by applying the amendments retrospectively. The Company is currently evaluating the impact of the new standard on its financial statements. In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than presenting the costs as an asset, a deferred charge. The previous requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, “Elements of Financial Statements,” which states that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. After the update is adopted, debt disclosures will include the face amount of the debt liability and the effective interest rate. For public companies, ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company has evaluated the impact of the adoption of this new standard, which is expected to result in reclassifications of certain deferred costs on the Company’s balance sheets but will not have an impact on its results of operations or cash flows.

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Merger and Other Non-Routine Transaction Related Expenses	Merger and other non-routine transaction related expenses include the following costs (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Merger related costs: Strategic advisory services $ — $ — $ — $ 32,615 Transfer taxes — — — 5,109 Legal fees and expenses — 1,563 — 4,547 Personnel costs and other reimbursements — — — 751 Multi-tenant spin off — 2,859 — 5,180 Other fees and expenses — 346 — 1,676 Other non-routine transaction related costs: Post-transaction support services — — — 14,251 Subordinated distribution fee — — — 78,244 Audit Committee Investigation and related matters (1) 14,386 — 29,702 — Furniture, fixtures and equipment — — — 14,085 Legal fees and expenses (2) 2,478 — 2,953 1,826 Personnel costs and other reimbursements — 275 — 2,718 Other fees and expenses — 2,379 632 6,718 Total $ 16,864 $ 7,422 $ 33,287 $ 167,720 ___________________________________ (1) Includes all fees and costs associated with the Audit Committee Investigation and various litigations and investigations prompted by the results of the Audit Committee Investigation, including fees and costs reimbursed pursuant to the Company’s indemnification obligations. (2) Primarily relates to fees incurred in connection with a legal matter resolved in early 2014.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 REI segment: Revenues: Rental income $ 341,183 $ 314,519 $ 683,942 $ 558,934 Direct financing lease income 697 1,181 1,438 2,187 Operating expense reimbursements 25,312 29,256 48,286 50,732 Total real estate investment revenues 367,192 344,956 733,666 611,853 Operating expenses: Acquisition related 1,563 7,201 3,286 20,618 Merger and other non-routine transactions 16,864 5,999 33,287 165,793 Property operating 32,598 39,286 63,597 69,041 Management fees to affiliates — — — 13,888 General and administrative 16,827 15,189 32,197 49,727 Depreciation and amortization 209,122 225,965 419,910 385,448 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Impairment of real estate 85,341 1,556 85,341 1,556 Total operating expenses 362,315 295,196 637,618 706,071 Operating income (loss) 4,877 49,760 96,048 (94,218 ) Other (expense) income: Interest expense, net (90,572 ) (103,897 ) (186,271 ) (224,848 ) Extinguishment of debt, net — (6,469 ) 429 (15,868 ) Other income, net 4,910 4,332 12,652 8,291 Gain (loss) on derivative instruments, net 311 14,207 (717 ) 7,086 Total other expenses, net (85,351 ) (91,827 ) (173,907 ) (225,339 ) Loss before income and franchise taxes and disposition of real estate and held for sale assets (80,474 ) (42,067 ) (77,859 ) (319,557 ) Loss on disposition of real estate and held for sale assets, net (24,674 ) (1,269 ) (56,042 ) (18,874 ) Loss before income and franchise taxes (105,148 ) (43,336 ) (133,901 ) (338,431 ) Provision for income and franchise taxes (3,119 ) (2,788 ) (4,973 ) (3,911 ) Net loss $ (108,267 ) $ (46,124 ) $ (138,874 ) $ (342,342 ) Cole Capital segment: Revenues: Dealer manager and distribution fees, selling commissions and offering reimbursements $ 5,516 $ 9,969 $ 8,633 $ 52,422 Transaction service fees and reimbursements 7,036 15,116 17,296 19,983 Management fees and reimbursements 13,977 12,137 28,094 19,074 Total Cole Capital revenues 26,529 37,222 54,023 91,479 Operating expenses: Cole Capital reallowed fees and commissions 3,710 7,068 5,741 41,504 Acquisition related — — 459 — Merger and other non-routine transactions — 1,423 — 1,927 General and administrative 17,131 22,035 34,867 42,866 Depreciation and amortization 8,391 24,774 16,744 39,133 Total operating expenses 29,232 55,300 57,811 125,430 Operating loss (2,703 ) (18,078 ) (3,788 ) (33,951 ) Total other income, net 392 110 1,611 126 Loss before income and franchise taxes (2,311 ) (17,968 ) (2,177 ) (33,825 ) Benefit from income and franchise taxes 1,869 7,494 1,649 13,729 Net loss $ (442 ) $ (10,474 ) $ (528 ) $ (20,096 ) Total Company: Total revenues $ 393,721 $ 382,178 $ 787,689 $ 703,332 Total operating expenses $ 391,547 $ 350,496 $ 695,429 $ 831,501 Total other expense, net $ (84,959 ) $ (91,717 ) $ (172,296 ) $ (225,213 ) Net loss $ (108,709 ) $ (56,598 ) $ (139,402 ) $ (362,438 ) Total Assets June 30, 2015 December 31, 2014 REI segment $ 18,555,098 $ 19,821,440 Cole Capital 694,277 693,699 Total Company $ 19,249,375 $ 20,515,139

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the Company’s goodwill activity by segment from the date of the Caplease acquisition (in thousands): REI Segment Cole Capital Segment Consolidated Balance as of January 1, 2013 $ — $ — $ — Acquisition of Caplease 92,789 — 92,789 Balance as of December 31, 2013 92,789 — 92,789 Cole Merger 1,654,085 558,835 2,212,920 Measurement period adjustments (27,339 ) 49,627 22,288 Goodwill allocated to dispositions (1) (210,139 ) — (210,139 ) Impairment — (223,064 ) (223,064 ) Balance as of December 31, 2014 $ 1,509,396 $ 385,398 $ 1,894,794 Goodwill allocated to dispositions and held for sale assets (1) (47,499 ) — (47,499 ) Balance as of June 30, 2015 $ 1,461,897 $ 385,398 $ 1,847,295 _______________________________________________ (1) Goodwill allocated to the cost basis of properties sold or held for sale and included in loss on disposition of real estate and held for sale assets, net, in the consolidated statements of operations.
Schedule of Intangible Assets	Intangible lease assets and liabilities of the Company consist of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands, except weighted-average useful life): Weighted-Average Useful Life June 30, 2015 December 31, 2014 Intangible lease assets: In-place leases, net accumulated amortization of $317,079 and $236,096, respectively 14.2 $ 1,645,280 $ 1,816,508 Leasing commissions, net of accumulated amortization of $725 and $505, respectively 7.7 3,887 4,205 Above-market leases, net of accumulated amortization of $34,764 and $22,471, respectively 16.5 337,538 355,269 Total intangible lease assets, net $ 1,986,705 $ 2,175,982 Intangible lease liabilities: Below-market leases, net of accumulated amortization of $29,477 and $19,123, respectively 18.0 $ 298,102 $ 317,838
Schedule of Projected Amortization Expense and Adjustments	The following table provides the projected amortization expense and adjustments to rental income related to the intangible lease assets and liabilities for the remainder of 2015 and the next four calendar years as of June 30, 2015 (amounts in thousands) : July 1, 2015 - December 31, 2015 2016 2017 2018 2019 In-place leases: Total to be included in amortization expense $ 93,804 $ 181,211 $ 165,618 $ 151,440 $ 139,492 Leasing Commissions Total to be included in amortization expense $ 360 $ 714 $ 701 $ 594 $ 570 Above-market lease assets: Total to be deducted from rental income $ 13,485 $ 26,897 $ 26,525 $ 25,950 $ 23,988 Below-market lease liabilities: Total to be included in rental income $ 11,322 $ 22,537 $ 22,395 $ 22,068 $ 21,325

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the preliminary allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (in thousands): Six Months Ended June 30, 2015 2014 Real estate investments, at cost: Land $ 2,043 $ 239,663 Buildings, fixtures and improvements 5,249 946,381 Land and construction in progress 2,140 239,260 Total tangible assets 9,432 1,425,304 Acquired intangible assets: In-place leases 715 128,581 Above-market leases 168 21,145 Assumed intangible liabilities: Below-market leases (108 ) (3,321 ) Fair value adjustment of assumed notes payable — (23,589 ) Total purchase price of assets acquired, net 10,207 1,548,120 Mortgage notes payable assumed — (301,532 ) Cash paid for acquired real estate investments $ 10,207 $ 1,246,588
Schedule of Future Minimum Rental Payments Receivable for Operating And Capital Leases	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 Base Rent Payments Future Minimum Direct Financing Lease Payments (1) July 1, 2015 - December 31, 2015 $ 607,976 $ 2,333 2016 1,243,488 4,672 2017 1,212,653 4,271 2018 1,176,142 3,182 2019 1,135,398 2,380 Thereafter 10,051,959 7,937 Total $ 15,427,616 $ 24,775 ____________________________________ (1) 37 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 minimum base rental cash payments due to the Company under the lease agreements on these respective properties.
Schedule of Capital Leased Assets	The components of the Company’s net investment in direct financing leases as of June 30, 2015 and December 31, 2014 are as follows (in thousands): June 30, 2015 December 31, 2014 Future minimum lease payments receivable $ 24,775 $ 27,199 Unguaranteed residual value of property 33,558 39,852 Unearned income (8,532 ) (10,975 ) Net investment in direct financing leases $ 49,801 $ 56,076
Schedule of Future Construction Commitments	Below is a summary of the construction commitments as of June 30, 2015 (dollar amounts in thousands): Development projects in progress 24 Investment to date $ 67,911 Estimated cost to complete (1) 26,195 Total Investment (2) $ 94,106 _______________________________________________ (1) The Company is contractually committed to fund a developer $12.9 million to complete the remaining 18 build-to-suit developments. (2) Excludes tenant improvement costs incurred in accordance with existing leases. As of June 30, 2015 , $10.7 million of tenant improvement costs were included in land and construction in progress in the consolidated financial statements.
Summary of Unconsolidated Joint Ventures	The following is a summary of the Company’s percentage ownership and carrying amount related to each of the unconsolidated joint ventures (dollar amounts in thousands): Name of Joint Venture Partner Ownership % Carrying Amount (2) Cole/Mosaic JV South Elgin IL, LLC Affiliate of Mosaic Properties and Development, LLC 50% $ 7,003 SanTan Festival, LLC Propstra Chandler Trust & RED Development, LLC 45% (1) 4,586 Chandler Village Center, LLC Propstra Chandler Trust & RED Development, LLC 45% (1) 20,612 Cole/LBA JV OF Pleasanton CA, LLC Affiliate of LBA Realty 90% 34,508 Chandler Gateway Partners, LLC Propstra Chandler Trust & RED Development, LLC 45% (1) 9,663 Cole/Faison JV Bethlehem GA, LLC Faison-Winder Investors, LLC 90% 14,422 $ 90,794 _______________________________________________ (1) Represents the Company's 90% interest in a consolidated joint venture, whose only assets are 50% interests in the respective unconsolidated joint ventures. (2) The total carrying amount of the investments is greater than the underlying equity in net assets by $55.9 million . This difference relates to a purchase price allocation of goodwill and a step up in fair value of the investment assets acquired in connection with the Cole Merger. The step up in fair value was allocated to the individual investment assets and is being amortized in accordance with the Company's depreciation policy.

Investment Securities, at Fai36

Investment Securities, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables detail the unrealized gains and losses on investment securities as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value CMBS $ 52,930 $ 3,253 $ (381 ) $ 55,802 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value CMBS $ 56,459 $ 2,207 $ (20 ) $ 58,646
Available-for-sale Securities	The scheduled maturity of the Company’s CMBS as of June 30, 2015 is as follows (in thousands): June 30, 2015 Amortized Cost Fair Value Due within one year $ — $ — Due after one year through five years 5,312 5,331 Due after five years through 10 years 30,531 32,630 Due after 10 years 17,087 17,841 Total $ 52,930 $ 55,802

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Composition of Loans Held for Investment	The following table presents the composition of the loans held for investment as of June 30, 2015 (dollar amounts in thousands): Loans held for investment Outstanding Balance Carrying Value Weighted-Average Interest Rate (1) Weighted-Average Years to Maturity (2) Mortgage notes receivable 11 $ 27,100 $ 25,298 5.1 % 13.9 Unsecured note (3) 1 15,300 15,300 8.0 % 1.8 Total 12 $ 42,400 $ 40,598 6.1 % 9.5 ____________________________________ (1) The interest rates on the loans secured by real estate range from a zero coupon rate to 7.24% , as of June 30, 2015 . The unsecured note requires principal payments of $7.7 million on March 31, 2016 and $3.8 million on September 30, 2016 and the remaining balance is due at maturity, on March 31, 2017. The note may be pre-paid at par any time prior to maturity. (2) The mortgage notes receivable have maturity dates ranging from September 1, 2015 to January 1, 2033 . (3) The Company’s unsecured note is with an affiliate of the Former Manager, as defined within Note 15 – Equity .
Schedule of Aggregate Principal Payments Due to the Company	The following table summarizes the scheduled aggregate principal payments due to the Company on the loans held for investment subsequent to June 30, 2015 (in thousands): Outstanding Balance Due within one year $ 9,623 Due after one year through five years 14,001 Due after five years through 10 years 6,821 Due after 10 years (1) 15,923 Total $ 46,368 ____________________________________ (1) Includes additional $4.0 million of principal scheduled to be capitalized on zero coupon note subsequent to June 30, 2015 .

Deferred Costs and Other Asse38

Deferred Costs and Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Deferred costs and other assets, net consisted of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Deferred costs, net $ 111,180 $ 126,202 Accounts receivable, net (1) 56,047 66,021 Straight-line rent receivable 134,340 89,355 Prepaid expenses 13,508 15,171 Leasehold improvements, property and equipment, net (2) 19,749 21,351 Restricted escrow deposits 30,040 34,339 Deferred tax asset and tax receivable 15,141 15,924 Program development costs, net (3) 19,006 12,871 Derivative assets, at fair value 2,093 5,509 Other assets 2,502 3,179 Total $ 403,606 $ 389,922 ___________________________________ (1) Allowance for doubtful accounts was $3.2 million and $2.5 million as of June 30, 2015 and December 31, 2014 , respectively. (2) Amortization expense for leasehold improvements totaled $0.4 million and $0.7 million for the three and six months ended June 30, 2015 , respectively. Accumulated amortization was $1.9 million and $1.2 million as of June 30, 2015 and December 31, 2014 , respectively. Depreciation expense for property and equipment totaled $0.5 million and $1.0 million for the three and six months ended June 30, 2015 , respectively. Accumulated depreciation was $2.6 million and $1.6 million as of June 30, 2015 and December 31, 2014 , respectively. (3) As of June 30, 2015 and December 31, 2014 , the Company had reserves of $18.1 million and $13.1 million , respectively, relating to the program development costs.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Impairment Charges by Asset Class	The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2015 and 2014 (dollar amounts in thousands): Six Months Ended June 30, 2015 2014 Properties impaired 188 4 Asset classes impaired: Investment in real estate assets, net $ 82,654 $ 1,556 Investment in direct financing leases, net 3,417 — Below-market lease liabilities, net (730 ) — Total impairment loss $ 85,341 $ 1,556
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company ’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands): Level 1 Level 2 Level 3 Balance as of June 30, 2015 Assets: CMBS $ — $ — $ 55,802 $ 55,802 Interest rate swap assets — 2,093 — 2,093 Total assets $ — $ 2,093 $ 55,802 $ 57,895 Liabilities: Interest rate swap liabilities $ — $ (9,409 ) $ — $ (9,409 ) Level 1 Level 2 Level 3 Balance as of December 31, 2014 Assets: CMBS $ — $ — $ 58,646 $ 58,646 Interest rate swap assets — 5,509 — 5,509 Total assets $ — $ 5,509 $ 58,646 $ 64,155 Liabilities: Interest rate swap liabilities $ — $ (7,384 ) $ — $ (7,384 )
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following are reconciliations of the changes in assets and (liabilities) with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2015 and 2014 (in thousands): CMBS Beginning Balance, December 31, 2014 $ 58,646 Total gains and losses: Unrealized gain included in other comprehensive income, net 686 Purchases, issuances, settlements and amortization: Principal payments received (3,596 ) Amortization included in net loss 66 Ending balance, June 30, 2015 $ 55,802 CMBS Series D Preferred Stock Embedded Derivative Contingent Consideration Arrangements Total Balance, December 31, 2013 $ 60,583 $ (16,736 ) $ — $ 43,847 Total gains and losses: Unrealized gain included in other comprehensive income, net 8,598 — — 8,598 Changes in fair value included in net loss — 5,216 (1,212 ) 4,004 Purchases, issuances, settlements and amortization: Fair value at purchase/issuance 151,197 — (3,606 ) 147,591 Amortization included in net loss (3,065 ) — — (3,065 ) Ending balance, June 30, 2014 $ 217,313 $ (11,520 ) $ (4,818 ) $ 200,975
Fair Value, by Balance Sheet Grouping	The fair values of the Company ’s financial instruments that are not reported at fair value in the consolidated balance sheets are reported below (dollar amounts in thousands): Level Carrying Amount at June 30, 2015 Fair Value at June 30, 2015 Carrying Amount at December 31, 2014 Fair Value at December 31, 2014 Assets: Loans held for investment 3 $ 40,598 $ 44,249 $ 42,106 $ 42,645 Liabilities: Mortgage notes payable and other debt, net (1) 3 $ 3,618,637 $ 3,558,050 $ 3,805,761 $ 3,931,029 Corporate bonds, net 3 2,546,864 2,455,768 2,546,499 2,709,845 Convertible debt, net 3 979,852 946,219 977,521 1,088,069 Credit facilities 3 2,300,000 2,308,088 3,184,000 3,145,884 Total liabilities $ 9,445,353 $ 9,268,125 $ 10,513,781 $ 10,874,827

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Line Items]
Schedule of Debt	The following table summarizes the carrying value of debt as of June 30, 2015 and December 31, 2014 , and the debt activity for the six months ended June 30, 2015 (in thousands): Six Months Ended June 30, 2015 Balance as of December 31, 2014 Debt Issuances Repayments, Extinguishment and Assumptions Accretion and (Amortization) Balance as of June 30, 2015 Mortgage notes payable: Outstanding balance (1) $ 3,689,796 $ 1,314 $ (176,570 ) $ — $ 3,514,540 Net premiums (2)(3) 70,139 — — (3,719 ) 66,420 Other debt: Outstanding balance 45,325 — (8,026 ) — 37,299 Premium (3) 501 — — (123 ) 378 Mortgages and other debt, net 3,805,761 1,314 (184,596 ) (3,842 ) 3,618,637 Corporate bonds: Outstanding balance 2,550,000 — — — 2,550,000 Discount (4) (3,501 ) — — 365 (3,136 ) Corporate bonds, net 2,546,499 — — 365 2,546,864 Convertible debt: Outstanding balance 1,000,000 — — — 1,000,000 Discount (4) (22,479 ) — — 2,331 (20,148 ) Convertible debt, net 977,521 — — 2,331 979,852 Credit facility: Outstanding balance 3,184,000 — (884,000 ) — 2,300,000 Total debt $ 10,513,781 $ 1,314 $ (1,068,596 ) $ (1,146 ) $ 9,445,353 ____________________________________ (1) Includes $124.3 million of mortgage notes secured by properties held for sale as of June 30, 2015 . (2) Includes $5.8 million discount of mortgage notes associated with properties held for sale as of June 30, 2015 . (3) Net premiums on mortgages notes payable and other debt were recorded upon the assumption of the respective debt instruments in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Discounts on the corporate bonds and convertible debt were recorded based upon the fair value of the respective debt instruments as of the respective issuance dates. Amortization of these discounts is recorded as an increase to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
Mortgage Notes Payable [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Mortgage Notes Payable	The Company ’s mortgage notes payable consist of the following as of June 30, 2015 (dollar amounts in thousands): Encumbered Properties Gross Carrying Value of Collateralized Properties (1) Outstanding Balance (2) Weighted-Average Interest Rate (3) Weighted-Average Years to Maturity Fixed-rate debt (4) 745 $ 6,460,421 $ 3,506,433 4.96 % 6.8 Variable-rate debt 1 24,615 8,107 3.13 % 1.2 Total (5) 746 $ 6,485,036 $ 3,514,540 4.95 % 6.8 ____________________________________ (1) Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities. (2) Includes $124.3 million of mortgage notes secured by properties held for sale. (3) Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of June 30, 2015 . (4) Includes $285.0 million of variable-rate debt fixed by way of interest rate swap arrangements. (5) The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $170.1 million , of which $5.1 million is recourse to the Company. These loans mature on various dates ranging from September 2015 to July 2021 .
Schedule of Aggregate Principal Payments of Mortgages	The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to June 30, 2015 (in thousands): Total July 1, 2015 - December 31, 2015 $ 11,524 2016 252,235 2017 457,932 2018 220,184 2019 296,006 Thereafter 2,276,659 Total (1) $ 3,514,540 ____________________________________ (1) Includes $124.3 million of mortgage notes included in liabilities held for sale.
Other Debt [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Debt	The following table is a summary of the amount outstanding and carrying value of the collateral by asset type as of June 30, 2015 (in thousands): Outstanding Balance Collateral Carrying Value Loans held for investment $ 10,305 $ 20,698 Intercompany mortgage loans 2,882 8,834 CMBS 24,112 40,199 $ 37,299 $ 69,731
Corporate Bonds [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Debt	The following table presents the three senior notes with their respective terms (dollar amounts in thousands): Outstanding Balance Interest Rate Maturity Date 2017 Senior Notes $ 1,300,000 2.0 % February 6, 2017 2019 Senior Notes 750,000 3.0 % February 6, 2019 2024 Senior Notes 500,000 4.6 % February 6, 2024 Total balance and weighted-average interest rate $ 2,550,000 2.8 %
Convertible Senior Debt [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Debt	The following table presents each of the 2018 Convertible Notes and the 2020 Convertible Notes listed below with their respective terms (dollar amounts in thousands): Outstanding Balance Interest Rate Conversion Rate (1) Maturity Date 2018 Convertible Notes $ 597,500 3.00 % 60.5997 August 1, 2018 2020 Convertible Notes 402,500 3.75 % 66.7249 December 15, 2020 Total balance and weighted-average interest rate $ 1,000,000 3.30 % ____________________________________ (1) Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount.

Derivatives and Hedging Activ41

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of Interest Rate Derivatives	As of June 30, 2015 , 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 Instruments Notional Amount Interest rate swaps 17 $ 1,248,630
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 Interest rate swaps Deferred costs and other assets, net $ 1,767 $ 4,941 Interest rate swaps Deferred rent, derivative and other liabilities $ (9,409 ) $ (7,384 )
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of Interest Rate Derivatives	As of June 30, 2015 , the Company had the following outstanding interest rate derivative that was not designated as a qualifying hedging relationship (dollar amounts in thousands): Interest Rate Derivative Number of Instruments Notional Amount Interest rate swap 1 $ 51,400
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company ’s derivative financial instrument not designated as a hedge as well as its classification in the consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 Interest rate swaps Deferred costs and other assets, net $ 326 $ 568
Offsetting Assets	The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented in the accompanying 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 Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 2,093 $ (9,409 ) $ — $ 2,093 $ (9,409 ) $ — $ — $ (7,316 ) December 31, 2014 $ 5,509 $ (7,384 ) $ — $ 5,509 $ (7,384 ) $ — $ — $ (1,875 )
Offsetting Liabilities	The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented in the accompanying 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 Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 2,093 $ (9,409 ) $ — $ 2,093 $ (9,409 ) $ — $ — $ (7,316 ) December 31, 2014 $ 5,509 $ (7,384 ) $ — $ 5,509 $ (7,384 ) $ — $ — $ (1,875 )

Supplemental Cash Flow Disclo42

Supplemental Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Six Months Ended June 30, 2015 2014 Supplemental Disclosures: Cash paid for interest $ 179,318 $ 137,844 Cash paid for income taxes $ 6,670 $ 7,622 Non-cash investing and financing activities: Common stock issued in merger with Cole $ — $ 7,285,868 Accrued capital expenditures and real estate developments $ 1,313 $ 5,534 Mortgage note payable relieved by foreclosure $ 53,798 $ — Mortgage note payable assumed in real estate disposition $ 24,000 $ —

Accounts Payable and Accrued 43

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued expenses consisted of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Accrued other $ 55,902 $ 58,807 Accrued interest 57,320 56,558 Accrued real estate taxes 49,849 37,633 Accounts payable 5,806 10,027 Total $ 168,877 $ 163,025

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the minimum base rent payments due from the Company over the next five years and thereafter for certain ground lease obligations, which are substantially reimbursable by our tenants, and office lease obligations (in thousands): Future Minimum Base Rent Payments Ground Leases Offices Leases July 1, 2015 - December 31, 2015 $ 9,683 $ 2,576 2016 18,518 4,955 2017 17,947 4,585 2018 15,785 4,645 2019 15,383 4,706 Thereafter 251,217 18,361 Total $ 328,533 $ 39,828

Equity-based Compensation (Tabl

Equity-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Activity	The following table details the activity of the Restricted Shares during the six months ended June 30, 2015 . Restricted Shares Weighted-Average Grant Date Fair Value Unvested shares, December 31, 2014 2,684,062 $ 13.84 Granted 4,010 9.76 Vested (598,896 ) 13.84 Forfeited (337,815 ) 13.76 Unvested shares, June 30, 2015 1,751,361 $ 13.85
Market-Based Restricted Stock Units and Long-Term Incentive Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Activity	The following table details the activity of the unvested Market-Based Restricted Stock Units and the LTI Target Awards during the six months ended June 30, 2015 . Market-Based Restricted Stock Units Weighted-Average Grant Date Fair Value LTI Target Awards Weighted-Average Grant Date Unvested units, December 31, 2014 — $ — — $ — Granted 922,686 8.57 759,241 11.65 Forfeited (46,313 ) 8.58 (44,375 ) 11.77 Unvested units, June 30, 2015 876,373 $ 8.57 714,866 $ 11.64
Time-Based Restricted Stock Units and Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Activity	The following table details the activity of the Time-Based Restricted Stock Units and Deferred Stock Units during the six months ended June 30, 2015 . Time-Based Restricted Stock Units Weighted-Average Grant Date Fair Value Deferred Stock Units Weighted-Average Grant Date Fair Value Unvested units, December 31, 2014 — $ — — $ — Granted 642,808 9.68 72,080 9.02 Vested — — (72,080 ) 9.02 Forfeited (22,189 ) 9.76 — — Unvested units, June 30, 2015 620,619 $ 9.68 — $ —

Related Party Transactions an46

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The following table summarizes the related party Cole Capital revenues earned by the Company by category and the aggregate amounts contained in such categories for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Cole Capital revenues: Cole Capital offering related revenue $ 5,516 $ 9,969 $ 8,633 $ 52,422 Cole Capital operating revenue 21,013 27,253 45,390 39,057 Total Cole Capital revenues $ 26,529 $ 37,222 $ 54,023 $ 91,479 The following table summarizes the related party fees and expenses incurred by the Company and ARCT IV by category and the aggregate amounts contained in such categories for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Expenses and capitalized costs: Offering related costs $ — $ 2,000 $ — $ 2,150 Acquisition related expenses — 113 — 1,652 Merger and other non-routine transaction related costs — 40 — 137,778 Management fees to affiliates — — — 13,888 General and administrative expenses — 437 — 16,029 Indirect affiliate expenses — 3,997 — 4,495 Total expenses and capitalized costs $ — $ 6,587 $ — $ 175,992
Merger And Other Non-Routine Transactions [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The tables below shows fees and expenses attributable to each merger and other non-routine transactions during the three and six months ended June 30, 2014 (in thousands): Three Months Ended June 30, 2014 ARCT IV Merger Internalization and Other Cole Merger Multi-tenant Spin Off Total Other non-routine transaction related costs: Personnel costs and other reimbursements $ — $ — $ 40 $ — $ 40 Six Months Ended June 30, 2014 ARCT IV Merger Internalization and Other Cole Merger Multi-tenant Spin Off Total Merger related costs: Strategic advisory services $ 8,400 $ — $ 17,115 $ 1,750 $ 27,265 Personnel costs and other reimbursements — — 72 — 72 Other non-routine transaction related costs: Subordinated distribution fees 78,244 — — — 78,244 Furniture, fixtures and equipment 5,800 10,000 — — 15,800 Other fees and expenses — — 2,900 — 2,900 Personnel costs and other reimbursements 417 — 1,728 — 2,145 Post-transaction support services 1,352 10,000 — — 11,352 Total Merger and Other Non-Routine Transaction Related Costs $ 94,213 $ 20,000 $ 21,815 $ 1,750 $ 137,778
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The Company and ARCT IV recorded general and administrative expenses as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company and ARCT IV during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 General and administrative expenses: Advisory fees and reimbursements $ — $ 437 $ — $ 1,955 Equity awards — — — 14,074 Total $ — $ 437 $ — $ 16,029
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	These expenses are depicted in the table below for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Indirect affiliate expenses: Audrain building $ — $ 3,517 $ — $ 3,922 ANST office build-out — 335 — 335 New York (405 Park Ave.) office — 116 — 187 Dresher, PA office — 17 — 36 North Carolina office — 12 — 15 Total $ — $ 3,997 $ — $ 4,495
Commissions, Fees and Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The tables below reflect financial data for the three and six months ended June 30, 2015 , the three months ended June 30, 2014 and the period from the date the Cole Merger was consummated, February 7, 2014, (the “Cole Acquisition Date”) to June 30, 2014 (in thousands): For the Three Months Ended June 30, 2015 CCPT V CCIT II INAV Total Offering: Selling commission revenue $ 678 $ 2,535 $ 30 $ 3,243 Selling commissions reallowance expense $ (678 ) $ (2,535 ) $ (30 ) $ (3,243 ) Dealer manager and distribution fee revenue $ 207 $ 759 $ 202 $ 1,168 Dealer manager and distribution fees reallowance expense $ (84 ) $ (336 ) $ (47 ) $ (467 ) Other expense reimbursement revenue $ 225 $ 800 $ 80 $ 1,105 For the Six Months Ended June 30, 2015 CCPT V CCIT II INAV Total Offering: Selling commission revenue $ 1,214 $ 3,761 $ 43 $ 5,018 Selling commissions reallowance expense $ (1,214 ) $ (3,761 ) $ (43 ) $ (5,018 ) Dealer manager and distribution fee revenue $ 374 $ 1,118 $ 392 $ 1,884 Dealer manager and distribution fees reallowance expense $ (145 ) $ (487 ) $ (91 ) $ (723 ) Other expense reimbursement revenue $ 421 $ 1,195 $ 115 $ 1,731 For the Three Months Ended June 30, 2014 CCPT IV (1) CCPT V CCIT II INAV Total Offering: Selling commission revenue $ (12 ) $ 1,347 $ 4,579 $ 195 $ 6,109 Selling commissions reallowance expense $ 12 $ (1,347 ) $ (4,579 ) $ (195 ) $ (6,109 ) Dealer manager and distribution fee revenue $ (2 ) $ 416 $ 1,372 $ 123 $ 1,909 Dealer manager and distribution fees reallowance expense $ (107 ) $ (178 ) $ (668 ) $ (6 ) $ (959 ) Other expense reimbursement revenue $ (18 ) $ 415 $ 1,372 $ 182 $ 1,951 _______________________________________________ (1) Negative revenue balances are due to net cancellations during the quarter of shares sold prior to the fund closing on April 4, 2014. Period from the Cole Acquisition Date to June 30, 2014 CCPT IV CCPT V CCIT II INAV Total Offering: Selling commission revenue $ 29,113 $ 1,347 $ 4,950 $ 216 $ 35,626 Selling commissions reallowance expense $ (29,113 ) $ (1,347 ) $ (4,950 ) $ (216 ) $ (35,626 ) Dealer manager and distribution fee revenue $ 8,771 $ 416 $ 1,486 $ 188 $ 10,861 Dealer manager and distribution fees reallowance expense $ (4,971 ) $ (178 ) $ (721 ) $ (8 ) $ (5,878 ) Other expense reimbursement revenue $ 3,749 $ 465 $ 1,486 $ 235 $ 5,935
Fees and Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The Company recorded fees and expense reimbursements as shown in the tables below for services provided primarily to the Managed REITs and the CCIT disposition fees (as described above). The tables below reflect financial data for the three and six months ended June 30, 2015 , the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands): For the Three Months Ended June 30, 2015 CCPT IV CCPT V CCIT (1) CCIT II INAV Other Total Operations: Acquisition and disposition fee revenue $ 3,814 $ 368 $ — $ 10 $ — $ 2,224 $ 6,416 Acquisition expense reimbursements $ 281 $ 168 $ (6 ) $ 99 $ 78 $ — $ 620 Asset management fee revenue $ — $ — $ — $ — $ — $ 188 $ 188 Property management and leasing fee revenue $ — $ — $ — $ — $ — $ 183 $ 183 Operating expense reimbursement revenue $ 1,958 $ 554 $ (14 ) $ 605 $ — $ — $ 3,103 Advisory and performance fee revenue $ 7,764 $ 820 $ — $ 1,210 $ 709 $ — $ 10,503 (1) Negative reimbursement balances are due to adjustments, subsequent to the fund closing on April 4, 2014, which are related to CCIT’s allocation of the 2014 discretionary bonus. For the Six Months Ended June 30, 2015 CCPT IV CCPT V CCIT CCIT II INAV Other Total Operations: Acquisition and disposition fee revenue $ 7,307 $ 1,363 $ 4,350 $ 10 $ — $ 3,075 $ 16,105 Acquisition expense reimbursements $ 522 $ 408 $ 15 $ 143 $ 103 $ — $ 1,191 Asset management fee revenue $ — $ — $ — $ — $ — $ 414 $ 414 Property management and leasing fee revenue $ — $ — $ — $ — $ — $ 378 $ 378 Operating expense reimbursement revenue $ 3,648 $ 798 $ 325 $ 850 $ — $ — $ 5,621 Advisory and performance fee revenue $ 15,148 $ 1,577 $ 1,557 $ 2,406 $ 993 $ — $ 21,681 For the Three Months Ended June 30, 2014 CCPT IV CCPT V CCIT CCIT II INAV Other Total Operations: Acquisition fee revenue $ 6,787 $ 519 $ 3,232 $ 3,874 $ — $ — $ 14,412 Acquisition expense reimbursements $ 378 $ 130 $ 61 $ — $ 135 $ — $ 704 Asset management fee revenue $ — $ — $ — $ — $ — $ 253 $ 253 Property management and leasing fee revenue $ — $ — $ — $ — $ — $ 285 $ 285 Operating expense reimbursement revenue $ 1,159 $ 37 $ 695 $ 79 $ — $ — $ 1,970 Advisory and performance fee revenue $ 4,747 $ 8 $ 4,561 $ 115 $ 198 $ — $ 9,629 Period from the Cole Acquisition Date to June 30, 2014 CCPT IV CCPT V CCIT CCIT II INAV Other Total Operations: Acquisition fee revenue $ 10,785 $ 585 $ 3,727 $ 3,874 $ — $ — $ 18,971 Acquisition expense reimbursements $ 614 $ 147 $ 116 $ — $ 135 $ — $ 1,012 Asset management fee revenue $ — $ — $ — $ — $ — $ 404 $ 404 Property management and leasing fee revenue $ — $ — $ — $ — $ — $ 575 $ 575 Operating expense reimbursement revenue $ 1,988 $ 37 $ 1,068 $ 80 $ — $ — $ 3,173 Advisory and performance fee revenue $ 7,311 $ 8 $ 7,156 $ 141 $ 306 $ — $ 14,922
Investments In Managed Real Estate Investment Trusts [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The table below presents certain information related to the Company’s investments in the Managed REITs as of June 30, 2015 (carrying amount in thousands): June 30, 2015 Managed REIT % of Outstanding Shares Owned Carrying Amount of Investment CCPT IV <0.01% $ 126 CCPT V 1.50% 1,759 CCIT II 0.96% 1,672 INAV 0.17% 149 $ 3,706

Net Loss Per Share_Unit (Tables

Net Loss Per Share/Unit (Tables)	6 Months Ended
	Jun. 30, 2015
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 General Partner for the three and six months ended June 30, 2015 and 2014 (dollar amounts in thousands, except for share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to the Company $ (106,522 ) $ (54,720 ) $ (136,492 ) $ (346,164 ) Less: dividends to preferred shares and participating securities 17,973 23,291 35,951 46,723 Net loss attributable to common stockholders $ (124,495 ) $ (78,011 ) $ (172,443 ) $ (392,887 ) Weighted average number of common shares outstanding - basic and diluted 903,339,143 815,406,408 903,168,654 682,178,587 Basic and diluted net loss per share from continuing operations attributable to common stockholders $ (0.14 ) $ (0.10 ) $ (0.19 ) $ (0.58 ) The following is a summary of the basic and diluted net loss per unit computation for the OP for the three and six months ended June 30, 2015 and 2014 (dollar amounts in thousands, except for unit and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to the Operating Partnership $ (109,322 ) $ (56,870 ) $ (140,195 ) $ (362,518 ) Less: dividends to preferred units and participating securities 17,973 23,291 35,951 46,723 Net loss attributable to common unitholders $ (127,295 ) $ (80,161 ) $ (176,146 ) $ (409,241 ) Weighted average number of common units outstanding - basic and diluted 927,102,940 840,184,663 926,932,451 707,060,440 Basic and diluted net loss from continuing operations per unit attributable to common unitholders $ (0.14 ) $ (0.10 ) $ (0.19 ) $ (0.58 )

Property Dispositions (Tables)

Property Dispositions (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Major Classes of Assets and Liabilities of Held for Sale Properties	The following table presents the major classes of assets and liabilities of the 2015 Held for Sale Properties as of June 30, 2015 and the 2014 Held for Sale Properties as of December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Assets Held for Sale Investment in real estate assets, net $ 242,701 $ 1,261 Mortgage Notes Payable Associated with Assets Held for Sale Mortgage notes payable, net $ 118,493 $ —

Organization (Details)

Organization (Details)	Jul. 20, 2015$ / shares	Jan. 03, 2014	Jun. 30, 2015$ / shares	Jun. 30, 2015segment$ / shares	Dec. 31, 2014$ / shares
Real Estate Properties [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01
Series F Preferred Stock, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01
Number of reportable segments | segment				2
Length of time to reduce exposure			18 months
VEREIT Operating Partnership, L.P. [Member]
Real Estate Properties [Line Items]
Partnership units, holding period until right to redeem				1 year
General Partner [Member]
Real Estate Properties [Line Items]
General partner ownership interest in OP, Percent				97.40%
Limited Partner [Member] | VEREIT Operating Partnership, L.P. [Member]
Real Estate Properties [Line Items]
Limited partner ownership interest in OP, Percent				2.60%
Preferred OP Units [Member]
Real Estate Properties [Line Items]
Preferred stock, dividend rate		6.70%
Subsequent Event [Member]
Real Estate Properties [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Subsequent Event [Member] | Preferred OP Units [Member]
Real Estate Properties [Line Items]
Preferred stock, dividend rate	6.70%
Series F Preferred Stock, par value (in dollars per share)	$ 0.01

Summary of Significant Accoun50

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	Jun. 30, 2015USD ($)propertyshares	Dec. 31, 2014USD ($)propertyshares
Related Party Transaction [Line Items]
Number of properties classified held for sale | property	2	2
Deferred rental income | $	$ 59	$ 57.8
Allowance for doubtful accounts | $	$ 3.2	$ 2.5
VEREIT Operating Partnership, L.P. [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Limited partners', units outstanding	23,763,797	23,763,797
VEREIT Operating Partnership, L.P. [Member] | Limited Partner [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Limited partners', units outstanding	23,763,797	23,763,797

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Acquisition Related Expenses and Other One-Time Transaction Related Expenses (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Merger related costs:
Strategic advisory services		$ 0	$ 0	$ 0	$ 32,615
Transfer taxes		0	0	0	5,109
Legal fees and expenses		0	1,563	0	4,547
Personnel costs and other reimbursements		0	0	0	751
Multi-tenant spin off		0	2,859	0	5,180
Other fees and expenses		0	346	0	1,676
Other non-routine transaction related costs:
Post-transaction support services		0	0	0	14,251
Subordinated distribution fee		0	0	0	78,244
Audit Committee Investigation and related matters	[1]	14,386	0	29,702	0
Furniture, fixtures and equipment		0	0	0	14,085
Legal fees and expenses	[2]	2,478	0	2,953	1,826
Personnel costs and other reimbursements		0	275	0	2,718
Other fees and expenses		0	2,379	632	6,718
Total	[3]	$ 16,864	$ 7,422	$ 33,287	$ 167,720
[1]	Includes all fees and costs associated with the Audit Committee Investigation and various litigations and investigations prompted by the results of the Audit Committee Investigation, including fees and costs reimbursed pursuant to the Company’s indemnification obligations.
[2]	Primarily relates to fees incurred in connection with a legal matter resolved in early 2014.
[3]	Includes $40,000 and $137.8 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details) ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015ft²loanpropertysecuritysegmentstate	Dec. 31, 2014security
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Loans held for investment | loan	12
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Loans held for investment | loan	12
Real Estate Investment Segment [Member] | Commercial Mortgage Backed Securities [Member]
Segment Reporting Information [Line Items]
Number of securities acquired | security	10	10
Real Estate Investment Segment [Member] | Consolidated Properties [Member]
Segment Reporting Information [Line Items]
Number of owned properties	4,645
Square feet of property | ft²	101.8
Number of states in which entity operates | state	49
Percentage of rentable space leased	98.40%
Real estate property, weighted average remaining lease term	11 years 6 months
Real Estate Investment Segment [Member] | Unconsolidated Properties [Member]
Segment Reporting Information [Line Items]
Number of owned properties	6

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Rental income		$ 341,183	$ 314,519	$ 683,942	$ 558,934
Direct financing lease income		697	1,181	1,438	2,187
Operating expense reimbursements		25,312	29,256	48,286	50,732
Total revenues		393,721	382,178	787,689	703,332
Acquisition related	[1]	1,563	7,201	3,745	20,618
Merger and other non-routine transactions	[2]	16,864	7,422	33,287	167,720
Property operating		32,598	39,286	63,597	69,041
Management fees to affiliates		0	0	0	13,888
General and administrative	[3]	33,958	37,224	67,064	92,593
Depreciation and amortization		217,513	250,739	436,654	424,581
Impairment of real estate		85,341	1,556	85,341	1,556
Total operating expenses		391,547	350,496	695,429	831,501
Operating income (loss)		2,174	31,682	92,260	(128,169)
Extinguishment of debt, net				5,307	16,985
Other income, net		5,302	4,442	14,263	8,417
Gain (loss) on derivative instruments, net		311	14,207	(717)	7,086
Total other expenses, net		(84,959)	(91,717)	(172,296)	(225,213)
Loss before income and franchise taxes and loss on disposition of real estate and held for sale assets		(82,785)	(60,035)	(80,036)	(353,382)
Loss on disposition of real estate and held for sale assets, net		(24,674)	(1,269)	(56,042)	(18,874)
Loss before income and franchise taxes		(107,459)	(61,304)	(136,078)	(372,256)
(Provision) benefit for income and franchise taxes		(1,250)	4,706	(3,324)	9,818
Net loss		(108,709)	(56,598)	(139,402)	(362,438)
Total Cole Capital revenues		26,529	37,222	54,023	91,479
Cole Capital reallowed fees and commissions		3,710	7,068	5,741	41,504
Assets		19,249,375		19,249,375		$ 20,515,139
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Rental income		341,183	314,519	683,942	558,934
Direct financing lease income		697	1,181	1,438	2,187
Operating expense reimbursements		25,312	29,256	48,286	50,732
Total revenues		367,192	344,956	733,666	611,853
Acquisition related		1,563	7,201	3,286	20,618
Merger and other non-routine transactions		16,864	5,999	33,287	165,793
Property operating		32,598	39,286	63,597	69,041
Management fees to affiliates		0	0	0	13,888
General and administrative		16,827	15,189	32,197	49,727
Depreciation and amortization		209,122	225,965	419,910	385,448
Impairment of real estate		85,341	1,556	85,341	1,556
Total operating expenses		362,315	295,196	637,618	706,071
Operating income (loss)		4,877	49,760	96,048	(94,218)
Interest expense, net		(90,572)	(103,897)	(186,271)	(224,848)
Extinguishment of debt, net		0	(6,469)	429	(15,868)
Other income, net		4,910	4,332	12,652	8,291
Gain (loss) on derivative instruments, net		311	14,207	(717)	7,086
Total other expenses, net		(85,351)	(91,827)	(173,907)	(225,339)
Loss before income and franchise taxes and loss on disposition of real estate and held for sale assets		(80,474)	(42,067)	(77,859)	(319,557)
Loss on disposition of real estate and held for sale assets, net		(24,674)	(1,269)	(56,042)	(18,874)
Loss before income and franchise taxes		(105,148)	(43,336)	(133,901)	(338,431)
(Provision) benefit for income and franchise taxes		(3,119)	(2,788)	(4,973)	(3,911)
Net loss		(108,267)	(46,124)	(138,874)	(342,342)
Assets		18,555,098		18,555,098		19,821,440
Cole Capital Segment [Member]
Segment Reporting Information [Line Items]
Acquisition related		0	0	459	0
Merger and other non-routine transactions		0	1,423	0	1,927
General and administrative		17,131	22,035	34,867	42,866
Depreciation and amortization		8,391	24,774	16,744	39,133
Total operating expenses		29,232	55,300	57,811	125,430
Operating income (loss)		(2,703)	(18,078)	(3,788)	(33,951)
Total other expenses, net		392	110	1,611	126
Loss before income and franchise taxes		(2,311)	(17,968)	(2,177)	(33,825)
(Provision) benefit for income and franchise taxes		1,869	7,494	1,649	13,729
Net loss		(442)	(10,474)	(528)	(20,096)
Dealer manager and distribution fees, selling commissions and offering reimbursements		5,516	9,969	8,633	52,422
Transaction service fees and reimbursements		7,036	15,116	17,296	19,983
Management fees and reimbursements		13,977	12,137	28,094	19,074
Total Cole Capital revenues		26,529	37,222	54,023	91,479
Cole Capital reallowed fees and commissions		3,710	$ 7,068	5,741	$ 41,504
Assets		$ 694,277		$ 694,277		$ 693,699
[1]	Includes $113,000 and $1.7 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[2]	Includes $40,000 and $137.8 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.
[3]	Includes $437,000 and $16.0 million of expenses incurred for the three and six months ended June 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and six months ended June 30, 2015.

Goodwill and Other Intangible54

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 1,894,794	$ 92,789	$ 0
Measurement period adjustments			22,288
Goodwill allocated to dispositions / and held for sale assets	[1]	(47,499)	(210,139)
Impairment			(223,064)
Goodwill, ending balance		1,847,295	1,894,794	92,789
CapLease [Member]
Goodwill [Roll Forward]
Acquisition of Caplease				92,789
Cole Real Estate Investments, Inc. [Member]
Goodwill [Roll Forward]
Acquisition of Caplease			2,212,920
Real Estate Investment Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance		1,509,396	92,789	0
Measurement period adjustments			(27,339)
Goodwill allocated to dispositions / and held for sale assets	[1]	(47,499)	(210,139)
Impairment			0
Goodwill, ending balance		1,461,897	1,509,396	92,789
Real Estate Investment Segment [Member] | CapLease [Member]
Goodwill [Roll Forward]
Acquisition of Caplease				92,789
Real Estate Investment Segment [Member] | Cole Real Estate Investments, Inc. [Member]
Goodwill [Roll Forward]
Acquisition of Caplease			1,654,085
Cole Capital Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance		385,398	0	0
Measurement period adjustments			49,627
Goodwill allocated to dispositions / and held for sale assets	[1]	0	0
Impairment			(223,064)
Goodwill, ending balance		$ 385,398	385,398	0
Cole Capital Segment [Member] | CapLease [Member]
Goodwill [Roll Forward]
Acquisition of Caplease				$ 0
Cole Capital Segment [Member] | Cole Real Estate Investments, Inc. [Member]
Goodwill [Roll Forward]
Acquisition of Caplease			$ 558,835
[1]	Goodwill allocated to the cost basis of properties sold or held for sale and included in loss on disposition of real estate and held for sale assets, net, in the consolidated statements of operations.

Goodwill and Other Intangible55

Goodwill and Other Intangibles (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)reporting_unitsegment	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Number of reportable segments | segment		2
Number of reporting units | reporting_unit		1
Intangible assets	$ 135,340	$ 135,340	$ 150,359
Managed REITs [Member] | Management And Advisory Contracts [Member]
Related Party Transaction [Line Items]
Intangible assets	150,400	$ 150,400
Estimated useful life		5 years
Amortization expense	7,500	$ 15,000
Estimated amortization expense for remainder of fiscal year	15,200	15,200
Estimated amortization expense, 2016	30,100	30,100
Estimated amortization expense, 2017	30,100	30,100
Estimated amortization expense, 2018	30,100	30,100
Estimated amortization expense, 2019	$ 30,100	$ 30,100

Goodwill and Other Intangible56

Goodwill and Other Intangibles (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible lease liabilities, accumulated amortization	$ 29,477	$ 19,123
Intangible lease liabilities, Weighted-Average Useful Life	18 years
Intangible lease liabilities, net	$ 298,102	317,838
In-Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, accumulated amortization	$ 317,079	236,096
Intangible lease assets, Weighted-Average Useful Life	14 years 2 months 12 days
Intangible lease assets, net	$ 1,645,280	1,816,508
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, accumulated amortization	$ 725	505
Intangible lease assets, Weighted-Average Useful Life	7 years 8 months 12 days
Intangible lease assets, net	$ 3,887	4,205
Above-Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, accumulated amortization	$ 34,764	22,471
Intangible lease assets, Weighted-Average Useful Life	16 years 6 months
Intangible lease assets, net	$ 337,538	355,269
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, net	$ 1,986,705	$ 2,175,982

Goodwill and Other Intangible57

Goodwill and Other Intangibles (Projected Amortization Expense and Adjustments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities, amortization income, July 1, 2015 - December 31, 2015	$ 11,322
Below-market lease liabilities, amortization income, 2016	22,537
Below-market lease liabilities, amortization income, 2017	22,395
Below-market lease liabilities, amortization income, 2018	22,068
Below-market lease liabilities, amortization income, 2019	21,325
In-Place Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, July 1, 2015 - December 31, 2015	93,804
Amortization expense, 2016	181,211
Amortization expense, 2017	165,618
Amortization expense, 2018	151,440
Amortization expense, 2019	139,492
Leasing Commissions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, July 1, 2015 - December 31, 2015	360
Amortization expense, 2016	714
Amortization expense, 2017	701
Amortization expense, 2018	594
Amortization expense, 2019	570
Above-Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, July 1, 2015 - December 31, 2015	13,485
Amortization expense, 2016	26,897
Amortization expense, 2017	26,525
Amortization expense, 2018	25,950
Amortization expense, 2019	$ 23,988

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)land_parcelproperty	Jun. 30, 2014USD ($)property
Business Acquisition [Line Items]
Purchase price	$ 41,100
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Number of properties acquired | property	14
Development projects in progress | land_parcel	9
Purchase price	$ 10,200
Total purchase price of assets acquired, net	$ 10,207
2014 Acquisitions, Excluding Cole Merger, ARCT IV Merger And CCPT Merger [Member]
Business Acquisition [Line Items]
Number of properties acquired | property		337
Total purchase price of assets acquired, net		$ 1,548,120

Real Estate Investments (Assets

Real Estate Investments (Assets Acquired and Liabilities Assumed) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property
2015 Acquisitions [Member]
Assets Acquired and Liabilities Assumed
Land	$ 2,043
Buildings, fixtures and improvements	5,249
Land and construction in progress	2,140
Total tangible assets	9,432
In-place leases	715
Above-market leases	168
Below-market leases	(108)
Fair value adjustment of assumed notes payable	0
Total purchase price of assets acquired, net	10,207
Mortgage notes payable assumed	0
Cash paid for acquired real estate investments	$ 10,207
Number of properties acquired | property	14
2014 Acquisitions, Excluding Cole Merger, ARCT IV Merger And CCPT Merger [Member]
Assets Acquired and Liabilities Assumed
Land		$ 239,663
Buildings, fixtures and improvements		946,381
Land and construction in progress		239,260
Total tangible assets		1,425,304
In-place leases		128,581
Above-market leases		21,145
Below-market leases		(3,321)
Fair value adjustment of assumed notes payable		(23,589)
Total purchase price of assets acquired, net		1,548,120
Mortgage notes payable assumed		(301,532)
Cash paid for acquired real estate investments		$ 1,246,588
Number of properties acquired | property		337

Real Estate Investments (Future

Real Estate Investments (Future Lease Payments) (Details) - Jun. 30, 2015 $ in Thousands		USD ($)property
Operating Leases, Future Minimum Payments Receivable [Abstract]
July 1, 2015 - December 31, 2015		$ 607,976
2,016		1,243,488
2,017		1,212,653
2,018		1,176,142
2,019		1,135,398
Thereafter		10,051,959
Total		15,427,616
Future Minimum Direct Financing Lease Payments
July 1, 2015 - December 31, 2015	[1]	2,333
2,016	[1]	4,672
2,017	[1]	4,271
2,018	[1]	3,182
2,019	[1]	2,380
Thereafter	[1]	7,937
Total	[1]	$ 24,775
Capital leased assets, number of units | property		37
[1]	37 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 minimum base rental cash payments due to the Company under the lease agreements on these respective properties.

Real Estate Investments (Invest

Real Estate Investments (Investment in Direct Financing Leases, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Future minimum lease payments receivable	$ 24,775	$ 27,199
Unguaranteed residual value of property	33,558	39,852
Unearned income	(8,532)	(10,975)
Net investment in direct financing leases	$ 49,801	$ 56,076

Real Estate Investments (Develo

Real Estate Investments (Development Activities) (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)development_project	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Aggregate purchase price		$ 41,100
Investment to date		83,104	$ 77,450
Total commitment		$ 17,553,130	$ 18,292,560
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Number of development projects completed | development_project		19
Aggregate purchase price		$ 10,200
Number of remaining projects to be completed | development_project		18
Estimated completion period for remaining projects		12 months
Number of build-to-suit, redevelopment and expansion projects in process | development_project		6
Development projects in progress | development_project		24
Investment to date		$ 67,911
Estimated cost to complete	[1]	26,195
Total Investment	[2]	94,106
Total commitment		12,900
Tenant Improvements		$ 10,700
[1]	The Company is contractually committed to fund a developer $12.9 million to complete the remaining 18 build-to-suit developments.
[2]	Excludes tenant improvement costs incurred in accordance with existing leases. As of June 30, 2015, $10.7 million of tenant improvement costs were included in land and construction in progress in the consolidated financial statements.

Real Estate Investments (Uncons

Real Estate Investments (Unconsolidated Joint Ventures) (Details) $ in Thousands, ft² in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)ft²joint_ventureproperty	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²joint_ventureproperty	Jun. 30, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment		$ 3,706		$ 3,706
Ownership %		50.00%		50.00%
Carrying Amount of Investment	[1]	$ 90,794		$ 90,794
Underlying equity in net assets		$ 55,900		55,900
Equity in income from Unconsolidated Joint Ventures				$ 1,503	$ (385)
Cole/Mosaic JV South Elgin IL, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		50.00%		50.00%
Carrying Amount of Investment	[1]	$ 7,003		$ 7,003
SanTan Festival, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	[2]	45.00%		45.00%
Carrying Amount of Investment	[1]	$ 4,586		$ 4,586
Chandler Village Center, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	[2]	45.00%		45.00%
Carrying Amount of Investment	[1]	$ 20,612		$ 20,612
Cole/LBA JV OF Pleasanton CA, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		90.00%		90.00%
Carrying Amount of Investment	[1]	$ 34,508		$ 34,508
Chandler Gateway Partners, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	[2]	45.00%		45.00%
Carrying Amount of Investment	[1]	$ 9,663		$ 9,663
Cole/Faison JV Bethlehem GA, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		90.00%		90.00%
Carrying Amount of Investment	[1]	$ 14,422		$ 14,422
Consolidated Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Interest consolidated joint venture		90.00%		90.00%
Real Estate Investment Segment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment		$ 90,800		$ 90,800
Equity in income from Unconsolidated Joint Ventures		$ 1,300	$ 400	$ 1,400	$ 1,400
Real Estate Investment Segment [Member] | Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | joint_venture		6		6
Number of owned properties | property		6		6
Net rentable area (in square feet) | ft²		1.6		1.6
[1]	The total carrying amount of the investments is greater than the underlying equity in net assets by $55.9 million. This difference relates to a purchase price allocation of goodwill and a step up in fair value of the investment assets acquired in connection with the Cole Merger. The step up in fair value was allocated to the individual investment assets and is being amortized in accordance with the Company's depreciation policy.
[2]	Represents the Company's 90% interest in a consolidated joint venture, whose only assets are 50% interests in the respective unconsolidated joint ventures.

Real Estate Investments Real Es

Real Estate Investments Real Estate Investments (Concentration Narrative) (Details) - 6 months ended Jun. 30, 2015 - Lease Revenue [Member] - tenant	Total
Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	10.00%
Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	10.00%
Industry Concentration [Member]
Product Information [Line Items]
Concentration risk, percentage	10.00%
Red Lobster [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	11.90%
Concentration risk, number of customers	0
Casual Dining [Member] | Industry Concentration [Member]
Product Information [Line Items]
Concentration risk, percentage	18.80%
TEXAS | Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	12.90%
Concentration risk, number of geographic concentrations	0
TEXAS | Industry Concentration [Member]
Product Information [Line Items]
Concentration risk, number of geographic concentrations	0

Investment Securities, at Fai65

Investment Securities, at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 55,802	$ 58,646
Commercial mortgage backed securities, maturities, fair value
Investment securities, at fair value	55,802	58,646
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	52,930	56,459
Gross Unrealized Gains	3,253	2,207
Gross Unrealized Losses	(381)	(20)
Fair Value	55,802	58,646
Commercial mortgage backed securities, maturities, amortized cost basis
Due within one year	0
Due after one year through five years	5,312
Due after five years through 10 years	30,531
Due after 10 years	17,087
Amortized cost basis, total	52,930
Commercial mortgage backed securities, maturities, fair value
Due within one year	0
Due after one year through five years	5,331
Due after five years through 10 years	32,630
Due after 10 years	17,841
Investment securities, at fair value	$ 55,802	$ 58,646

Investment Securities, at Fai66

Investment Securities, at Fair Value (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)security	Dec. 31, 2014USD ($)security
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value | $	$ 55,802	$ 58,646
Interest rate	0.00%
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value | $	$ 55,802	$ 58,646
Number of securities with fair value below amortized cost	2
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	0.00%
Minimum [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	5.88%
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	7.24%
Maximum [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	8.95%
Real Estate Investment Segment [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired	10	10

Loans Held for Investment (Narr

Loans Held for Investment (Narrative) (Details) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2015USD ($)loan	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment | loan		12	12
Weighted-average interest rate	[1]	6.10%	6.10%
Weighted-average years to maturity	[2]		9 years 6 months
Principal repayments received from borrowers			$ 5,028	$ 4,155
Mortgage Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal repayments received from borrowers		$ 200	$ 200
Real Estate Investment Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment | loan		12	12
[1]	The interest rates on the loans secured by real estate range from a zero coupon rate to 7.24%, as of June 30, 2015.
[2]	The mortgage notes receivable have maturity dates ranging from September 1, 2015 to January 1, 2033.

Loans Held for Investment (Comp

Loans Held for Investment (Composition of Loans Held for Investment) (Details) $ in Thousands		Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment | loan				12
Loans and Leases Receivable, Gross				$ 42,400
Outstanding Balance				$ 40,598	$ 42,106
Weighted-Average Interest Rate	[1]			6.10%
Weighted-Average Years to Maturity	[2]			9 years 6 months
Interest rate				0.00%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate				0.00%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate				7.24%
VEREIT Operating Partnership, L.P. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Balance				$ 40,598	$ 42,106
Mortgage Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment | loan				11
Loans and Leases Receivable, Gross				$ 27,100
Outstanding Balance				$ 25,298
Weighted-Average Interest Rate	[1]			5.10%
Weighted-Average Years to Maturity	[2]			13 years 10 months 24 days
Notes Receivable [Member] | RCAP Purchase Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment | loan	[3]			1
Loans and Leases Receivable, Gross	[3]			$ 15,300
Outstanding Balance	[3]			$ 15,300
Weighted-Average Interest Rate	[1],[3]			8.00%
Weighted-Average Years to Maturity	[2],[3]			1 year 9 months 18 days
Scenario, Forecast [Member] | Notes Receivable [Member] | VEREIT Operating Partnership, L.P. [Member] | RCAP Purchase Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal payments		$ 3,800	$ 7,700
[1]	The interest rates on the loans secured by real estate range from a zero coupon rate to 7.24%, as of June 30, 2015.
[2]	The mortgage notes receivable have maturity dates ranging from September 1, 2015 to January 1, 2033.
[3]	The Company’s unsecured note is with an affiliate of the Former Manager, as defined within Note 15 – Equity.

Loans Held for Investment (Aggr

Loans Held for Investment (Aggregate Principal Payments) (Details) - USD ($) $ in Thousands		Jul. 01, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Due within one year			$ 9,623
Due after one year through five years			14,001
Due after five years through 10 years			6,821
Due after 10 years	[1]		15,923
Total			$ 46,368
Interest rate			0.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Due after 10 years		$ 4,000
[1]	(1) Includes additional $4.0 million of principal scheduled to be capitalized on zero coupon note subsequent to June 30, 2015.

Deferred Costs and Other Asse70

Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Deferred costs, net		$ 111,180	$ 111,180	$ 126,202
Accounts receivable, net	[1]	56,047	56,047	66,021
Straight-line rent receivable		134,340	134,340	89,355
Prepaid expenses		13,508	13,508	15,171
Leasehold improvements, property and equipment, net	[2]	19,749	19,749	21,351
Restricted escrow deposits		30,040	30,040	34,339
Deferred tax asset and tax receivable		15,141	15,141	15,924
Program development costs, net (3)	[3]	19,006	19,006	12,871
Derivative assets, at fair value		2,093	2,093	5,509
Other assets		2,502	2,502	3,179
Total, deferred costs and other assets, net		403,606	403,606	389,922
Allowance for doubtful accounts		3,200	3,200	2,500
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Amortization		400	700
Accumulated depreciation and amortization		1,900	1,900	1,200
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization		2,600	2,600	1,600
Depreciation		500	1,000
Cole Managed REITs [Member] | Deferred Costs and Other Assets, Net [Member] | Program Development Costs [Member]
Property, Plant and Equipment [Line Items]
Related Party, Allowance For Uncollectible Receivables		$ 18,100	$ 18,100	$ 13,100
[1]	Allowance for doubtful accounts was $3.2 million and $2.5 million as of June 30, 2015 and December 31, 2014, respectively.
[2]	Amortization expense for leasehold improvements totaled $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively. Accumulated amortization was $1.9 million and $1.2 million as of June 30, 2015 and December 31, 2014, respectively. Depreciation expense for property and equipment totaled $0.5 million and $1.0 million for the three and six months ended June 30, 2015, respectively. Accumulated depreciation was $2.6 million and $1.6 million as of June 30, 2015 and December 31, 2014, respectively.
[3]	As of June 30, 2015 and December 31, 2014, the Company had reserves of $18.1 million and $13.1 million, respectively, relating to the program development costs.

Fair Value Measures (Narrative)

Fair Value Measures (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairments	$ 85,341	$ 1,556	$ 85,341	$ 1,556
Number of properties with carrying amounts in excess of undiscounted cash flows | property			27
Number of properties noted to have estimated sales price less than carrying amount | property			161
Number of properties classified held for sale | property	2		2		2
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Length of time for properties more likely than not of being disposed			12 months
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Length of time for properties more likely than not of being disposed			24 months
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets carrying values			$ 319,300	3,200
Estimated fair value due to reduction from impairment charges	$ 234,000	$ 1,600	$ 234,000	$ 1,600

Fair Value Measures (Impairment

Fair Value Measures (Impairment of Assets) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Properties impaired | property			188	4
Impairments	$ 85,341	$ 1,556	$ 85,341	$ 1,556
Real Estate Assets [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairments			82,654	1,556
Direct Financing Leases [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairments			3,417	0
Below-Market Lease Liabilities [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairments			$ (730)	$ 0

Fair Value Measures (Fair Value

Fair Value Measures (Fair Value of Assets and Liabilities, Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	$ 2,093	$ 5,509
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	55,802	58,646
Interest rate swap assets	2,093	5,509
Total assets	57,895	64,155
Interest rate swap liabilities	(9,409)	(7,384)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	0	0
Interest rate swap assets	0	0
Total assets	0	0
Interest rate swap liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	0	0
Interest rate swap assets	2,093	5,509
Total assets	2,093	5,509
Interest rate swap liabilities	(9,409)	(7,384)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS	55,802	58,646
Interest rate swap assets	0	0
Total assets	55,802	58,646
Interest rate swap liabilities	$ 0	$ 0

Fair Value Measures (Reconcilia

Fair Value Measures (Reconciliation of Instrument with Unobservable Inputs) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets (Liabilities), Net Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 43,847
Unrealized gain included in other comprehensive income, net		8,598
Changes in fair value included in net loss		4,004
Fair value at purchase/issuance		147,591
Amortization included in net loss		(3,065)
Ending balance		200,975
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 58,646	60,583
Unrealized gain included in other comprehensive income, net	686	8,598
Principal payments received	(3,596)
Changes in fair value included in net loss		0
Fair value at purchase/issuance		151,197
Amortization included in net loss	66	(3,065)
Ending balance	$ 55,802	217,313
Series D Preferred Stock Embedded Derivative [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		(16,736)
Unrealized gain included in other comprehensive income, net		0
Changes in fair value included in net loss		5,216
Fair value at purchase/issuance		0
Amortization included in net loss		0
Ending balance		(11,520)
Contingent Consideration Arrangements [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0
Unrealized gain included in other comprehensive income, net		0
Changes in fair value included in net loss		(1,212)
Fair value at purchase/issuance		(3,606)
Amortization included in net loss		0
Ending balance		$ (4,818)

Fair Value Measures (Fair Val75

Fair Value Measures (Fair Value of Financial Instruments by Balance Sheet Location) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		$ 9,445,353	$ 10,513,781
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		9,268,125	10,874,827
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment		40,598	42,106
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment		44,249	42,645
Fair Value, Inputs, Level 3 [Member] | Mortgage Notes Payable [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	[1]	3,618,637	3,805,761
Fair Value, Inputs, Level 3 [Member] | Mortgage Notes Payable [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	[1]	3,558,050	3,931,029
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds, Net [Member] | Senior Unsecured Note [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		2,546,864	2,546,499
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds, Net [Member] | Senior Unsecured Note [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		2,455,768	2,709,845
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | Convertible Senior Notes [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		979,852	977,521
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | Convertible Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		946,219	1,088,069
Fair Value, Inputs, Level 3 [Member] | Credit Facilities [Member] | Credit Facilities [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		2,300,000	3,184,000
Fair Value, Inputs, Level 3 [Member] | Credit Facilities [Member] | Credit Facilities [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		$ 2,308,088	$ 3,145,884
[1]	Includes mortgage notes secured by properties held for sale as of June 30, 2015.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt outstanding	$ 9,445,353	$ 10,513,781
Weighted-average years to maturity	4 years 8 months 12 days
Weighted-average interest rate	3.61%

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands		Total
Debt [Roll Forward]
Mortgages and other debt, net, Beginning balance		$ 3,805,761
Corporate bonds, net, Beginning balance		2,546,499
Convertible debt, net, Beginning balance		977,521
Credit facility, Outstanding balance, Beginning balance		3,184,000
Total debt, Beginning balance		10,513,781
Debt Issuances		1,314
Repayments, Extinguishment and Assumptions		(1,068,596)
Accretion and (Amortization)		(1,146)
Mortgages and other debt, net, Ending balance		3,500,144
Corporate bonds, net, Ending balance		2,546,864
Convertible debt, net, Ending balance		979,852
Credit facility, Outstanding balance, Ending balance		2,300,000
Total debt, Ending balance		9,445,353
Mortgages and Other Debt [Member]
Debt [Roll Forward]
Mortgages and other debt, net, Beginning balance		3,805,761
Debt Issuances		1,314
Repayments, Extinguishment and Assumptions		(184,596)
Accretion and (Amortization)		(3,842)
Mortgages and other debt, net, Ending balance		3,618,637
Mortgage Notes Payable [Member]
Debt [Roll Forward]
Outstanding balance, Beginning balance	[1]	3,689,796
Net premium (discount), Beginning balance	[2],[3]	70,139
Debt Issuances	[1]	1,314
Repayments, Extinguishment and Assumptions	[1]	(176,570)
Accretion and (Amortization)	[2],[3]	(3,719)
Outstanding balance, Ending balance	[1],[4],[5]	3,514,540
Net premium (discount), Ending balance	[2],[3]	66,420
Total debt, Ending balance	[6]	3,514,540
Other Debt [Member]
Debt [Roll Forward]
Outstanding balance, Beginning balance		45,325
Net premium (discount), Beginning balance	[3]	501
Repayments, Extinguishment and Assumptions		(8,026)
Accretion and (Amortization)	[3]	(123)
Outstanding balance, Ending balance		37,299
Net premium (discount), Ending balance	[1],[3]	378
Corporate Bonds [Member]
Debt [Roll Forward]
Outstanding balance, Beginning balance		2,550,000
Net premium (discount), Beginning balance	[7]	(3,501)
Corporate bonds, net, Beginning balance		2,546,499
Accretion and (Amortization)	[7]	365
Outstanding balance, Ending balance		2,550,000
Net premium (discount), Ending balance	[7]	(3,136)
Corporate bonds, net, Ending balance		2,546,864
Convertible Debt [Member]
Debt [Roll Forward]
Outstanding balance, Beginning balance		1,000,000
Net premium (discount), Beginning balance	[7]	(22,479)
Convertible debt, net, Beginning balance		977,521
Accretion and (Amortization)	[7]	2,331
Outstanding balance, Ending balance		1,000,000
Net premium (discount), Ending balance	[7]	(20,148)
Convertible debt, net, Ending balance		979,852
Credit Facilities [Member]
Debt [Roll Forward]
Credit facility, Outstanding balance, Beginning balance		3,184,000
Repayments, Extinguishment and Assumptions		(884,000)
Credit facility, Outstanding balance, Ending balance		2,300,000
Mortgages Secured by Assets Held for Sale [Member]
Debt [Roll Forward]
Outstanding balance, Ending balance	[1]	124,300
Net premium (discount), Ending balance	[1]	$ 5,800
[1]	Includes $124.3 million of mortgage notes secured by properties held for sale as of June 30, 2015.
[2]	Includes $5.8 million discount of mortgage notes associated with properties held for sale as of June 30, 2015.
[3]	Net premiums on mortgages notes payable and other debt were recorded upon the assumption of the respective debt instruments in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
[4]	Includes $124.3 million of mortgage notes secured by properties held for sale.
[5]	The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $170.1 million, of which $5.1 million is recourse to the Company. These loans mature on various dates ranging from September 2015 to July 2021.
[6]	Includes $124.3 million of mortgage notes included in liabilities held for sale.
[7]	Discounts on the corporate bonds and convertible debt were recorded based upon the fair value of the respective debt instruments as of the respective issuance dates. Amortization of these discounts is recorded as an increase to interest expense over the remaining term of the respective debt instruments using the effective-interest method.

Debt (Mortgage Notes Payable) (

Debt (Mortgage Notes Payable) (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)property		Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Weighted-Average Interest Rate		3.61%
Weighted-Average Years to Maturity		4 years 8 months 12 days
Mortgages Secured by Assets Held for Sale [Member]
Debt Instrument [Line Items]
Outstanding Balance	[1]	$ 124,300
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Encumbered Properties | property	[2]	746
Gross Carrying Value of Collateralized Properties	[2],[3]	$ 6,485,036
Outstanding Balance	[1]	$ 3,514,540	[2],[3]	$ 3,689,796
Weighted-Average Interest Rate	[2],[4]	4.95%
Mortgage Notes Payable [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted-Average Years to Maturity		6 years 9 months 18 days
Mortgage Notes Payable [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Encumbered Properties | property	[5]	745
Gross Carrying Value of Collateralized Properties	[5],[6]	$ 6,460,421
Outstanding Balance	[3],[5]	$ 3,506,433
Weighted-Average Interest Rate	[4],[5]	4.96%
Mortgage Notes Payable [Member] | Fixed Rate Debt [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 285,000
Mortgage Notes Payable [Member] | Fixed Rate Debt [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted-Average Years to Maturity	[5]	6 years 9 months 18 days
Mortgage Notes Payable [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Encumbered Properties | property		1
Gross Carrying Value of Collateralized Properties	[6]	$ 24,615
Outstanding Balance	[3]	$ 8,107
Weighted-Average Interest Rate	[4]	3.13%
Mortgage Notes Payable [Member] | Variable Rate Debt [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted-Average Years to Maturity		1 year 2 months 12 days
Unconsolidated Joint Venture [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 170,100
Unconsolidated Joint Venture [Member] | Mortgage Notes Payable [Member] | Recourse Debt [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 5,100
[1]	Includes $124.3 million of mortgage notes secured by properties held for sale as of June 30, 2015.
[2]	The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $170.1 million, of which $5.1 million is recourse to the Company. These loans mature on various dates ranging from September 2015 to July 2021.
[3]	Includes $124.3 million of mortgage notes secured by properties held for sale.
[4]	Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of June 30, 2015.
[5]	Includes $285.0 million of variable-rate debt fixed by way of interest rate swap arrangements.
[6]	Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities.

Debt (Mortgage Notes Payable)79

Debt (Mortgage Notes Payable) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Gain (loss) on derivative instruments, net		$ 311	$ 14,207	$ (717)	$ 7,086
Extinguishment of debt, net				$ 5,307	16,985
Weighted-Average Interest Rate		3.61%		3.61%
Weighted-average years to maturity				4 years 8 months 12 days
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Outstanding loan balance in default		$ 38,100		$ 38,100		$ 53,800
Repayments and extinguishment		39,000	132,800	111,300	855,100
Payments for prepayments fees		0	3,800	5	32,900
Extinguishment of debt, net		$ 0	2,600	$ 400	(17,000)
Weighted-Average Interest Rate	[1],[2]	4.95%		4.95%
Gain on forgiveness of debt				$ 4,900
Default rate of interest, per annum				10.68%
Mortgage Notes Payable [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Weighted-Average Interest Rate		5.78%		5.78%
Weighted Average [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Weighted-average years to maturity				6 years 9 months 18 days
Weighted Average [Member] | Mortgage Notes Payable [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Weighted-average years to maturity				4 years 5 months 19 days
Interest Rate Swap [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Gain (loss) on derivative instruments, net			$ 0		$ 10,100
[1]	The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $170.1 million, of which $5.1 million is recourse to the Company. These loans mature on various dates ranging from September 2015 to July 2021.
[2]	Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of June 30, 2015.

Debt (Aggregate Principal Repay

Debt (Aggregate Principal Repayments on Mortgage Notes and Other Debt) (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Total		$ 9,445,353		$ 10,513,781
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
2,015		11,524
2,016		252,235
2,017		457,932
2,018		220,184
2,019		296,006
Thereafter		2,276,659
Total	[1]	3,514,540
Outstanding balance	[2]	3,514,540	[3],[4]	$ 3,689,796
Mortgages Secured by Assets Held for Sale [Member]
Debt Instrument [Line Items]
Outstanding balance	[2]	$ 124,300
[1]	Includes $124.3 million of mortgage notes included in liabilities held for sale.
[2]	Includes $124.3 million of mortgage notes secured by properties held for sale as of June 30, 2015.
[3]	Includes $124.3 million of mortgage notes secured by properties held for sale.
[4]	The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $170.1 million, of which $5.1 million is recourse to the Company. These loans mature on various dates ranging from September 2015 to July 2021.

Debt (Other Debt) (Narrative) (

Debt (Other Debt) (Narrative) (Details) - Other Debt [Member] - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding balance		$ 37,299		$ 45,325
Unamortized net premium	[2]	$ 378	[1]	501
Secured Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		5.81%
CapLease [Member] | Secured Term Loan [Member]
Debt Instrument [Line Items]
Scheduled principal repayments, 2015				3,836
Scheduled principal repayments, 2016				12,516
Scheduled principal repayments, 2017				7,680
Scheduled principal repayments, 2018				$ 13,267
[1]	Includes $124.3 million of mortgage notes secured by properties held for sale as of June 30, 2015.
[2]	Net premiums on mortgages notes payable and other debt were recorded upon the assumption of the respective debt instruments in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.

Debt (Borrowings and Carrying V

Debt (Borrowings and Carrying Value of Collateral by Asset Type) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 9,445,353	$ 10,513,781
Other Debt [Member] | Loans Held For Investment [Member]
Debt Instrument [Line Items]
Long-term Debt	10,305
Collateral amount	20,698
Other Debt [Member] | Intercompany Mortgage [Member]
Debt Instrument [Line Items]
Long-term Debt	2,882
Collateral amount	8,834
Other Debt [Member] | Commercial Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Long-term Debt	24,112
Collateral amount	40,199
Other Debt [Member] | Secured Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	37,299
Collateral amount	$ 69,731

Debt (Corporate Bonds) (Narrati

Debt (Corporate Bonds) (Narrative) (Details)	Jan. 22, 2015USD ($)	Jun. 30, 2015USD ($)loan	Feb. 06, 2014USD ($)
Debt Instrument [Line Items]
Aggregate senior unsecured notes outstanding		$ 1,314,000
Corporate Bonds [Member] | Senior Unsecured Note [Member]
Debt Instrument [Line Items]
Redemption price (percent)		100.00%
Senior Notes [Member]
Debt Instrument [Line Items]
Agreement for reasonable and documents fees and out-of-pocket expenses (up to)	$ 300,000
Cure period	60 days
Cure period, reduction	1 day
VEREIT Operating Partnership, L.P. [Member]
Debt Instrument [Line Items]
Interest rate		2.80%
VEREIT Operating Partnership, L.P. [Member] | Corporate Bonds [Member] | Senior Unsecured Note [Member]
Debt Instrument [Line Items]
Aggregate senior unsecured notes outstanding			$ 2,550,000,000
Number of senior notes | loan		3
VEREIT Operating Partnership, L.P. [Member] | Corporate Bonds [Member] | 2017 Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate		2.00%
VEREIT Operating Partnership, L.P. [Member] | Corporate Bonds [Member] | 2019 Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate		3.00%
VEREIT Operating Partnership, L.P. [Member] | Corporate Bonds [Member] | 2024 Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate		4.60%

Debt (Corporate Bonds) (Details

Debt (Corporate Bonds) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
VEREIT Operating Partnership, L.P. [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 2,550,000
Interest Rate	2.80%
Corporate Bonds [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 2,550,000	$ 2,550,000
2017 Senior Notes [Member] | Corporate Bonds [Member] | VEREIT Operating Partnership, L.P. [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 1,300,000
Interest Rate	2.00%
2019 Senior Notes [Member] | Corporate Bonds [Member] | VEREIT Operating Partnership, L.P. [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 750,000
Interest Rate	3.00%
2024 Senior Notes [Member] | Corporate Bonds [Member] | VEREIT Operating Partnership, L.P. [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 500,000
Interest Rate	4.60%

Debt (Convertible Debt) (Narrat

Debt (Convertible Debt) (Narrative) (Details) - Convertible Senior Debt [Member] $ in Thousands	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Number of convertible notes | loan	2
Outstanding balance	$ 1,000,000	$ 1,000,000
2018 Convertible Notes [Member]
Debt Instrument [Line Items]
Outstanding balance	$ 597,500

Debt (Convertible Debt) (Detail

Debt (Convertible Debt) (Details)		6 Months Ended
		Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Interest Rate		3.61%
Convertible Senior Debt [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 1,000,000,000	$ 1,000,000,000
Interest Rate		3.30%
Amount of General Partner OP Units per principal amount		$ 1,000
Convertible Senior Debt [Member] | 2018 Convertible Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 597,500,000
Interest Rate		3.00%
Conversion Rate	[1]	60.5997
Convertible Senior Debt [Member] | 2020 Convertible Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 402,500,000
Interest Rate		3.75%
Conversion Rate	[1]	66.7249
[1]	Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount.

Debt (Credit Facility) (Narrati

Debt (Credit Facility) (Narrative) (Details) - USD ($)	Dec. 23, 2014	Jun. 30, 2015	Sep. 30, 2015	Jul. 31, 2015	Dec. 31, 2014	Jun. 30, 2014
Debt Instrument [Line Items]
Credit facility		$ 2,300,000,000			$ 3,184,000,000
Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility		2,300,000,000			$ 3,184,000,000
Credit Facilities [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility		2,450,000,000
Credit Facilities [Member] | Senior Corporate Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility	$ 3,600,000,000	2,300,000,000
Remaining borrowing capacity		$ 1,300,000,000
Length of extension option		1 year
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage		0.15%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Swingline Facility [Member]
Debt Instrument [Line Items]
Elimination of debt	$ 25,000,000
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Current borrowing capacity						$ 1,000,000,000
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.15%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.05%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.15%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility, Dollar Denominated [Member]
Debt Instrument [Line Items]
Current borrowing capacity						$ 2,600,000,000
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.80%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Line of Credit, Variable Interest Rate [Member]
Debt Instrument [Line Items]
Credit facility		$ 1,300,000,000
Variable interest rate		1.98%
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Line of Credit, Fixed Interest Rate [Member]
Debt Instrument [Line Items]
Credit facility		$ 1,000,000,000
Line of credit, amount bearing fixed interest rate, percentage		3.28%
Subsequent Event [Member] | Credit Facilities [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility				$ 2,300,000,000
Subsequent Event [Member] | Credit Facilities [Member] | Senior Corporate Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility			$ 3,300,000,000	$ 3,300,000,000

Derivatives and Hedging Activ88

Derivatives and Hedging Activities (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2014	Jan. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative [Line Items]
Gain (loss) on derivative instruments, net			$ 311,000	$ 14,207,000	$ (717,000)	$ 7,086,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Assets needed for immediate settlement, aggregate fair value			11,100,000		11,100,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Assets needed for immediate settlement, aggregate fair value			11,100,000		11,100,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next 12 months			8,500,000		8,500,000
Treasury Lock [Member]
Derivative [Line Items]
Derivative, notional amount		$ 250,000,000
Term of derivative contract		10 years
Loss from settlement of derivative	$ 3,900,000
Treasury Lock [Member] | Interest Expense [Member]
Derivative [Line Items]
Derivative loss recognized in current year			100,000		300,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, notional amount			1,248,630,000		1,248,630,000
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount			51,400,000		51,400,000
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)			$ 300,000		$ (700,000)
Gain (loss) on derivative instruments, net				$ 14,200,000		$ 7,100,000

Derivatives and Hedging Activ89

Derivatives and Hedging Activities (Schedule of Interest Rate Derivatives) (Details) - Jun. 30, 2015 - Interest Rate Swap [Member]	USD ($)derivative
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments	1
Notional Amount | $	$ 51,400,000
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments	17
Notional Amount | $	$ 1,248,630,000

Derivatives and Hedging Activ90

Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative asset	$ 2,093	$ 5,509
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Derivative asset	326	568
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Derivative asset	1,767	4,941
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Deferred Rent, Derivative Liabilities and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	$ (9,409)	$ (7,384)

Derivatives and Hedging Activ91

Derivatives and Hedging Activities (Tabular Disclosure Offsetting Derivatives) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 2,093	$ 5,509
Gross Amounts of Recognized Liabilities	(9,409)	(7,384)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	2,093	5,509
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(9,409)	(7,384)
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ (7,316)	$ (1,875)

Supplemental Cash Flow Disclo92

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Disclosures:
Cash paid for interest	$ 179,318	$ 137,844
Cash paid for income taxes	6,670	7,622
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Common stock issued in merger with Cole	0	7,285,868
Accrued capital expenditures and real estate developments	1,313	5,534
Mortgage note payable relieved by foreclosure	53,798	0
Mortgage note payable assumed in real estate disposition	$ 24,000	$ 0

Accounts Payable and Accrued 93

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued other	$ 55,902	$ 58,807
Accrued interest	57,320	56,558
Accrued real estate taxes	49,849	37,633
Accounts payable	5,806	10,027
Accounts payable and accrued expenses	$ 168,877	$ 163,025

Commitments and Contingencies94

Commitments and Contingencies (Litigation) (Narrative) (Details)	Jan. 21, 2015USD ($)lawsuit	Dec. 31, 2013USD ($)lawsuit	Oct. 31, 2013	Feb. 28, 2015lawsuit	Jan. 31, 2015lawsuit	Nov. 30, 2013lawsuit	Apr. 30, 2013lawsuit
SDNY Derivative Actions [Member]
Loss Contingencies [Line Items]
Number of shareholder derivative actions				6
Circuit Court Baltimore Derivative Actions [Member]
Loss Contingencies [Line Items]
Number of shareholder derivative actions				2
Pending Litigation [Member] | Putative Class Action [Member]
Loss Contingencies [Line Items]
Attorney fees | $		$ 625,000
Claims Under The Securities Exchange Act of 1934 [Member] | Stayed Litigation [Member] | Securities Fraud Action [Member]
Loss Contingencies [Line Items]
Number of additional individual securities fraud actions					2
Claims Under The Securities Act of 1933 [Member] | Stayed Litigation [Member] | Class Action [Member]
Loss Contingencies [Line Items]
Number of additional individual securities fraud actions							2
Breach of Fiduciary Duty [Member] | Pending Litigation [Member] | Class Action Versus American Realty Capital Properties, Cole and Cole Board of Directors [Member]
Loss Contingencies [Line Items]
Number of additional individual securities fraud actions		8				8
Breach of Fiduciary Duty [Member] | Settled Litigation [Member] | Amended Stipulation and Release and Agreement of Compromise and Settlement [Member]
Loss Contingencies [Line Items]
Number of additional individual securities fraud actions	2
Settlement amount | $	$ (14,000,000)
Series B Cumulative Preferred [Member] | CapLease [Member] | John Poling Putative Class Action [Member]
Loss Contingencies [Line Items]
Preferred stock, dividend rate			8.375%
Series C Cumulative Preferred Stock [Member] | CapLease [Member] | John Poling Putative Class Action [Member]
Loss Contingencies [Line Items]
Preferred stock, dividend rate			7.25%

Commitments and Contingencies95

Commitments and Contingencies (Future Obligations) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Ground Leases [Member]
Operating Leased Assets [Line Items]
2,015	$ 9,683
2,016	18,518
2,017	17,947
2,018	15,785
2,019	15,383
Thereafter	251,217
Total	328,533
Office Leases [Member]
Operating Leased Assets [Line Items]
2,015	2,576
2,016	4,955
2,017	4,585
2,018	4,645
2,019	4,706
Thereafter	18,361
Total	$ 39,828

Commitments and Contingencies96

Commitments and Contingencies (Purchase Commitments) (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)agreementpropertyreal_estate_investment_trust	Dec. 31, 2014USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Escrow deposits	$ 30,040	$ 34,339
Purchase Commitment [Member] | Private Capital Management Segment [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of Managed REITs to be assigned | real_estate_investment_trust	1
Number of purchase and sale agreements | agreement	32
Percentage of voting interests acquired	100.00%
Number of properties acquired | property	140
Aggregate purchase price	$ 610,300
Escrow deposits	27,800
Purchase Commitment [Member] | Real Estate Investment Segment [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Escrow deposits	$ 2,200

Equity (Common Stock and Genera

Equity (Common Stock and General Partner Common OP Units) (Narrative) (Details) - shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	905,062,673	905,530,431
Common stock, shares outstanding	905,062,673	905,530,431
VEREIT Operating Partnership, L.P. [Member] | General Partner [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued	905,062,673
Partners' capital, units outstanding	905,062,673	905,530,431	907,918,821	239,234,725
VEREIT Operating Partnership, L.P. [Member] | Limited Partner [Member] | Common Stock [Member]
Class of Stock [Line Items]
Partners' capital, units outstanding	23,763,797	23,763,797	35,515,933	17,832,274

Equity (Preferred Stock and Pre

Equity (Preferred Stock and Preferred OP Units) (Narrative) (Details) - $ / shares	Jan. 03, 2014	Jan. 03, 2014	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, shares issued			42,834,138	42,834,138
Member Units [Member] | VEREIT Operating Partnership, L.P. [Member] | General Partner [Member]
Class of Stock [Line Items]
Preferred stock, shares issued			42,800,000
Member Units [Member] | VEREIT Operating Partnership, L.P. [Member] | Limited Partner [Member]
Class of Stock [Line Items]
Preferred stock, shares issued			86,874
Preferred OP Units [Member]
Class of Stock [Line Items]
Preferred stock, shares issued			42,800,000
Preferred stock, dividend rate	6.70%
Preferred stock, liquidation preference per share (in dollars per share)			$ 25
Dividend rate, per-dollar-amount			$ 1.675
Preferred OP Units [Member] | Member Units [Member] | VEREIT Operating Partnership, L.P. [Member] | ARCT IV [Member] | General Partner [Member]
Class of Stock [Line Items]
Series F preferred units	42,200,000	42,200,000
American Realty Capital Trust IV, Operating Partnership [Member] | Member Units [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Equity interest issued or issuable (in shares)		42,200,000
American Realty Capital Trust IV, Operating Partnership [Member] | Preferred OP Units [Member] | Member Units [Member] | VEREIT Operating Partnership, L.P. [Member] | ARCT IV [Member] | Limited Partner [Member]
Class of Stock [Line Items]
Series F preferred units	700,000	700,000

Equity (Limited Partner OP Unit

Equity (Limited Partner OP Units) (Narrative) (Details) - Common Stock [Member] - VEREIT Operating Partnership, L.P. [Member] - USD ($) $ / shares in Units, $ in Millions	Mar. 11, 2015	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Limited partners', units outstanding		23,763,797	23,763,797
Limited Partner [Member]
Class of Stock [Line Items]
Limited partners', units outstanding		23,763,797	23,763,797
Number of units requested for redemption	13,100,000
Amount of redemption request	$ 126.7
Redemption price (in dollars per share)	$ 9.65

Equity (Public Offerings) (Narr

Equity (Public Offerings) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		May. 28, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Proceeds from issuances of OP units, net of offering costs			$ 0	$ 1,593,462
Common Stock [Member]
Class of Stock [Line Items]
Shares issued (in shares)	[1]			662,305,318
Public Offering [Member]
Class of Stock [Line Items]
Proceeds from issuances of OP units, net of offering costs		$ 1,600,000
Public Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued (in shares)		138,000,000
Share price (in dollars per share)		$ 12
VEREIT Operating Partnership, L.P. [Member]
Class of Stock [Line Items]
Proceeds from issuances of OP units, net of offering costs			$ 0	$ 1,593,462
General Partner [Member] | VEREIT Operating Partnership, L.P. [Member]
Class of Stock [Line Items]
Issuance of Common OP units, net, units		138,000,000
[1]	Includes $2.2 million issued to affiliates of the Former Manager (as defined in Note 15 – Equity) for the six months ended June 30, 2014.

Equity (Common Stock Dividends)

Equity (Common Stock Dividends) (Narrative) (Details) - USD ($)	Aug. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Annualized dividend rate (in dollars per share)					$ 1
Increase to annualized dividend rate					0.06
Common stock dividends				$ 0
Approved dividend rate (in dollars per share)		$ 0	$ 0.25	$ 0	$ 0.54
Subsequent Event [Member]
Class of Stock [Line Items]
Annualized dividend rate (in dollars per share)	$ 0.55
Approved dividend rate (in dollars per share)	$ 0.1375

Equity (Common Stock Repurchase

Equity (Common Stock Repurchases) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015shares
Equity [Abstract]
Common stock repurchases (shares)	142,587

Equity-based Compensation (Equi

Equity-based Compensation (Equity Plan) (Narrative) (Details) - Jun. 30, 2015 - Equity Plan [Member] - USD ($) $ / shares in Units, $ in Millions	Total	Total
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	86,300,000	86,300,000
General Partner [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	5,634	5,634
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 0.1	$ 0.1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		4,300,000
Number of shares forfeited		3,400,000
Number of shares granted		4,010
Restricted Stock [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1.3	$ 2.1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		2,200,000
Number of shares forfeited		100,000
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		100,000
Number of shares granted		72,080
Deferred Stock Units [Member] | General Partner [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to receive common stock, number of shares	1	1
Deferred Stock Units [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 0.7	$ 0.7
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		6,600,000
Time-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		642,808
Requisite service period		3 years
Time-Based Restricted Stock Units [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 0.5	$ 0.7
Market-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		922,686
Closing price threshold for vesting	$ 10
Number of consecutive days closing price must exceed $10	20 days
Market-Based Restricted Stock Units [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2.1	$ 2.1
Long Term Incentive Target Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		759,241
Long Term Incentive Target Awards [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 0.7	$ 0.5

Equity-based Compensation (Rest

Equity-based Compensation (Restricted Stock) (Details) - Jun. 30, 2015 - Equity Plan [Member] - Restricted Stock [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares, December 31, 2014	2,684,062
Granted (shares)	4,010
Vested (shares)	(598,896)
Forfeited (shares)	(337,815)
Unvested shares, June 30, 2015	1,751,361
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares, December 31, 2014, Weighted-Average Grant Date Fair Value	$ 13.84
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	9.76
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	13.84
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	13.76
Unvested shares, June 30, 2015, Weighted-Average Grant Date Fair Value	$ 13.85

Equity-based Compensation (Time

Equity-based Compensation (Time-Based Restricted Stock Units and Deferred Stock Units) (Details) - Jun. 30, 2015 - Equity Plan [Member] - $ / shares	Total
Time-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares, December 31, 2014	0
Granted (shares)	642,808
Vested (shares)	0
Forfeited (shares)	(22,189)
Unvested shares, June 30, 2015	620,619
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares, December 31, 2014, Weighted-Average Grant Date Fair Value	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	9.68
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	0
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	9.76
Unvested shares, June 30, 2015, Weighted-Average Grant Date Fair Value	$ 9.68
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares, December 31, 2014	0
Granted (shares)	72,080
Vested (shares)	(72,080)
Forfeited (shares)	0
Unvested shares, June 30, 2015	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares, December 31, 2014, Weighted-Average Grant Date Fair Value	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	9.02
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	9.02
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	0
Unvested shares, June 30, 2015, Weighted-Average Grant Date Fair Value	$ 0

Equity-based Compensation (Mark

Equity-based Compensation (Market-Based Restricted Stock Units and LTI Target Awards) (Details) - Jun. 30, 2015 - Equity Plan [Member] - $ / shares	Total
Market-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares, December 31, 2014	0
Granted (shares)	922,686
Forfeited (shares)	(46,313)
Unvested shares, June 30, 2015	876,373
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares, December 31, 2014, Weighted-Average Grant Date Fair Value	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	8.57
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	8.58
Unvested shares, June 30, 2015, Weighted-Average Grant Date Fair Value	$ 8.57
LTI Target Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares, December 31, 2014	0
Granted (shares)	759,241
Forfeited (shares)	(44,375)
Unvested shares, June 30, 2015	714,866
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares, December 31, 2014, Weighted-Average Grant Date Fair Value	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	11.65
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	11.77
Unvested shares, June 30, 2015, Weighted-Average Grant Date Fair Value	$ 11.64

Equity-based Compensation (Dire

Equity-based Compensation (Director Stock Plan) (Narrative) (Details) - Jun. 30, 2015 - Director Stock Plan [Member] - shares	Total
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period	45,000
Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Number of shares authorized	99,000
General Partner [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	54,000

Equity-based Compensation (Mult

Equity-based Compensation (Multi-Year Outperformance Plan) (Narrative) (Details) - USD ($)	Jan. 08, 2014	Oct. 03, 2013	Dec. 11, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 23, 2015
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense				$ 0	$ 1,600,000	$ 0	$ 1,600,000
New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares								0
New Multi-Year Outperformance Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based award percentage, as percentage of the company's market capitalization		5.00%
Maximum award opportunity		$ 120,000,000
Maximum award opportunity, original amount		$ 218,100,000
Former Manager [Member] | Multi-year Outperformance Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			3 years
Number of shares vested	8,200,000

Related Party Transactions a109

Related Party Transactions and Arrangements (Related Party Fees and Expenses) (Details) - Affiliated Entity [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 26,529	$ 37,222	$ 54,023	$ 91,479
Tenant Improvement And Furniture Costs [Member]
Related Party Transaction [Line Items]
Related party expenses					$ 8,500
Offering Related Costs [Member]
Related Party Transaction [Line Items]
Related party expenses	0	2,000	0	2,150
Acquisition Related Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses	0	113	0	1,652
Merger And Other Non-Routine Transactions [Member]
Related Party Transaction [Line Items]
Related party expenses	0	40	0	137,778
Management Fees To Affiliates [Member]
Related Party Transaction [Line Items]
Related party expenses	0	0	0	13,888
General and Administrative Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses	0	437	0	16,029
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses	0	3,997	0	4,495
Total Expenses and Capitalized Costs [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 6,587	$ 0	$ 175,992

Related Party Transactions a110

Related Party Transactions and Arrangements (Offering Related Costs) (Narrative) (Details) - Affiliates of Former Manager [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 437,000	$ 0	$ 16,029,000
Commissions And Fees [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 2,000,000	$ 0	$ 2,200,000

Related Party Transactions a111

Related Party Transactions and Arrangements (Acquisition Related Expenses) (Narrative) (Details) - Affiliates of Former Manager, One [Member] - Strategic and Financial Advisory Services Fee [Member] - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Payments of related party expenses		$ 0
Fortress Portfolio [Member]
Related Party Transaction [Line Items]
Payments of related party expenses			$ 1,000,000
Percentage of contract purchase price			0.25%
Inland Portfolio [Member]
Related Party Transaction [Line Items]
Payments of related party expenses	$ 100,000		$ 600,000
Percentage of contract purchase price			0.25%

Related Party Transactions a112

Related Party Transactions and Arrangements (Merger and Other Non-routine Transactions) (Details) - Affiliated Entity [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 26,529,000	$ 37,222,000	$ 54,023,000	$ 91,479,000
Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party expenses				137,778,000
Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses				27,265,000
Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses		40,000		72,000
Subordinated Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party expenses				78,244,000
Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses		0	$ 15,800,000	15,800,000
Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses				2,900,000
Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses		0		2,145,000
Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses				11,352,000
ARCT IV Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party expenses				94,213,000
ARCT IV Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses		0		8,400,000
ARCT IV Merger [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses		0		0
ARCT IV Merger [Member] | Subordinated Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party expenses				78,244,000
ARCT IV Merger [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses				5,800,000
ARCT IV Merger [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses				0
ARCT IV Merger [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses				417,000
ARCT IV Merger [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses		0		1,352,000
Internalization And Other [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party expenses				20,000,000
Internalization And Other [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Internalization And Other [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses		0		0
Internalization And Other [Member] | Subordinated Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Internalization And Other [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses				10,000,000
Internalization And Other [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Internalization And Other [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Internalization And Other [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses				10,000,000
Cole Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party expenses				21,815,000
Cole Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses				17,115,000
Cole Merger [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses		40,000		72,000
Cole Merger [Member] | Subordinated Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Cole Merger [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Cole Merger [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses		0		2,900,000
Cole Merger [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses				1,728,000
Cole Merger [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Multiple-Tenant Spin Off [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party expenses				1,750,000
Multiple-Tenant Spin Off [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses		0		1,750,000
Multiple-Tenant Spin Off [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses		$ 0		0
Multiple-Tenant Spin Off [Member] | Subordinated Distribution Fees [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Multiple-Tenant Spin Off [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Multiple-Tenant Spin Off [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Multiple-Tenant Spin Off [Member] | Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses				0
Multiple-Tenant Spin Off [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses				$ 0

Related Party Transactions a113

Related Party Transactions and Arrangements (Merger and Other Non-routine Transactions) (Narrative) (Details) - USD ($)	Dec. 09, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Affiliates of Former Manager, One [Member] | Strategic and Financial Advisory Services Fee [Member]
Related Party Transaction [Line Items]
Payments of related party expenses				$ 0
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party expenses		$ 26,529,000	$ 37,222,000	$ 54,023,000	$ 91,479,000
Affiliated Entity [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses					2,900,000
Affiliated Entity [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses					27,265,000
ARCT IV [Member] | Affiliated Entity [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses					0
ARCT IV [Member] | Affiliated Entity [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses			0		8,400,000
Cole Real Estate Investments, Inc. [Member] | Affiliates of Former Manager, One [Member] | Strategic and Financial Advisory Services Fee [Member]
Related Party Transaction [Line Items]
Related party expenses			0		$ 14,200,000
Percentage of contract purchase price					0.25%
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Transaction Management Support [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 2,900,000
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses			0		$ 2,900,000
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses					17,115,000
Multiple-Tenant Spin Off [Member] | Affiliated Entity [Member] | Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses					0
Multiple-Tenant Spin Off [Member] | Affiliated Entity [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related party expenses			$ 0		1,750,000
RCS Advisory [Member] | ARCT IV [Member] | Strategic and Financial Advisory Services Fee [Member]
Related Party Transaction [Line Items]
Payments of related party expenses					$ 8,400,000

Related Party Transactions a114

Related Party Transactions and Arrangements (Other Non-routine Transactions) (Narrative) (Details) shares in Millions	Jan. 08, 2014USD ($)	Jan. 03, 2014USD ($)shares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)agreement	Jun. 30, 2014USD ($)
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party expenses			$ 26,529,000	$ 37,222,000	$ 54,023,000	$ 91,479,000
Affiliated Entity [Member] | Subordinated Distribution Fee [Member]
Related Party Transaction [Line Items]
Related party expenses						78,244,000
Affiliated Entity [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses				0	$ 15,800,000	15,800,000
Number of agreements | agreement					3
Affiliated Entity [Member] | Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses						2,900,000
Affiliated Entity [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses				0		2,145,000
Affiliated Entity [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses						11,352,000
Former Manager [Member] | Transition Services [Member]
Related Party Transaction [Line Items]
Payments of related party expenses	$ 10,000,000
Affiliates of Former Manager [Member]
Related Party Transaction [Line Items]
Related party expenses			$ 0	437,000	$ 0	16,029,000
Affiliates of Former Manager [Member] | Transition Services [Member]
Related Party Transaction [Line Items]
Support services term	60 days
ARCT IV [Member] | Affiliated Entity [Member] | Subordinated Distribution Fee [Member]
Related Party Transaction [Line Items]
Related party expenses						78,244,000
Minimum equity holding period		2 years
ARCT IV [Member] | Affiliated Entity [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses						5,800,000
ARCT IV [Member] | Affiliated Entity [Member] | Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses						0
ARCT IV [Member] | Affiliated Entity [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses						417,000
ARCT IV [Member] | Affiliated Entity [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses				0		1,352,000
ARCT IV [Member] | Member Units [Member] | Contribution and Exchange Agreement [Member]
Related Party Transaction [Line Items]
Cumulative capital investment return, threshold percentage		6.00%
ARCT IV [Member] | Member Units [Member] | Affiliated Entity [Member] | Subordinated Distribution Fee [Member]
Related Party Transaction [Line Items]
Stock issued, shares, conversion of units | shares		6.7
ARCT IV [Member] | Member Units [Member] | Affiliates of Former Manager, Six [Member]
Related Party Transaction [Line Items]
Cumulative capital investment return		$ 358,300,000
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Subordinated Distribution Fee [Member]
Related Party Transaction [Line Items]
Related party expenses						0
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related party expenses						0
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses				$ 0		2,900,000
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses						1,728,000
Cole Real Estate Investments, Inc. [Member] | Affiliated Entity [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related party expenses						$ 0
ARCT IV [Member] | ARCT IV [Member] | Member Units [Member] | Affiliated Entity [Member] | Subordinated Distribution Fee [Member]
Related Party Transaction [Line Items]
Stock issued, shares, conversion of units | shares		2.8

Related Party Transactions a115

Related Party Transactions and Arrangements (Asset Management Fees) (Narrative) (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)criteriashares	Jun. 30, 2014USD ($)shares	Dec. 31, 2013shares
ARCT IV [Member] | Advisor [Member] | Asset Management Fee [Member]
Related Party Transaction [Line Items]
Cumulative, pre-tax, non-compounded return		6.00%
Number of criteria for vesting | criteria		1
Percent used to calculate asset management fees		0.1875%
Calculation of asset management fees, denominator (shares)		1
Member Units [Member] | ARCT IV [Member] | Affiliates of Former Manager, Five [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Stock issued in lieu of cash for management fees, shares			498,857	492,483
Exchange ratio to convert Class B Units into OP Units			2.3961
Selling, general and administrative expenses from transactions with related party | $	$ 0	$ 0	$ 13,900,000

Related Party Transactions a116

Related Party Transactions and Arrangements (General and Administrative Expenses) (Details) - Affiliates of Former Manager [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 437	$ 0	$ 16,029
Advisory Fees And Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses	0	437	0	1,955
Equity Awards [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 0	$ 0	$ 14,074

Related Party Transactions a117

Related Party Transactions and Arrangements (Advisory fees and reimbursements) (Narrative) (Details) - Affiliates of Former Manager [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 437	$ 0	$ 16,029
Advisory Fees And Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 437	$ 0	$ 1,955

Related Party Transactions a118

Related Party Transactions and Arrangements (Equity Awards) (Narrative) (Details) - ARCT III [Member]	3 Months Ended	6 Months Ended
	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)directorshares
Former Manager [Member] | Equity Awards, Change in Total Return to Stockholders [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expenses from transactions with related party | $	$ 0	$ 0	$ 1,600,000
Affiliates of Former Manager [Member] | Equity Awards [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expenses from transactions with related party | $	$ 0	$ 0	$ 12,500,000
Number of shares granted			796,075
Director [Member] | Affiliates of Former Manager [Member] | Equity Awards [Member]
Related Party Transaction [Line Items]
Number of shares granted			87,702
Number of directors | director			2

Related Party Transactions a119

Related Party Transactions and Arrangements (Indirect Affiliate Expenses) (Details) - Affiliated Entity [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 26,529	$ 37,222	$ 54,023	$ 91,479
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses	0	3,997	0	4,495
Audrain Building [Member]
Related Party Transaction [Line Items]
Related party expenses	0	3,517	0	3,922
ANST Office Build-Out [Member]
Related Party Transaction [Line Items]
Related party expenses	0	335	0	335
New York (405 Park Ave.) Office [Member]
Related Party Transaction [Line Items]
Related party expenses	0	116	0	187
Dresher, PA Office [Member]
Related Party Transaction [Line Items]
Related party expenses	0	17	0	36
North Carolina Office [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 12	$ 0	$ 15

Related Party Transactions a120

Related Party Transactions and Arrangements (Audrain Building) (Narrative) (Details) - Affiliated Entity [Member] - USD ($) $ in Thousands	Oct. 04, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Related party expenses		$ 26,529	$ 37,222	$ 54,023	$ 91,479
Audrain Building [Member]
Related Party Transaction [Line Items]
Related party expenses		0	3,517	0	3,922
Lease Agreement and Termination [Member]
Related Party Transaction [Line Items]
Lease term	15 years
Lease amount	$ 400
Payments of related party expenses			100		100
Revenue from related parties			9		17
Tenant Improvement And Furniture Costs [Member]
Related Party Transaction [Line Items]
Related party expenses						$ 8,500
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related party expenses		$ 0	$ 3,997	$ 0	$ 4,495
Member Units [Member] | Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Shares delivered and retired				916,423

Related Party Transactions a121

Related Party Transactions and Arrangements (ANST Office Build-out) (Details) - Affiliated Entity [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 26,529	$ 37,222	$ 54,023	$ 91,479
ANST Office Build-Out [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 0	$ 335	$ 0	$ 335

Related Party Transactions a122

Related Party Transactions and Arrangements (Shared Office Space) (Narrative) (Details) - Jun. 30, 2014 - USD ($) $ in Millions	Total	Total
Affiliates of Former Manager [Member] | Shared Office Space [Member]
Related Party Transaction [Line Items]
Payments of related party expenses	$ 0.1	$ 0.2

Related Party Transactions a123

Related Party Transactions and Arrangements (Additional Related Party Transactions) (Narrative) (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)propertyshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Investment securities, at fair value		$ 55,802		$ 58,646
Affiliates of Former Manager [Member] | Investments In Real Estate Fund [Member]
Related Party Transaction [Line Items]
Payments to Acquire Available-for-sale Securities			$ 1,700
Investment securities, at fair value		$ 100
ARC Real Estate Partners, LLC [Member]
Related Party Transaction [Line Items]
Indirect ownership interests		100.00%
Number of owned properties | property		63
Number of Vacant Properties Contributed | property		2
ARCT IV OP [Member]
Related Party Transaction [Line Items]
Issuance of common OP units, net		$ 800
Issuance of Common OP units, net, units | shares		79,870
VEREIT Operating Partnership, L.P. [Member]
Related Party Transaction [Line Items]
Issuance of common OP units, net	[1]		$ 9,076,054
Investment securities, at fair value		$ 55,802		$ 58,646
VEREIT Operating Partnership, L.P. [Member] | Member Units [Member] | ARCT III [Member]
Related Party Transaction [Line Items]
Exchange ratio of ARCP's common stock		2.3961
[1]	Includes $2.2 million issued to affiliates of the Former Manager (as defined in Note 15 – Equity) for the six months ended June 30, 2014.

Related Party Transactions a124

Related Party Transactions and Arrangements (Cole Capital Revenues) (Details) - Affiliated Entity [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Related party expenses	$ 26,529	$ 37,222	$ 54,023	$ 91,479
Offering Related Revenue [Member]
Related Party Transaction [Line Items]
Related party expenses	5,516	9,969	8,633	52,422
Operating Revenues [Member]
Related Party Transaction [Line Items]
Related party expenses	$ 21,013	$ 27,253	$ 45,390	$ 39,057

Related Party Transactions a125

Related Party Transactions and Arrangements (Cole Capital) (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)		Jun. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Program Development Costs [Member] | Cole Managed REITs [Member] | Deferred Costs and Other Assets, Net [Member]
Related Party Transaction [Line Items]
Related Party, Allowance For Uncollectible Receivables	$ 18,100		$ 18,100	$ 13,100
Managed REITs [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Number (or more) of properties to earn disposition fees | property			1
CCIT [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 0	[1]	$ 4,350
Cole Credit Property Trust IV Inc., Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member] | Selling Commission [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage of gross offering proceeds	7.00%		7.00%
Cole Credit Property Trust IV Inc., Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member] | Selling Commission Reimbursement [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage	100.00%		100.00%
Cole Credit Property Trust IV Inc., Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member] | Dealer Manager Fee [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage of gross offering proceeds	2.00%		2.00%
INAV [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 0		$ 0
INAV [Member] | Selling Commission [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage of offering price per share	3.75%		3.75%
INAV [Member] | Selling Commission Reimbursement [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage	100.00%		100.00%
INAV [Member] | Dealer Manager Fee [Member] | Common Class W [Member]
Related Party Transaction [Line Items]
Daily asset based related party fee percent	0.55%		0.55%
INAV [Member] | Dealer Manager Fee [Member] | Common Class I [Member]
Related Party Transaction [Line Items]
Daily asset based related party fee percent	0.25%		0.25%
INAV [Member] | Distribution Fee [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Daily asset based related party fee percent	0.50%		0.50%
Cole Managed REITs [Member] | Organization and Offering Fee [Member]
Related Party Transaction [Line Items]
Payments of related party expenses			$ 19,000	$ 12,900
[1]	Negative reimbursement balances are due to adjustments, subsequent to the fund closing on April 4, 2014, which are related to CCIT’s allocation of the 2014 discretionary bonus.

Related Party Transactions a126

Related Party Transactions and Arrangements (Offering Related Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Cole Managed REITs [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 3,243	$ 6,109		$ 5,018	$ 35,626
Cole Managed REITs [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(3,243)	(6,109)		(5,018)	(35,626)
Cole Managed REITs [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,168	1,909		1,884	10,861
Cole Managed REITs [Member] | Dealer Manager and Distribution Fees Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(467)	(959)		(723)	(5,878)
Cole Managed REITs [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,105	1,951		1,731	5,935
CCPT V [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	678	1,347		1,214	1,347
CCPT V [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(678)	(1,347)		(1,214)	(1,347)
CCPT V [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	207	416		374	416
CCPT V [Member] | Dealer Manager and Distribution Fees Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(84)	(178)		(145)	(178)
CCPT V [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	225	415		421	465
CCIT II [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	2,535	4,579		3,761	4,950
CCIT II [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(2,535)	(4,579)		(3,761)	(4,950)
CCIT II [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	759	1,372		1,118	1,486
CCIT II [Member] | Dealer Manager and Distribution Fees Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(336)	(668)		(487)	(721)
CCIT II [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	800	1,372		1,195	1,486
INAV [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	30	195		43	216
INAV [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(30)	(195)		(43)	(216)
INAV [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	202	123		392	188
INAV [Member] | Dealer Manager and Distribution Fees Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(47)	(6)		(91)	(8)
INAV [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 80	182		$ 115	235
CCPT IV [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties		(12)	[1]		29,113
CCPT IV [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties		12	[1]		(29,113)
CCPT IV [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties		(2)	[1]		8,771
CCPT IV [Member] | Dealer Manager and Distribution Fees Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties		(107)	[1]		(4,971)
CCPT IV [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties		$ (18)	[1]		$ 3,749
[1]	Negative revenue balances are due to net cancellations during the quarter of shares sold prior to the fund closing on April 4, 2014.(Operating Revenue)(1) Negative reimbursement balances are due to adjustments, subsequent to the fund closing on April 4, 2014, which are related to CCIT’s allocation of the 2014 discretionary bonus.

Related Party Transactions a127

Related Party Transactions and Arrangements (Operating Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 6,416			$ 16,105
Total [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	620		$ 704	1,191	$ 1,012
Total [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			14,412		18,971
Total [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	188		253	414	404
Total [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	183		285	378	575
Total [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	3,103		1,970	5,621	3,173
Total [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	10,503		9,629	21,681	14,922
CCPT IV [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	3,814			7,307
CCPT IV [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	281		378	522	614
CCPT IV [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			6,787		10,785
CCPT IV [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
CCPT IV [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
CCPT IV [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,958		1,159	3,648	1,988
CCPT IV [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	7,764		4,747	15,148	7,311
CCPT V [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	368			1,363
CCPT V [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	168		130	408	147
CCPT V [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			519		585
CCPT V [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
CCPT V [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
CCPT V [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	554		37	798	37
CCPT V [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	820		8	1,577	8
CCIT [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]		4,350
CCIT [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(6)	[1]	61	15	116
CCIT [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			3,232		3,727
CCIT [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	0	0	0
CCIT [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	0	0	0
CCIT [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(14)	[1]	695	325	1,068
CCIT [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	4,561	1,557	7,156
CCIT II [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	10			10
CCIT II [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	99		0	143	0
CCIT II [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			3,874		3,874
CCIT II [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
CCIT II [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
CCIT II [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	605		79	850	80
CCIT II [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,210		115	2,406	141
INAV [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0			0
INAV [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	78		135	103	135
INAV [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			0		0
INAV [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
INAV [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
INAV [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
INAV [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	709		198	993	306
Other Related Parties [Member] | Acquisition and Disposition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	2,224			3,075
Other Related Parties [Member] | Acquisition Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
Other Related Parties [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties			0		0
Other Related Parties [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	188		253	414	404
Other Related Parties [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	183		285	378	575
Other Related Parties [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0	0	0
Other Related Parties [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 0		$ 0	$ 0	$ 0
[1]	Negative reimbursement balances are due to adjustments, subsequent to the fund closing on April 4, 2014, which are related to CCIT’s allocation of the 2014 discretionary bonus.

Related Party Transactions a128

Related Party Transactions and Arrangements (Investment in the Managed REITs) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Carrying amount of investment	$ 3,706		$ 3,706
Other income, net			1,503	$ (385)
Unconsolidated Managed Real Estate Investment Trusts [Member]
Related Party Transaction [Line Items]
Other income, net	134	$ (1,047)	90	$ (1,788)
Cole Managed REITs [Member] | Investments In Affiliates Subsidiaries Associates And Joint Ventures [Member]
Related Party Transaction [Line Items]
Carrying amount of investment	$ 3,706		$ 3,706

Related Party Transactions a129

Related Party Transactions and Arrangements (Schedule of Investment in the Managed REITs) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	50.00%
Carrying Amount of Investment	$ 3,706
CCPT IV [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	0.01%
Carrying Amount of Investment	$ 126
CCPT V [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	1.50%
Carrying Amount of Investment	$ 1,759
CCIT II [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	0.96%
Carrying Amount of Investment	$ 1,672
INAV [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	0.17%
Carrying Amount of Investment	$ 149

Related Party Transactions a130

Related Party Transactions and Arrangements (Due To Affiliates) (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 268	$ 559
Cole Managed REITs [Member] | Merger And Other Non-Routine Transactions [Member]
Related Party Transaction [Line Items]
Due to affiliates	$ 268	$ 559

Related Party Transactions a131

Related Party Transactions and Arrangements (Due from Affiliates) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$ 53,456	$ 53,456	$ 86,122
Cole Managed REITs [Member]
Related Party Transaction [Line Items]
Due from affiliates	3,456	3,456
Credit Facilities [Member] | Revolving Credit Facility [Member] | CCPT V [Member]
Related Party Transaction [Line Items]
Increase to available borrowings		60,000
Credit Facilities [Member] | Revolving Credit Facility [Member] | INAV [Member]
Related Party Transaction [Line Items]
Current borrowing capacity	20,000	$ 20,000
Basis spread on variable rate		2.45%
Credit Facilities [Member] | Revolving Credit Facility [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due from affiliates	50,000	$ 50,000	$ 50,000
Interest Income, Related Party	$ 300	$ 700
London Interbank Offered Rate (LIBOR) [Member] | Credit Facilities [Member] | Revolving Credit Facility [Member] | Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Basis spread on variable rate		2.20%

Net Loss Per Share_Unit (Schedu

Net Loss Per Share/Unit (Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net loss attributable to the Company	$ (106,522)	$ (54,720)	$ (136,492)	$ (346,164)
Less: dividends to preferred shares and participating securities	17,973	23,291	35,951	46,723
Net loss attributable to common stockholders/unitholders	$ (124,495)	$ (78,011)	$ (172,443)	$ (392,887)
Weighted average number of common shares outstanding - basic and diluted	903,339,143	815,406,408	903,168,654	682,178,587
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$ (0.14)	$ (0.10)	$ (0.19)	$ (0.58)

Net Loss Per Share_Unit (Narrat

Net Loss Per Share/Unit (Narrative) (Details) shares in Millions	6 Months Ended
	Jun. 30, 2015shares
Member Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23.8
Restricted Stock and Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4
VEREIT Operating Partnership, L.P. [Member] | Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4

Net Loss Per Share_Unit (Sch134

Net Loss Per Share/Unit (Schedule of Earnings Per Share, Basic and Diluted, Operating Partnership) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss from continuing operations attributable to the Operating Partnership	$ (106,522)	$ (54,720)	$ (136,492)	$ (346,164)
Less: dividends to preferred shares and participating securities	17,973	23,291	35,951	46,723
Net loss attributable to common stockholders/unitholders	$ (124,495)	$ (78,011)	$ (172,443)	$ (392,887)
Weighted average number of common units outstanding - basic and diluted	903,339,143	815,406,408	903,168,654	682,178,587
VEREIT Operating Partnership, L.P. [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss from continuing operations attributable to the Operating Partnership	$ (109,322)	$ (56,870)	$ (140,195)	$ (362,518)
Less: dividends to preferred shares and participating securities	17,973	23,291	35,951	46,723
Net loss attributable to common stockholders/unitholders	$ (127,295)	$ (80,161)	$ (176,146)	$ (409,241)
Weighted average number of common units outstanding - basic and diluted	927,102,940	840,184,663	926,932,451	707,060,440
Basic and diluted net loss from continuing operations per unit attributable to common unitholders	$ (0.14)	$ (0.10)	$ (0.19)	$ (0.58)

Property Dispositions (Narrativ

Property Dispositions (Narrative) (Details) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property	Dec. 31, 2014USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties foreclosed upon | property		1
Foreclosed upon property net book value		$ 16,151,287		$ 17,258,438
Number of properties classified held for sale | property		2		2
Goodwill allocated to dispositions	[1]	$ 47,499		$ 210,139
Property Dispositions, 2015 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross sales price		352,300
Disposition costs and purchase price adjustments		3,300
Net loss on sale of properties		23,200
Goodwill allocated to dispositions		17,800
Foreclosed Upon Real Estate Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Foreclosed upon property net book value		$ 38,200
Property Dispositions, 2014 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross sales price			$ 96,400
Single Family [Member] | Property Dispositions, 2015 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of (in number of single-tenant properties and multi-tenant properties) | property		11
Single Family [Member] | Property Dispositions, 2014 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of (in number of single-tenant properties and multi-tenant properties) | property			24
Multifamily [Member] | Property Dispositions, 2015 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of (in number of single-tenant properties and multi-tenant properties) | property		3
Multifamily [Member] | Property Dispositions, 2014 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of (in number of single-tenant properties and multi-tenant properties) | property			1
Consolidated Joint Venture [Member] | Property Dispositions, 2015 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of (in number of single-tenant properties and multi-tenant properties) | property		1
[1]	Goodwill allocated to the cost basis of properties sold or held for sale and included in loss on disposition of real estate and held for sale assets, net, in the consolidated statements of operations.

Property Dispositions (Major Cl

Property Dispositions (Major Classes of Assets and Liabilities of Held for Sale Properties) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale	$ 242,701	$ 1,261
Mortgage notes payable associated with assets held for sale	$ 118,493	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Provision (benefit) for income taxes	$ 1,250,000	$ (4,706,000)	$ 3,324,000	$ (9,818,000)
Unrecognized tax benefits	0	0	0	0
Cole Capital Segment [Member]
Segment Reporting Information [Line Items]
Provision (benefit) for income taxes	(1,869,000)	(7,494,000)	(1,649,000)	(13,729,000)
Cole Capital Segment [Member] | Other income, net [Member]
Segment Reporting Information [Line Items]
Provision (benefit) for income taxes	(1,900,000)		(1,600,000)
State income and franchise tax expense		(7,500,000)		(13,700,000)
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Provision (benefit) for income taxes	3,119,000	2,788,000	4,973,000	3,911,000
Real Estate Investment Segment [Member] | Other income, net [Member]
Segment Reporting Information [Line Items]
State income and franchise tax expense	$ (3,100,000)	$ 2,800,000	$ (5,000,000)	$ 3,900,000

Subsequent Events (Changes in C

Subsequent Events (Changes in Corporate Governance Practices) (Details) - Subsequent Event [Member]	Jan. 01, 2016	Aug. 05, 2015
Subsequent Event [Line Items]
Nominees for election to be included in annual proxy statement, percentage of the Board	25.00%
Ownership percentage to be eligible to nominate directors for election	3.00%
Number of years required to own common stock for eligibility to nominate directors for election	3 years
Number of days following certification of stockholder vote for board resignation to be accepted		90 days
Time period for submission of rights plan to stockholders for ratification		12 months

Subsequent Events (Credit Agree

Subsequent Events (Credit Agreement Amendment) (Details) - USD ($)	Jul. 31, 2015	Dec. 31, 2016	Dec. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 29, 2015	Dec. 31, 2014	Dec. 23, 2014
Subsequent Event [Line Items]
Credit facility					$ 2,300,000,000		$ 3,184,000,000
Debt Instrument, Unencumbered Asset Value					$ 10,500,000,000
Debt Instrument, Covenant, Unsecured Debt to Unencumbered Asset Value Ratio					30.00%	40.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Unencumbered Asset Value	$ 8,000,000,000
Debt Instrument, Covenant, Unsecured Debt to Unencumbered Asset Value Ratio		30.00%	35.00%
Credit Facilities [Member]
Subsequent Event [Line Items]
Credit facility					$ 2,300,000,000		$ 3,184,000,000
Maximum aggregate dollar amount of letters of credit outstanding					50,000,000
Credit Facilities [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum aggregate dollar amount of letters of credit outstanding	25,000,000
Credit Facilities [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Credit facility					2,450,000,000
Credit Facilities [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Credit facility	2,300,000,000
Credit Facilities [Member] | Multicurrency Revolving Credit Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Elimination of debt	150,000,000
Credit Facilities [Member] | Senior Corporate Credit Facility [Member]
Subsequent Event [Line Items]
Credit facility					$ 2,300,000,000			$ 3,600,000,000
Credit Facilities [Member] | Senior Corporate Credit Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Credit facility	$ 3,300,000,000			$ 3,300,000,000

Subsequent Events (Real Estate

Subsequent Events (Real Estate Investments) (Details) - Property Dispositions, 2015 [Member] $ in Millions	Jul. 10, 2015USD ($)property	Jun. 30, 2015USD ($)
Subsequent Event [Line Items]
Aggregate gross sales price		$ 352.3
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of real estate properties disposed | property	68
Aggregate gross sales price	$ 318.2
Elimination of debt	$ 276.7

Subsequent Events (Common Stock

Subsequent Events (Common Stock Dividends) (Details) - $ / shares	Aug. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Approved dividend rate (in dollars per share)		$ 0	$ 0.25	$ 0	$ 0.54
Annualized dividend rate (in dollars per share)					$ 1
Subsequent Event [Member]
Subsequent Event [Line Items]
Approved dividend rate (in dollars per share)	$ 0.1375
Annualized dividend rate (in dollars per share)	$ 0.55

Subsequent Events (Upcoming Cha

Subsequent Events (Upcoming Changes to the General Partner's Board of Directors) (Details) - Restricted Stock [Member] - shares	Aug. 04, 2015	Jun. 30, 2015
Director One [Member] | Self-Management Award [Member]
Subsequent Event [Line Items]
Number of shares		32,000
Subsequent Event [Member] | Director [Member]
Subsequent Event [Line Items]
Number of accelerated shares	2,400
Subsequent Event [Member] | Director One [Member]
Subsequent Event [Line Items]
Number of accelerated shares	3,841
Subsequent Event [Member] | Director One [Member] | Self-Management Award [Member]
Subsequent Event [Line Items]
Number of accelerated shares	6,000
Number of shares	26,000
Requisite service period	9 months