Spirit Realty 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 02, 2018
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Trading Symbol	SRC
Entity Central Index Key	1,308,606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		428,548,969
Spirit Realty, L.P.
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY, L.P.
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate investments:
Land and improvements	$ 2,571,942	$ 2,588,930
Buildings and improvements	4,685,541	4,692,377
Total real estate investments	7,257,483	7,281,307
Less: accumulated depreciation	(1,113,804)	(1,075,643)
Real estate investments, net	6,143,679	6,205,664
Loans receivable, net	111,062	79,967
Intangible lease assets, net	396,596	409,903
Real estate assets under direct financing leases, net	24,847	24,865
Real estate assets held for sale, net	19,432	48,929
Net investments	6,695,616	6,769,328
Cash and cash equivalents	10,989	8,798
Deferred costs and other assets, net	241,875	231,045
Goodwill	254,340	254,340
Total assets	7,202,820	7,263,511
Liabilities:
Revolving Credit Facility	154,500	112,000
Term Loan, net	0	0
Senior Unsecured Notes, net	295,431	295,321
Mortgages and notes payable, net	2,571,794	2,516,478
Convertible Notes, net	719,295	715,881
Total debt, net	3,741,020	3,639,680
Intangible lease liabilities, net	151,179	155,303
Accounts payable, accrued expenses and other liabilities	141,898	148,919
Total liabilities	4,034,097	3,943,902
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both March 31, 2018 and December 31, 2017	166,193	166,193
Common stock, $0.01 par value, 750,000,000 shares authorized: 436,561,654 and 448,868,269 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	4,366	4,489
Capital in excess of par value	5,197,988	5,193,631
Accumulated deficit	(2,199,824)	(2,044,704)
Total stockholders’ equity	3,168,723	3,319,609
Partnership units
Total liabilities and stockholders’ equity/partners' capital	7,202,820	7,263,511
Spirit Realty, L.P.
Real estate investments:
Land and improvements	2,571,942	2,588,930
Buildings and improvements	4,685,541	4,692,377
Total real estate investments	7,257,483	7,281,307
Less: accumulated depreciation	(1,113,804)	(1,075,643)
Real estate investments, net	6,143,679	6,205,664
Loans receivable, net	111,062	79,967
Intangible lease assets, net	396,596	409,903
Real estate assets under direct financing leases, net	24,847	24,865
Real estate assets held for sale, net	19,432	48,929
Net investments	6,695,616	6,769,328
Cash and cash equivalents	10,989	8,798
Deferred costs and other assets, net	241,875	231,045
Goodwill	254,340	254,340
Total assets	7,202,820	7,263,511
Liabilities:
Revolving Credit Facility	154,500	112,000
Term Loan, net	0	0
Senior Unsecured Notes, net	295,431	295,321
Mortgages and notes payable, net	2,571,794	2,516,478
Notes payable to Spirit Realty Capital, Inc., net	719,295	715,881
Total debt, net	3,741,020	3,639,680
Intangible lease liabilities, net	151,179	155,303
Accounts payable, accrued expenses and other liabilities	141,898	148,919
Total liabilities	4,034,097	3,943,902
Commitments and contingencies (see Note 6)
Partnership units
General partner's capital: 3,988,218 units issued and outstanding as of both March 31, 2018 and December 31, 2017	23,954	24,426
Limited partners' preferred capital: 6,900,000 issued and outstanding as of March 31, 2018 and December 31, 2017	166,193	166,193
Limited partners' capital: 432,573,436 and 444,880,051 units issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	2,978,576	3,128,990
Total partners' capital	3,168,723	3,319,609
Total liabilities and stockholders’ equity/partners' capital	$ 7,202,820	$ 7,263,511

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	6,900,000	6,900,000
Preferred stock, shares outstanding	6,900,000	6,900,000
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	436,561,654	448,868,269
Common stock, shares outstanding	436,561,654	448,868,269
Spirit Realty, L.P.
Partnership units
General partners' capital, units issued	3,988,218	3,988,218
General partners' capital, units outstanding	3,988,218	3,988,218
Limited partners' preferred capital, units issued	6,900,000	6,900,000
Limited partners' preferred capital, units outstanding	6,900,000	6,900,000
Limited partners' capital, units issued	432,573,436	444,880,051
Limited partners' capital, units outstanding	432,573,436	444,880,051

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rentals	$ 157,612	$ 159,220
Interest income on loans receivable	1,827	892
Earned income from direct financing leases	465	612
Tenant reimbursement income	4,418	3,965
Other income	956	733
Total revenues	165,278	165,422
Expenses:
General and administrative	15,885	13,418
Transaction costs	3,932	0
Property costs (including reimbursable)	7,415	9,051
Real estate acquisition costs	48	153
Interest	51,065	46,623
Depreciation and amortization	62,117	64,994
Impairments	14,569	34,376
Total expenses	155,031	168,615
Income (loss) before other income/(expense) and income tax expense	10,247	(3,193)
Other income (expense):
Gain (loss) on debt extinguishment	21,328	(30)
Total other income (expense)	21,328	(30)
Income (loss) before income tax expense	31,575	(3,223)
Income tax expense	(252)	(165)
Income (loss) before (loss) gain on disposition of assets	31,323	(3,388)
(Loss) gain on disposition of assets	(605)	16,217
Net income	30,718	12,829
Total comprehensive income	30,718	12,829
Dividends paid to preferred stockholders/ preferred distributions	(2,588)	0
Net Income attributable to common stockholders/ net income after preferred distributions	$ 28,130	$ 12,829
Net income per share attributable to common stockholders—basic (in USD per share)	$ 0.06	$ 0.03
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.06	$ 0.03
Weighted average shares of common stock outstanding:
Basic (in shares)	444,875,428	482,607,198
Diluted (in shares)	445,102,225	482,609,096
Weighted average partnership units outstanding:
Dividends declared per common share/distributions declared per partnership unit issued (in USD per share)	$ 0.18000	$ 0.18
Spirit Realty, L.P.
Revenues:
Rentals	$ 157,612	$ 159,220
Interest income on loans receivable	1,827	892
Earned income from direct financing leases	465	612
Tenant reimbursement income	4,418	3,965
Other income	956	733
Total revenues	165,278	165,422
Expenses:
General and administrative	15,885	13,418
Transaction costs	3,932	0
Property costs (including reimbursable)	7,415	9,051
Real estate acquisition costs	48	153
Interest	51,065	46,623
Depreciation and amortization	62,117	64,994
Impairments	14,569	34,376
Total expenses	155,031	168,615
Income (loss) before other income/(expense) and income tax expense	10,247	(3,193)
Other income (expense):
Gain (loss) on debt extinguishment	21,328	(30)
Total other income (expense)	21,328	(30)
Income (loss) before income tax expense	31,575	(3,223)
Income tax expense	(252)	(165)
Income (loss) before (loss) gain on disposition of assets	31,323	(3,388)
(Loss) gain on disposition of assets	(605)	16,217
Net income	30,718	12,829
Total comprehensive income	30,718	12,829
Dividends paid to preferred stockholders/ preferred distributions	(2,588)	0
Net Income attributable to common stockholders/ net income after preferred distributions	28,130	12,829
Net income attributable to the general partner	229	109
Net income attributable to the limited partners	$ 30,489	$ 12,720
Net income per partnership unit - basic (in USD per share)	$ 0.06	$ 0.03
Net income per partnership unit - diluted (in USD per share)	$ 0.06	$ 0.03
Weighted average partnership units outstanding:
Basic (in shares)	444,875,428	482,607,198
Diluted (in shares)	445,102,225	482,609,096
Dividends declared per common share/distributions declared per partnership unit issued (in USD per share)	$ 0.18	$ 0.18

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit
Preferred shares outstanding, beginning balance at Dec. 31, 2017	6,900,000	6,900,000
Beginning balance, value at Dec. 31, 2017	$ 3,319,609	$ 166,193	$ 4,489	$ 5,193,631	$ (2,044,704)
Common shares outstanding, beginning balance at Dec. 31, 2017			448,868,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,718				30,718
Dividends declared on preferred stock	(2,588)				(2,588)
Net income available to common stockholders	28,130				28,130
Dividends declared on common stock	$ (78,581)				(78,581)
Tax withholdings related to net stock settlements (in shares)	(100,000)		(60,945)
Tax withholdings related to net stock settlements	$ (484)				(484)
Repurchase of common shares (in shares)	(13,161,065)		(13,161,065)
Repurchase of common shares	$ (104,042)		$ (132)		(103,910)
Stock-based compensation, net (in shares)			915,395
Stock-based compensation, net	$ 4,091		$ 9	4,357	(275)
Preferred shares outstanding, ending balance at Mar. 31, 2018	6,900,000	6,900,000
Ending balance, value at Mar. 31, 2018	$ 3,168,723	$ 166,193	$ 4,366	$ 5,197,988	$ (2,199,824)
Common shares outstanding, ending balance at Mar. 31, 2018			436,561,654

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($) $ in Thousands		Total	Spirit Realty, L.P.	Spirit Realty, L.P.General Partner's Capital	[1]	Spirit Realty, L.P.Limited Partners' Capital		Limited Partner Series A Preferred UnitsSpirit Realty, L.P.	Limited Partner Series A Preferred UnitsSpirit Realty, L.P.Limited Partners' Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance, value			$ 3,319,609	$ 24,426		$ 3,128,990	[2]		$ 166,193	[2]
Partners' preferred units, beginning balance at Dec. 31, 2017	[2]								6,900,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance, value			3,168,723	$ 23,954		$ 2,978,576	[2]		$ 166,193	[2]
Partners' common units, beginning balance at Dec. 31, 2017				3,988,218		444,880,051	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		$ 30,718	30,718	$ 229		$ 30,489	[2]
Partnership distributions declared on preferred/common units			(78,581)	(701)		(77,880)	[2]	$ (2,588)	$ (2,588)	[2]
Net income after preferred distributions		$ 28,130	28,130	229		$ 27,901	[2]
Tax withholdings related to net partnership unit settlements (in shares)		(100,000)				(60,945)	[2]
Tax withholdings related to net partnership unit settlements		$ (484)	(484)			$ (484)	[2]
Repurchase of partnership units (in shares)	[2]					(13,161,065)
Repurchase of partnership units			(104,041)			$ (104,041)	[2]
Stock-based compensation (in shares)	[2]					915,395
Stock-based compensation			4,090			$ 4,090	[2]
Partners' preferred units, ending balance at Mar. 31, 2018	[2]								6,900,000
Ending balance, value at Mar. 31, 2018			3,168,723	$ 23,954		$ 2,978,576	[2]		$ 166,193	[2]
Partners' common units, ending balance at Mar. 31, 2018				3,988,218		432,573,436	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance, value			$ 3,168,723	$ 23,954		$ 2,978,576	[2]		$ 166,193	[2]
[1]	Consists of general partnership interests held by OP Holdings.
[2]	Consists of limited partnership interests held by the Corporation and Spirit Notes Partner, LLC.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income		$ 30,718	$ 12,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		62,117	64,994
Impairments		14,569	34,376
Amortization of deferred financing costs		2,979	2,401
Amortization of debt discounts		4,562	3,061
Stock-based compensation expense		4,366	2,246
(Gain) loss on debt extinguishment		(21,328)	30
Loss (gain) on dispositions of real estate and other assets		605	(16,217)
Non-cash revenue		(5,491)	(6,390)
Bad debt expense and other		1,488	1,336
Changes in operating assets and liabilities:
Deferred costs and other assets, net		478	534
Accounts payable, accrued expenses and other liabilities		(1,903)	(2,398)
Net cash provided by operating activities		93,160	96,802
Investing activities
Acquisitions of real estate		(2,722)	(135,616)
Capitalized real estate expenditures		(9,890)	(13,312)
Investments in loans receivable		(35,450)	(3,000)
Collections of principal on loans receivable and real estate assets under direct financing leases		3,798	1,151
Proceeds from dispositions of real estate and other assets		26,082	134,712
Net cash used in investing activities		(18,182)	(16,065)
Financing activities
Borrowings under Revolving Credit Facility		198,500	230,200
Repayments under Revolving Credit Facility		(156,000)	(187,200)
Borrowings under mortgages and notes payable		104,247	0
Repayments under mortgages and notes payable		(18,002)	(19,335)
Debt extinguishment costs		(1,105)	(544)
Deferred financing costs		(1,236)	(51)
Repurchase of shares of common stock		(104,526)	(804)
Preferred stock dividends paid		(2,588)	0
Common stock dividends paid		(80,821)	(87,218)
Net cash used in financing activities		(61,531)	(64,952)
Net increase in cash, cash equivalents and restricted cash		13,447	15,785
Cash, cash equivalents and restricted cash, beginning of period		114,707	36,898
Cash, cash equivalents and restricted cash, end of period		128,154	52,683
Cash paid for interest		38,555	38,899
Cash paid for income taxes		107	88
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Relief of debt in exchange for collateral assets		0	35,522
Relief of debt through foreclosure of real estate properties		33,917	0
Reclass of residual value on expired deferred financing lease to operating asset		0	8,613
Net real estate and other collateral assets sold or surrendered to lender		12,758	35,008
Accrued interest capitalized to principal		1,062	714
Distributions declared and unpaid (including dividend rights)		79,645	87,864
Spirit Realty, L.P.
Operating activities
Net income		30,718	12,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		62,117	64,994
Impairments		14,569	34,376
Amortization of deferred financing costs		2,979	2,401
Amortization of debt discounts		4,562	3,061
Stock-based compensation expense		4,366	2,246
(Gain) loss on debt extinguishment		(21,328)	30
Loss (gain) on dispositions of real estate and other assets		605	(16,217)
Non-cash revenue		(5,491)	(6,390)
Bad debt expense and other		1,488	1,336
Changes in operating assets and liabilities:
Deferred costs and other assets, net		478	534
Accounts payable, accrued expenses and other liabilities		(1,903)	(2,398)
Net cash provided by operating activities		93,160	96,802
Investing activities
Acquisitions of real estate		(2,722)	(135,616)
Capitalized real estate expenditures		(9,890)	(13,312)
Investments in loans receivable		(35,450)	(3,000)
Collections of principal on loans receivable and real estate assets under direct financing leases		3,798	1,151
Proceeds from dispositions of real estate and other assets		26,082	134,712
Net cash used in investing activities		(18,182)	(16,065)
Financing activities
Borrowings under Revolving Credit Facility		198,500	230,200
Repayments under Revolving Credit Facility		(156,000)	(187,200)
Borrowings under mortgages and notes payable		104,247	0
Repayments under mortgages and notes payable		(18,002)	(19,335)
Debt extinguishment costs		(1,105)	(544)
Deferred financing costs		(1,236)	(51)
Repurchase of partnership units		(104,526)	(804)
Preferred stock dividends paid		(2,588)	0
Common stock dividends paid		(80,821)	(87,218)
Net cash used in financing activities		(61,531)	(64,952)
Net increase in cash, cash equivalents and restricted cash		13,447	15,785
Cash, cash equivalents and restricted cash, beginning of period		114,707	36,898
Cash, cash equivalents and restricted cash, end of period		128,154	52,683
Cash paid for interest		38,555	38,899
Cash paid for income taxes		107	88
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Relief of debt in exchange for collateral assets		0	35,522
Relief of debt through foreclosure of real estate properties		33,917	0
Reclass of residual value on expired deferred financing lease to operating asset		0	8,613
Net real estate and other collateral assets sold or surrendered to lender		12,758	35,008
Accrued interest capitalized to principal	[1]	1,062	714
Distributions declared and unpaid (including dividend rights)		$ 79,645	$ 87,864
[1]	Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Organization	Organization Company Organization and Operations Spirit Realty Capital, Inc. (the "Corporation" or, with its consolidated subsidiaries, the "Company") operates as a self-administered and self-managed REIT that seeks to generate and deliver sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the U.S. that is generally leased on a long-term, triple-net basis to tenants operating within retail, office, industrial and data center property types. Single tenant, operationally essential real estate generally refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits.The Company began operations through a predecessor legal entity in 2003. The Company’s operations are generally carried out through Spirit Realty, L.P. (the " Operating Partnership ") and its subsidiaries. Spirit General OP Holdings, LLC (" OP Holdings "), one of the Corporation's wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership . The Corporation and a wholly-owned subsidiary ("Spirit Notes Partner, LLC") are the only limited partners and together own the remaining 99% of the Operating Partnership . On August 3, 2017, the Company announced a proposed Spin-Off of almost all of the properties leased to Shopko , the assets that collateralize Master Trust 2014 and certain other assets into an independent, publicly traded REIT, Spirit MTA REIT, or SMTA . Transaction costs associated with the Spin-Off for the three months ended March 31, 2018 totaled $3.9 million and are reflected as transaction costs on the accompanying consolidated statements of operations and comprehensive income.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the year ended December 31, 2017 . The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership 's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity. The Company has formed numerous special purpose entities to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of March 31, 2018 and December 31, 2017 , net assets totaling $2.84 billion and $2.78 billion , respectively, were held, and net liabilities totaling $2.70 billion and $2.63 billion , respectively, were owed by these encumbered special purpose entities and are included in the accompanying consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments. Allowance for Doubtful Accounts The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. If the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. The Company's reserves for uncollectible amounts totaled $11.5 million and $12.4 million as of March 31, 2018 and December 31, 2017 , respectively, against accounts receivable balances of $23.8 million and $27.2 million , respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Receivables are written off against the reserves for uncollectible amounts when all possible means of collection have been exhausted. For deferred rental revenues related to the straight-line method of reporting rental revenue, the collectability review includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience. The Company established a reserve for losses of $1.5 million at March 31, 2018 and $1.8 million at December 31, 2017 against deferred rental revenue receivables of $85.8 million and $81.6 million , respectively. Deferred rental revenue receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, March 31, Cash and cash equivalents $ 10,989 $ 8,798 $ 9,309 Restricted cash: Collateral deposits (1) 1,190 1,751 1,451 Tenant improvements, repairs, and leasing commissions (2) 8,782 8,257 10,277 Master Trust Release (3) 97,010 85,703 30,395 Liquidity reserve (4) 5,527 5,503 — Other (5) 4,656 4,695 1,251 Total cash, cash equivalents and restricted cash $ 128,154 $ 114,707 $ 52,683 (1) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant. (3) Proceeds from the sale of assets pledged as collateral under the Spirit Master Funding Program , which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. (4) Liquidity reserve cash was placed on deposit for Master Trust 2014 and is held until there is a cashflow shortfall or upon achieving certain performance criteria, as defined in the agreements governing Master Trust 2014 , or a liquidation of Master Trust 2014 occurs. (5) Funds held in lender controlled accounts released after scheduled debt service requirements are met. Goodwill Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. Income Taxes The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income from non-REIT activities managed through any of the Company's taxable REIT subsidiaries is subject to federal, state, and local taxes, which are not material. The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 . This new guidance establishes a principles-based approach for accounting for revenue from contracts with customers and is effective for annual reporting periods beginning after December 15, 2017, with early application permitted for annual reporting periods beginning after December 15, 2016. The Company adopted the new revenue recognition standard effective January 1, 2018 under the modified retrospective method, and elected to apply the standard only to contracts that were not completed as of the date of adoption (i.e. January 1, 2018). In evaluating the impact of this new standard, the Company identified that lease contracts covered by Leases (Topic 840) are excluded from the scope of this new guidance, as such, this ASU had no material impact on the Company's reported revenues, results of operations, financial position, cash flows and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the existing guidance for lease accounting Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. Leases pursuant to which the Company is the lessee primarily consist of its corporate office and equipment leases. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. Under the guidance as currently contemplated, the Company will record certain expenses paid directly by tenants that protect the Company's interests in its properties, such as insurance and real estate taxes, however the FASB has announced it will re-evaluate this requirement. The Company has begun implementation of the ASU and is currently evaluating the overall impact of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires more timely recognition of credit losses associated with financial assets. ASU 2016-13 requires financial assets (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company adopted ASU 2016-15 effective January 1, 2018 and has applied it retrospectively. As a result of adoption, debt prepayment and debt extinguishment costs, previously presented in operating activities, are now presented in financing activities in the consolidated statement of cash flows. There was no impact on the statements of cash flows for the Company for other types of transactions. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This guidance requires entities to include restricted cash and restricted cash equivalents within the cash and cash equivalents balances presented in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the new guidance is to be applied retrospectively. The Company adopted ASU 2016-18 effective January 1, 2018 and applied it retrospectively. As a result, restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments	Investments Real Estate Investments As of March 31, 2018 , the Company's gross investment in real estate properties and loans totaled approximately $7.8 billion , representing investments in 2,446 properties, including 82 properties securing mortgage loans. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and the carrying amount of loans receivable, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with Texas, at 12.0% , as the only state with a real estate investment value greater than 10% of the real estate investment value of the Company's entire portfolio. During the three months ended March 31, 2018 , the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: Number of Properties Dollar Amount of Investments Owned Financed Total Owned Financed Total (In Thousands) Gross balance, December 31, 2017 2,392 88 2,480 $ 7,823,058 $ 79,967 $ 7,903,025 Acquisitions/improvements (1) 1 — 1 12,612 35,000 47,612 Dispositions of real estate (2)(3)(4) (29 ) (6 ) (35 ) (46,349 ) — (46,349 ) Principal payments and payoffs — — — — (4,279 ) (4,279 ) Impairments — — — (14,569 ) — (14,569 ) Write-off of gross lease intangibles — — — (36,105 ) — (36,105 ) Loan premium amortization and other — — — (720 ) 374 (346 ) Gross balance, March 31, 2018 2,364 82 2,446 7,737,927 111,062 7,848,989 Accumulated depreciation and amortization (1,304,677 ) — (1,304,677 ) Other 125 — 125 Net balance, March 31, 2018 $ 6,433,375 $ 111,062 $ 6,544,437 (1) Includes investments of $7.2 million in revenue producing capitalized expenditures, as well as $2.7 million of non-revenue producing capitalized expenditures as of March 31, 2018 . (2) The total accumulated depreciation and amortization associated with dispositions of real estate was $8.7 million as of March 31, 2018 . (3) For the period ended March 31, 2018 , the total (loss) gain on disposal of assets for properties held in use and held for sale was $(1.8) million and $1.2 million , respectively. (4) Includes four deed-in-lieu properties with a real estate investment of $10.5 million that were transferred to the lender during the three months ended March 31, 2018 . Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases (including contractual fixed rent increases occurring on or after April 1 , 2018 ) at March 31, 2018 (in thousands): March 31, Remainder of 2018 $ 448,005 2019 587,122 2020 570,318 2021 542,008 2022 504,471 Thereafter 3,608,539 Total future minimum rentals $ 6,260,463 Because lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rentals based on a percentage of the lessees' gross sales or lease escalations based on future changes in the CPI or other stipulated reference rate. Loans Receivable The following table details loans receivable, net of premium and allowance for loan losses (in thousands): March 31, December 31, Mortgage loans - principal $ 65,767 $ 69,963 Mortgage loans - premium, net of amortization 4,490 5,038 Allowance for loan losses — (389 ) Mortgages loans, net 70,257 74,612 Other note receivables - principal 40,805 5,355 Allowance for loan losses — — Other note receivables, net 40,805 5,355 Total loans receivable, net $ 111,062 $ 79,967 The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are four other notes receivable included within loans receivable, of which three notes totaling $39.1 million are secured by tenant assets and stock and the remaining note with a balance of $1.7 million is unsecured. On January 16, 2018, the Operating Partnership funded a $35.0 million B-1 Term Loan, included in the table above, as part of a syndicated loan and security agreement with Shopko as borrower and several banks as lenders. The B-1 Term Loan bears interest at a rate of 12% per annum and matures on June 19, 2020. Principal will be repaid in quarterly installments of $0.6 million commencing on November 1, 2018, while interest will be paid monthly. The loan is secured by Shopko’s assets in its $784 million asset-backed lending facility and is subordinate to other loans made under the syndicated loan and security agreement. The Operating Partnership received a commitment fee equal to 3.00% of the B-1 Term Loan. Lease Intangibles, Net The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 554,197 $ 591,551 Above-market leases 84,516 89,640 Less: accumulated amortization (242,117 ) (271,288 ) Intangible lease assets, net $ 396,596 $ 409,903 Below-market leases $ 206,263 $ 216,642 Less: accumulated amortization (55,084 ) (61,339 ) Intangible lease liabilities, net $ 151,179 $ 155,303 The amounts amortized as a net increase to rental revenue for capitalized above and below-market leases were $1.5 million and $1.8 million for the three months ended March 31, 2018 and 2017 , respectively. The value of in place leases amortized and included in depreciation and amortization expense was $10.0 million and $11.2 million for the three months ended March 31, 2018 and 2017 , respectively. Real Estate Assets Under Direct Financing Leases The components of real estate investments held under direct financing leases were as follows (in thousands): March 31, December 31, Minimum lease payments receivable $ 6,842 $ 7,325 Estimated residual value of leased assets 24,552 24,552 Unearned income (6,547 ) (7,012 ) Real estate assets under direct financing leases, net $ 24,847 $ 24,865 Real Estate Assets Held for Sale The following table shows the activity in real estate assets held for sale for the three months ended March 31, 2018 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2017 15 $ 48,929 Transfers from real estate investments held and used 4 3,581 Sales (3 ) (6,994 ) Transfers to real estate investments held and used (7 ) (25,715 ) Impairments (369 ) Balance, March 31, 2018 9 $ 19,432 Impairments The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations and comprehensive income (in thousands): Three Months Ended March 31, 2018 2017 Real estate and intangible asset impairment $ 14,961 $ 35,220 Write-off of lease intangibles, net (376 ) (844 ) Recovery of loans receivable, previously impaired (16 ) — Total impairment loss $ 14,569 $ 34,376 Impairments for the three months ended March 31, 2018 were comprised of $0.4 million on properties classified as held for sale and $14.2 million on properties classified as held and used. Impairments for the three months ended March 31, 2017 were comprised of $11.5 million on properties classified as held for sale and $22.9 million on properties classified as held and used.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt The debt of the Company and the Operating Partnership are the same, except for the presentation of the Convertible Notes . The Convertible Notes were issued by the Company. Subsequently, an intercompany note between the Company and the Operating Partnership was executed with terms identical to those of the Convertible Notes . Therefore, in the consolidated balance sheet of the Operating Partnership , the amounts related to the Convertible Notes are reflected as notes payable to Spirit Realty Capital, Inc., net. The Company's debt is summarized below: Weighted Average Effective (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) March 31, December 31, (in Years) (In Thousands) Revolving Credit Facility 5.88 % 3.06 % 1.0 $ 154,500 $ 112,000 Term Loan — % — % 0.6 — — Master Trust Notes 5.63 % 4.95 % 5.0 2,243,210 2,248,504 CMBS 5.61 % 5.56 % 6.0 382,718 332,647 Convertible Notes 5.31 % 3.28 % 2.0 747,500 747,500 Senior Unsecured Notes 4.70 % 4.45 % 8.5 300,000 300,000 Total debt 5.52 % 4.57 % 4.6 3,827,928 3,740,651 Debt discount, net (48,768 ) (61,399 ) Deferred financing costs, net (4) (38,140 ) (39,572 ) Total debt, net $ 3,741,020 $ 3,639,680 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended March 31, 2018 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2018 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2018 . (4) The Company records deferred financing costs for its Revolving Credit Facility in deferred costs and other assets, net on its consolidated balance sheets . Revolving Credit Facility The Company has access to an unsecured credit facility, the Revolving Credit Facility , which matures on March 31, 2019 (extendable at the Operating Partnership 's option to March 31, 2020, subject to satisfaction of certain requirements) and includes an accordion feature to increase the committed facility size up to $1.0 billion , subject to satisfying certain requirements and obtaining additional lender commitments. The Operating Partnership may voluntarily prepay the Revolving Credit Facility, in whole or in part, at any time without premium or penalty, but subject to applicable LIBOR breakage fees, if any. Borrowings bear interest at 1-Month LIBOR plus 0.875% to 1.55% per annum and require a facility fee in an amount equal to the aggregate revolving credit commitments (whether or not utilized) multiplied by a rate equal to 0.125% to 0.30% per annum. As of March 31, 2018 , the Revolving Credit Facility bore interest at 1-Month LIBOR plus 1.25% and incurred a facility fee of 0.25% per annum. In connection with placement and use of the Revolving Credit Facility , the Company has incurred costs of $4.8 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the Revolving Credit Facility . The unamortized deferred financing costs relating to the Revolving Credit Facility were $1.3 million and $1.6 million as of March 31, 2018 and December 31, 2017 , respectively, and recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of March 31, 2018 , $154.5 million was outstanding and $645.5 million of borrowing capacity was available under the Revolving Credit Facility . The Operating Partnership 's ability to borrow under the Revolving Credit Facility is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2018 , the Corporation and the Operating Partnership were in compliance with these financial covenants. Term Loan On November 3, 2015, the Company entered into a Term Loan Agreement with an initial maturity date of November 2, 2018, which may be extended at the Company's option pursuant to two one -year extension options, subject to the satisfaction of certain conditions and payment of an extension fee. In addition, an accordion feature allows the facility to be increased to $600.0 million , subject to obtaining additional lender commitments. Borrowings may be repaid without premium or penalty, and may be re-borrowed within 30 days up to the then available loan commitment and subject to occurrence limitations within any twelve -month period. As of March 31, 2018 , the Term Loan had a zero outstanding balance and $420.0 million of available borrowing capacity.The Term Loan Agreement provides that outstanding borrowings bear interest at 1-Month LIBOR plus 0.90% to 1.75% per annum, depending on the Corporation’s credit ratings. As a result of entering into the Term Loan , the Company incurred origination costs of $2.4 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the Term Loan . As of March 31, 2018 and December 31, 2017 , the unamortized deferred financing costs relating to the Term Loan were $0.5 million and $0.7 million , respectively, and were recorded net against the principal balance of mortgages and notes payable as of March 31, 2018 and December 31, 2017 , on the accompanying consolidated balance sheets. Senior Unsecured Notes On August 18, 2016, the Operating Partnership completed a private placement of $300.0 million aggregate principal amount of senior notes, which are guaranteed by the Corporation. The Senior Unsecured Notes were issued at 99.378% of their principal face amount, resulting in net proceeds of $296.2 million , after deducting transaction fees and expenses. The Senior Unsecured Notes accrue interest at a rate of 4.45% per annum, payable on March 15 and September 15 of each year, and mature on September 15, 2026. The Company filed a registration statement with the SEC to exchange the private Senior Unsecured Notes for registered Senior Unsecured Notes with substantially identical terms, which became effective on April 14, 2017. All $300.0 million aggregate principal amount of private Senior Unsecured Notes were tendered in the exchange for registered Senior Unsecured Notes . The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership ’s option, at a redemption price equal to the sum of: an amount equal to 100% of the principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium calculated in accordance with the indenture. Notwithstanding the foregoing, if any of the Senior Unsecured Notes are redeemed on or after June 15, 2026 (three months prior to the maturity date of the Senior Unsecured Notes ), the redemption price will not include a make-whole premium. In connection with the offering, the Operating Partnership incurred $3.4 million in deferred financing costs and an offering discount of $1.9 million . These amounts are being amortized to interest expense over the life of the Senior Unsecured Notes . As of March 31, 2018 and December 31, 2017 , the unamortized deferred financing costs relating to the Senior Unsecured Notes were $2.9 million and $3.0 million , respectively, and the unamortized discount was $1.6 million and $1.7 million , respectively, with both the deferred financing costs and offering discount recorded net against the Senior Unsecured Notes principal balance on the accompanying consolidated balance sheets. In connection with the issuance of the Senior Unsecured Notes , the Corporation and Operating Partnership are subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2018 , the Corporation and the Operating Partnership were in compliance with these financial covenants. Master Trust Notes The Company has access to an asset-backed securitization platform, the Spirit Master Funding Program , to raise capital through the issuance of non-recourse net-lease mortgage notes collateralized by commercial real estate, net-leases and mortgage loans. The Spirit Master Funding Program consists of two separate securitization trusts, Master Trust 2013 and Master Trust 2014 , each of which have one or multiple bankruptcy-remote, special purpose entities as issuers or co-issuers of the notes. Each issuer is an indirect wholly-owned special purpose entity of the Corporation. On January 23, 2018, the Company re-priced a private offering of the Master Trust 2014 Series 2017-1 notes with $674.2 million aggregate principal amount. As a result, the interest rate on the Class B Notes was reduced from 6.35% to 5.49% , while the other terms of the Class B Notes will remain unchanged. The terms of the Class A Notes were unaffected by the repricing. In connection with the re-pricing, the Company received $8.2 million in additional proceeds, that reduced the discount on the underlying debt. On February 2, 2018, Spirit Realty, L.P., sold its holding of Master Trust 2014 Series 2014-2 notes with a principal balance of $11.6 million to a third-party. This transaction resulted in an increase in the Company's mortgages and notes payable, net balance as shown in the balance sheet. The Master Trust Notes are summarized below: Stated Rates (1) Maturity March 31, December 31, (in Years) (in Thousands) Series 2014-1 Class A2 5.4 % 2.3 249,203 252,437 Series 2014-2 5.8 % 3.0 232,768 222,683 Series 2014-3 5.7 % 4.0 310,439 311,336 Series 2014-4 Class A1 3.5 % 1.8 149,629 150,000 Series 2014-4 Class A2 4.6 % 11.8 353,746 358,664 Series 2017-1 Class A (2) 4.4 % 4.7 513,569 515,280 Series 2017-1 Class B (2) 6.4 % 4.7 125,400 125,400 Total Master Trust 2014 notes 5.0 % 5.1 1,934,754 1,935,800 Series 2013-1 Class A 3.9 % 0.7 123,781 125,000 Series 2013-2 Class A 5.3 % 5.7 184,675 187,704 Total Master Trust 2013 notes 4.7 % 3.7 308,456 312,704 Total Master Trust notes 2,243,210 2,248,504 Debt discount, net (26,125 ) (36,188 ) Deferred financing costs, net (22,825 ) (24,010 ) Total Master Trust Notes, net $ 2,194,260 $ 2,188,306 (1) Represents the individual series stated interest rate as of March 31, 2018 and the weighted average stated rate of the total Master Trust Notes , based on the collective series outstanding principal balances as of March 31, 2018 . (2) The Operating Partnership acquired $27.1 million in aggregate principal amount of Class A Notes and $6.6 million in aggregate principal amount of Class B Notes to satisfy its regulatory risk retention obligations. As of March 31, 2018 , the Master Trust 2014 notes were secured by 790 owned and financed properties issued by five indirect wholly-owned subsidiaries of the Corporation. The notes issued under Master Trust 2014 are cross-collateralized by the assets of all issuers within this trust. As of March 31, 2018 , the Master Trust 2013 notes were secured by 295 owned and financed properties issued by a single indirect wholly-owned subsidiary of the Corporation. CMBS As of March 31, 2018 , indirect wholly-owned special purpose entity subsidiaries of the Corporation were borrowers under seven fixed-rate non-recourse loans, excluding three loans in default, which have been securitized into CMBS and are secured by the borrowers' respective leased properties and related assets. The stated interest rates of the loans as of March 31, 2018 , excluding the defaulted loans, ranged from 4.67% to 6.00% with a weighted average stated interest rate of 4.84% . As of March 31, 2018 , these fixed-rate loans were secured by 101 properties. As of March 31, 2018 and December 31, 2017 , the unamortized deferred financing costs associated with these fixed-rate loans were $4.8 million and $3.9 million , respectively, and the unamortized net offering discount was $0.1 million as-of both periods. Both the deferred financing costs and offering discount were recorded net against the principal balance of the mortgages and notes payable on the accompanying consolidated balance sheets and are being amortized to interest expense over the term of the respective loans. Included in mortgages and notes payable, net is a new non-recourse loan agreement with Société Générale and Barclays Bank PLC as lenders, which the Company entered into on January 22, 2018. The loan is collateralized by a single distribution center property located in Katy, Texas. The loan has a term of 10 years to maturity with an interest rate based on the 10-year mid-market swap rate (or Treasury rate, whichever is greater) plus a spread of 245 basis points . As a result of the issuance, the Company received approximately $84 million in proceeds. As of March 31, 2018 , certain borrowers were in default under the loan agreements relating to three separate CMBS fixed-rate loans, where three properties securing the respective loans were no longer generating sufficient revenue to pay the scheduled debt service. The default interest rate on these loans was between 7.53% and 9.85% . Each defaulted borrower is a bankruptcy remote special purpose entity and the sole owner of the collateral securing the loan obligations. As of March 31, 2018 , the aggregate principal balance under the defaulted loans was $31.4 million , which includes $10.3 million of interest capitalized to the principal balance. Convertible Notes In May 2014, the Corporation issued $402.5 million aggregate principal amount of 2.875% convertible notes due in 2019 and $345.0 million aggregate principal amount of 3.75% convertible notes due in 2021. Interest on the Convertible Notes is payable semiannually in arrears on May 15 and November 15 of each year. The 2019 Notes will mature on May 15, 2019 and the 2021 Notes will mature on May 15, 2021 . Proceeds from the issuance were contributed to the Operating Partnership and are recorded as a note payable to Spirit Realty Capital, Inc., on the consolidated balance sheets of the Operating Partnership. The Convertible Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of the Corporation's common stock, or a combination thereof. The initial conversion rate applicable to each series is 76.3636 per $1,000 principal note (equivalent to an initial conversion price of $13.10 per share of common stock, representing a 22.5% premium above the public offering price of the common stock offered concurrently at the time the Convertible Notes were issued). The conversion rate is subject to adjustment for certain anti-dilution events, including special distributions and regular quarterly cash dividends exceeding $0.16625 per share. As of March 31, 2018 , the conversion rate was 77.4557 per $1,000 principal note. Earlier conversion may be triggered if shares of the Corporation's common stock trade higher than the established thresholds, if the Convertible Notes trade below established thresholds, or certain corporate events occur. In connection with the issuance of the Convertible Notes , the Company recorded a discount of $56.7 million , which represents the estimated value of the embedded conversion feature for each of the Convertible Notes . The discount is being amortized to interest expense using the effective interest method over the term of each of the 2019 Notes and 2021 Notes. As of March 31, 2018 and December 31, 2017 , the unamortized discount was $21.1 million and $23.7 million , respectively. The discount is shown net against the aggregate outstanding principal balance of the Convertible Notes on the accompanying consolidated balance sheets. The equity component of the conversion feature is recorded in capital in excess of par value in the accompanying consolidated balance sheets, net of financing transaction costs. In connection with the offering, the Company also incurred $19.6 million in deferred financing costs. This amount has been allocated on a pro-rata basis to each of the Convertible Notes and is being amortized to interest expense over the term of each note. As of March 31, 2018 and December 31, 2017 , the unamortized deferred financing costs relating to the Convertible Notes were $7.1 million and $8.0 million , respectively, and recorded net against the Convertible Notes principal balance on the accompanying consolidated balance sheets. Debt Extinguishment During the three months ended March 31, 2018 , the Company extinguished a total of $33.9 million aggregate principal amount of CMBS indebtedness with a weighted average contractual default interest rate of 9.88% . As a result of these transactions, the Company recognized a net gain on debt extinguishment of approximately $21.3 million . During the three months ended March 31, 2017 , the Company extinguished a total of $49.2 million aggregate principal amount of mortgage indebtedness with a weighted average contractual interest rate of 5.69% . As a result of these transactions, the Company recognized a de minimis net loss. Debt Maturities As of March 31, 2018 , scheduled debt maturities of the Company’s Revolving Credit Facility , Term Loan , Senior Unsecured Notes , Master Trust Notes , CMBS and Convertible Notes , including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2018 (1) $ 32,562 $ 155,226 $ 187,788 2019 (2) 45,413 557,000 602,413 2020 50,240 364,997 415,237 2021 33,665 565,176 598,841 2022 33,849 981,461 1,015,310 Thereafter 195,915 812,424 1,008,339 Total $ 391,644 $ 3,436,284 $ 3,827,928 (1) The balloon payment balance in 2018 includes $31.4 million , including $10.3 million of capitalized interest, for the acceleration of principal payable following an event of default under three non-recourse CMBS loans with a stated maturity in 2018 . (2) 2019 includes the Revolving Credit Facility which is extendible for one year at the borrower's option. Interest Expense The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended 2018 2017 Interest expense – Revolving Credit Facility (1) $ 1,352 $ 1,232 Interest expense – Term Loan — 2,246 Interest expense – Senior Unsecured Notes 3,338 3,338 Interest expense – mortgages and notes payable 32,707 28,218 Interest expense – Convertible Notes (2) 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,979 2,401 Amortization of debt discount, net 4,562 3,061 Total interest expense $ 51,065 $ 46,623 (1) Includes facility fees of approximately $0.5 million and $0.6 million for the three month periods ended March 31, 2018 and 2017 , respectively. (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations and comprehensive income are amounts paid to the Corporation by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.

Stockholders' Equity and Partne

Stockholders' Equity and Partners' Capital	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity and Partners' Capital	Stockholders’ Equity and Partners' Capital Common Stock During the three months ended March 31, 2018 , portions of awards of restricted common stock and performance share awards granted to certain of the Company's officers and other employees vested. The vesting of these awards, granted pursuant to the Amended Incentive Award Plan, resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender 0.1 million shares of common stock valued at $0.5 million , solely to pay the associated statutory tax withholdings during the three months ended March 31, 2018 . Preferred Stock As of March 31, 2018 , the Company had 6.9 million shares of 6.00% Series A Preferred Stock outstanding. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00% per annum on the liquidation preference of $25.00 per share (equivalent to $0.375 per share on a quarterly basis and $1.50 per share on an annual basis). During the quarter ended March 31, 2018 , the Company paid $2.6 million in Series A Preferred Stock dividends. ATM Program In November 2016, the Company's Board of Directors approved a new ATM Program and the Company terminated its existing program. As of March 31, 2018 , no shares of the Company's common stock had been sold under the new ATM Program and $500.0 million in gross proceeds capacity remained available. Stock Repurchase Programs In August 2017, the Company's Board of Directors approved a stock repurchase program, which authorizes the Company to repurchase up to $250.0 million of its common stock. These purchases can be made in the open market or through private transactions from time to time over the 18 -month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. Purchase activity will be dependent on various factors, including the Company's capital position, operating results, funds generated by asset sales, dividends that may be required by those sales, and investment options that may be available, including acquiring new properties or retiring debt. The stock repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended at any time at the Company's discretion. During the three months ended March 31, 2018 , 13,161,065 shares of the Company's common stock have been repurchased in open market transactions under the stock repurchase program at a weighted average price of $7.88 per share and $63.9 million in available capacity remains under the stock repurchase program. Fees associated with the repurchase of $301,161 are included in accumulated deficit. Dividends Declared For the three months ended March 31, 2018 , the Corporation's Board of Directors declared the following preferred and common stock dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Preferred Stock March 5, 2018 $ 0.375 March 15, 2018 $ 2,588 March 30, 2018 Common Stock March 5, 2018 $ 0.1800 March 30, 2018 $ 78,581 April 13, 2018 The dividends declared on March 5, 2018 was paid on April 13, 2018 and is included in accounts payable, accrued expenses and other liabilities as of March 31, 2018 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are typically insured against such claims. In 2015, Haggen Holdings, LLC and a number of its affiliates, including Haggen Operations Holdings, LLC ("Haggen"), filed petitions for bankruptcy. At the time of the filing, Haggen leased 20 properties from a subsidiary of the Company under a master lease. The Company and Haggen restructured the master lease in an initial settlement agreement with approved claims of $21.0 million . In 2016, the Company entered into a second settlement agreement with both Haggen and Albertsons, LLC for $3.4 million and $3.0 million , respectively. To date, the Company has collected $5.5 million of the total claims and there is no guaranty that the remaining claims of $21.9 million will be paid or otherwise satisfied in full. As of March 31, 2018 , there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. As of March 31, 2018 , the Company had commitments totaling $65.7 million , of which $17.8 million relates to future acquisitions with the majority of the remainder to fund revenue generating improvements on properties the Company currently owns. Commitments related to acquisitions contain standard cancellation clauses contingent on the results of due diligence. Of the total commitments of $65.7 million , $63.3 million is expected to be funded during fiscal year 2018 . In addition, the Company is contingently liable for $5.7 million of debt owed by one of its tenants and is indemnified by that tenant for any payments the Company may be required to make on such debt. The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of March 31, 2018 , no accruals have been made.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The Company did no t have any assets or liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 . Nonrecurring Fair Value Measurements Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of March 31, 2018 and December 31, 2017 . (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 March 31, 2018 Long-lived assets held and used $ 27,346 — — $ 27,346 Long-lived assets held for sale $ 1,005 — — $ 1,005 December 31, 2017 Long-lived assets held and used $ 28,312 — — $ 28,312 Long-lived assets held for sale $ 42,142 — — $ 42,142 Real estate and the related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant, non-operating or the lease on the asset expiring in three months or less. The fair values of impaired real estate and intangible assets were determined by using the following information, depending on availability, in order of preference: signed purchase and sale agreements or letters of intent; recently quoted bid or ask prices, or market prices for comparable properties; estimates of cash flow, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, and expenses based upon market conditions; and expectations for the use of the real estate. Based on these inputs, the Company determined that its valuation of the impaired real estate and intangible assets falls within Level 3 of the fair value hierarchy. During the three months ended March 31, 2018 and for the year ended December 31, 2017 , we determined that 20 and 18 long-lived assets held and used, respectively, were impaired. For 14 of the held and used properties impaired during the three months ended March 31, 2018 and 17 of the held and used properties during the year ended December 31, 2017 , the Company estimated property fair value using price per square foot of comparable properties. The following table provides information about the price per square foot of comparable properties used as inputs (price per square foot in dollars): March 31, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $100.00 - $191.94 $ 105.64 196,544 $13.66 - $305.05 $ 55.68 364,940 Industrial — — — $3.30 - $8.56 $ 5.35 370,824 Office $225.04 $ 225.04 5,999 $24.82 - $244.86 $ 40.14 161,346 For the 6 remaining held and used properties impaired during the three months ended March 31, 2018 and 1 held and used properties impaired during the year ended December 31, 2017 , the Company estimated property fair value using price per square foot based on a listing price or a broker opinion of value. The following table provides information about the price per square foot of listing price and broker opinion of value used as inputs (price per square foot in dollars): March 31, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $7.00 - $107.57 $ 57.62 102,742 $88.89 $ 88.89 22,500 For the three months ended March 31, 2018 and year ended December 31, 2017 , we determined that 2 and 8 long-lived assets held for sale, respectively, were impaired. The Company estimated fair value of held for sale properties using price per square foot from the signed purchase and sale agreements as follows (price per square foot in dollars): March 31, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held for sale by asset type Retail $239.73 - $603.54 $ 421.64 2,336 $55.30 - $346.23 $ 230.52 150,376 Industrial — — — $24.02 - $54.21 $ 37.09 223,747 Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the accompanying consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at March 31, 2018 and December 31, 2017 . These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of the following financial instruments have been derived based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 111,062 $ 118,306 $ 79,967 $ 82,886 Revolving Credit Facility 154,500 154,491 112,000 111,997 Term Loan, net — — — — Senior Unsecured Notes, net (1) 295,431 290,883 295,321 299,049 Mortgages and notes payable, net (1) 2,571,794 2,684,410 2,516,478 2,657,599 Convertible Notes, net (1) 719,295 750,980 715,881 761,440 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Significant Credit and Revenue

Significant Credit and Revenue Concentration	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Significant Credit and Revenue Concentration	Significant Credit and Revenue Concentration As of March 31, 2018 and December 31, 2017 , the Company’s real estate investments are occupied by 417 and 419 tenants, respectively, that operate within retail, office, industrial and data center property types across various industries throughout the U.S. Shopko operates in the general merchandise industry and is the Company’s largest tenant as a percentage of rental revenue. Total rental revenues from properties leased to Shopko for the three months ended March 31, 2018 and 2017 , contributed 7.1% and 8.3% of the rental revenue presented in the accompanying consolidated statements of operations and comprehensive income. No other tenant contributed 4% or more of the rental revenue during any of the periods presented. As of both March 31, 2018 and December 31, 2017 , the Company's net investment in Shopko properties represents approximately 5.1% of the Company’s total assets shown in the accompanying consolidated balance sheets.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Shares of Common Stock During the three months ended March 31, 2018 , the Company granted 0.9 million restricted shares under the Amended Incentive Award Plan to certain executive officers and employees. The Company recorded $7.0 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of March 31, 2018 , there were approximately 2.1 million unvested restricted shares outstanding. Performance Share Awards During the three months ended March 31, 2018 , the Board of Directors or committee thereof approved target grants of 0.5 million performance shares to executive officers of the Company. The performance period of these grants runs through December 31, 2020. Potential shares of the Corporation's common stock that each participant is eligible to receive is based on the initial target number of shares granted multiplied by a percentage range between 0% and 250% . Grant date fair value was calculated using the Monte Carlo simulation model, which incorporated stock price correlation, projected dividend yields and other variables over the time horizons matching the performance periods. Stock-based compensation expense associated with unvested performance share awards is recognized on a straight-line basis over the minimum required service period, which is generally three years. Approximately $1.1 million and $0.8 million in dividend rights have been accrued for non-vested performance share awards outstanding as of March 31, 2018 and December 31, 2017 , respectively. For outstanding non-vested awards at March 31, 2018 , 1.8 million shares would have been released based on the Corporation's TSR relative to the specified peer groups through that date. Stock-based Compensation Expense For the three months ended March 31, 2018 and 2017 , the Company recognized $4.4 million and $2.2 million , respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. As of March 31, 2018 , the remaining unamortized stock-based compensation expense totaled $25.4 million , with $14.4 million related to restricted stock awards and $11.0 million related to performance share awards. Amortization is recognized as the greater of the amount amortized on a straight-line basis over the service period of each applicable award or the amount vested over the vesting periods.

Income Per Share and Partnershi

Income Per Share and Partnership Unit	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Income Per Share and Partnership Unit	Income Per Share and Partnership Unit Income per share has been computed using the two-class method, which is computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both shares of common stock and participating securities based on the weighted average shares outstanding during the period. Classification of the Company's unvested restricted stock, which contain rights to receive non-forfeitable dividends, are deemed participating securities under the two-class method. Under the two-class method, earnings attributable to unvested restricted shares are deducted from income from continuing operations in the computation of net income attributable to common stockholders. The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Three Months Ended 2018 2017 Basic and diluted income : Income (loss) before (loss) gain on disposition of assets $ 31,323 $ (3,388 ) (Loss) gain on disposition of assets (605 ) 16,217 Less: income attributable to unvested restricted stock (383 ) (234 ) Less: dividends paid to preferred stockholders (2,588 ) — Net income attributable to common stockholders used in basic and diluted income per share $ 27,747 $ 12,595 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 446,483,145 483,752,233 Less: unvested weighted average shares of restricted stock (1,607,717 ) (1,145,035 ) Weighted average shares of common stock outstanding used in basic income per share 444,875,428 482,607,198 Net income per share attributable to common stockholders—basic $ 0.06 $ 0.03 Diluted weighted average shares of common stock outstanding: (1) Unvested performance shares 226,797 — Stock options — 1,898 Convertible debt — — Weighted average shares of common stock outstanding used in diluted income per share 445,102,225 482,609,096 Net income per share attributable to common stockholders—diluted $ 0.06 $ 0.03 Potentially dilutive shares of common stock Unvested shares of restricted stock 252,475 78,637 Total 252,475 78,637 ( 1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive. The Corporation intends to satisfy its exchange obligation for the principal amount of the Convertible Notes to the note holders entirely in cash, therefore, the "if-converted" method does not apply and the treasury stock method is being used. For the three months ended March 31, 2018 , the Corporation's average stock price was below the conversion price, resulting in zero potentially dilutive shares related to the conversion spread for both periods.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Share Repurchase Programs In April 2018, the Company fully utilized the remaining $63.9 million authorized under the existing share repurchase program, having purchased 8.1 million shares of its common stock at a weighted average price of $7.93 per share. On April 30, 2018, the Company's Board of Directors approved a new stock repurchase program, which authorizes the Company to repurchase up to 250 million of its common stock. These purchases can be made in the open market or through private transactions from time to time over the 18 -month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. Spin-Off of SMTA On May 1, 2018, the Company's Board of Directors formally declared the distribution in connection with the Company's previously announced Spin-Off of SMTA, subject to certain conditions, and set May 18, 2018, as the record date for the distribution. The Company's stockholders at the close of business on the record date will be entitled to receive shares of SMTA common stock in the Spin-Off, which the Company expects to occur on May 31, 2018, the distribution date. Each SRC stockholder will receive one share of SMTA common stock for every 10 shares of SRC common stock held on the record date. Prepayment on Master Trust 2013 On April 30, 2018, the Company notified the trustee of Master Trust 2013 of Spirit's intent to redeem the Series 2013-1 Class A notes on May 21, 2018, at which time the principal payment, along with any unpaid interest, will be settled. The principal balance outstanding of the Series 2013-1 Class A notes was $123.8 million as of March 31, 2018 . There is no make-whole payment associated with the redemption of these notes.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the year ended December 31, 2017 .
Consolidation	The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership 's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity.
Special Purpose Entities	The Company has formed numerous special purpose entities to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Segment Reporting	The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments.
Allowance for Doubtful Accounts	The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. If the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. The Company's reserves for uncollectible amounts totaled $11.5 million and $12.4 million as of March 31, 2018 and December 31, 2017 , respectively, against accounts receivable balances of $23.8 million and $27.2 million , respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Receivables are written off against the reserves for uncollectible amounts when all possible means of collection have been exhausted. For deferred rental revenues related to the straight-line method of reporting rental revenue, the collectability review includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience. The Company established a reserve for losses of $1.5 million at March 31, 2018 and $1.8 million at December 31, 2017 against deferred rental revenue receivables of $85.8 million and $81.6 million , respectively. Deferred rental revenue receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Goodwill	Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value.
Income Taxes	The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income from non-REIT activities managed through any of the Company's taxable REIT subsidiaries is subject to federal, state, and local taxes, which are not material. The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income.
New Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 . This new guidance establishes a principles-based approach for accounting for revenue from contracts with customers and is effective for annual reporting periods beginning after December 15, 2017, with early application permitted for annual reporting periods beginning after December 15, 2016. The Company adopted the new revenue recognition standard effective January 1, 2018 under the modified retrospective method, and elected to apply the standard only to contracts that were not completed as of the date of adoption (i.e. January 1, 2018). In evaluating the impact of this new standard, the Company identified that lease contracts covered by Leases (Topic 840) are excluded from the scope of this new guidance, as such, this ASU had no material impact on the Company's reported revenues, results of operations, financial position, cash flows and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the existing guidance for lease accounting Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. Leases pursuant to which the Company is the lessee primarily consist of its corporate office and equipment leases. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. Under the guidance as currently contemplated, the Company will record certain expenses paid directly by tenants that protect the Company's interests in its properties, such as insurance and real estate taxes, however the FASB has announced it will re-evaluate this requirement. The Company has begun implementation of the ASU and is currently evaluating the overall impact of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires more timely recognition of credit losses associated with financial assets. ASU 2016-13 requires financial assets (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company adopted ASU 2016-15 effective January 1, 2018 and has applied it retrospectively. As a result of adoption, debt prepayment and debt extinguishment costs, previously presented in operating activities, are now presented in financing activities in the consolidated statement of cash flows. There was no impact on the statements of cash flows for the Company for other types of transactions. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This guidance requires entities to include restricted cash and restricted cash equivalents within the cash and cash equivalents balances presented in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the new guidance is to be applied retrospectively. The Company adopted ASU 2016-18 effective January 1, 2018 and applied it retrospectively. As a result, restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, March 31, Cash and cash equivalents $ 10,989 $ 8,798 $ 9,309 Restricted cash: Collateral deposits (1) 1,190 1,751 1,451 Tenant improvements, repairs, and leasing commissions (2) 8,782 8,257 10,277 Master Trust Release (3) 97,010 85,703 30,395 Liquidity reserve (4) 5,527 5,503 — Other (5) 4,656 4,695 1,251 Total cash, cash equivalents and restricted cash $ 128,154 $ 114,707 $ 52,683 (1) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant. (3) Proceeds from the sale of assets pledged as collateral under the Spirit Master Funding Program , which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. (4) Liquidity reserve cash was placed on deposit for Master Trust 2014 and is held until there is a cashflow shortfall or upon achieving certain performance criteria, as defined in the agreements governing Master Trust 2014 , or a liquidation of Master Trust 2014 occurs. (5) Funds held in lender controlled accounts released after scheduled debt service requirements are met.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization	During the three months ended March 31, 2018 , the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: Number of Properties Dollar Amount of Investments Owned Financed Total Owned Financed Total (In Thousands) Gross balance, December 31, 2017 2,392 88 2,480 $ 7,823,058 $ 79,967 $ 7,903,025 Acquisitions/improvements (1) 1 — 1 12,612 35,000 47,612 Dispositions of real estate (2)(3)(4) (29 ) (6 ) (35 ) (46,349 ) — (46,349 ) Principal payments and payoffs — — — — (4,279 ) (4,279 ) Impairments — — — (14,569 ) — (14,569 ) Write-off of gross lease intangibles — — — (36,105 ) — (36,105 ) Loan premium amortization and other — — — (720 ) 374 (346 ) Gross balance, March 31, 2018 2,364 82 2,446 7,737,927 111,062 7,848,989 Accumulated depreciation and amortization (1,304,677 ) — (1,304,677 ) Other 125 — 125 Net balance, March 31, 2018 $ 6,433,375 $ 111,062 $ 6,544,437 (1) Includes investments of $7.2 million in revenue producing capitalized expenditures, as well as $2.7 million of non-revenue producing capitalized expenditures as of March 31, 2018 . (2) The total accumulated depreciation and amortization associated with dispositions of real estate was $8.7 million as of March 31, 2018 . (3) For the period ended March 31, 2018 , the total (loss) gain on disposal of assets for properties held in use and held for sale was $(1.8) million and $1.2 million , respectively. (4) Includes four deed-in-lieu properties with a real estate investment of $10.5 million that were transferred to the lender during the three months ended March 31, 2018 .
Schedule of Minimum Future Contractual Rent to be Received	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases (including contractual fixed rent increases occurring on or after April 1 , 2018 ) at March 31, 2018 (in thousands): March 31, Remainder of 2018 $ 448,005 2019 587,122 2020 570,318 2021 542,008 2022 504,471 Thereafter 3,608,539 Total future minimum rentals $ 6,260,463
Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses	The following table details loans receivable, net of premium and allowance for loan losses (in thousands): March 31, December 31, Mortgage loans - principal $ 65,767 $ 69,963 Mortgage loans - premium, net of amortization 4,490 5,038 Allowance for loan losses — (389 ) Mortgages loans, net 70,257 74,612 Other note receivables - principal 40,805 5,355 Allowance for loan losses — — Other note receivables, net 40,805 5,355 Total loans receivable, net $ 111,062 $ 79,967
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 554,197 $ 591,551 Above-market leases 84,516 89,640 Less: accumulated amortization (242,117 ) (271,288 ) Intangible lease assets, net $ 396,596 $ 409,903 Below-market leases $ 206,263 $ 216,642 Less: accumulated amortization (55,084 ) (61,339 ) Intangible lease liabilities, net $ 151,179 $ 155,303
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The components of real estate investments held under direct financing leases were as follows (in thousands): March 31, December 31, Minimum lease payments receivable $ 6,842 $ 7,325 Estimated residual value of leased assets 24,552 24,552 Unearned income (6,547 ) (7,012 ) Real estate assets under direct financing leases, net $ 24,847 $ 24,865
Schedule of Activity in Real Estate Assets Held for Sale	The following table shows the activity in real estate assets held for sale for the three months ended March 31, 2018 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2017 15 $ 48,929 Transfers from real estate investments held and used 4 3,581 Sales (3 ) (6,994 ) Transfers to real estate investments held and used (7 ) (25,715 ) Impairments (369 ) Balance, March 31, 2018 9 $ 19,432
Summary of Total Impairment Losses Recognized	The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations and comprehensive income (in thousands): Three Months Ended March 31, 2018 2017 Real estate and intangible asset impairment $ 14,961 $ 35,220 Write-off of lease intangibles, net (376 ) (844 ) Recovery of loans receivable, previously impaired (16 ) — Total impairment loss $ 14,569 $ 34,376

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Instrument [Line Items]
Summary of Debt	The Company's debt is summarized below: Weighted Average Effective (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) March 31, December 31, (in Years) (In Thousands) Revolving Credit Facility 5.88 % 3.06 % 1.0 $ 154,500 $ 112,000 Term Loan — % — % 0.6 — — Master Trust Notes 5.63 % 4.95 % 5.0 2,243,210 2,248,504 CMBS 5.61 % 5.56 % 6.0 382,718 332,647 Convertible Notes 5.31 % 3.28 % 2.0 747,500 747,500 Senior Unsecured Notes 4.70 % 4.45 % 8.5 300,000 300,000 Total debt 5.52 % 4.57 % 4.6 3,827,928 3,740,651 Debt discount, net (48,768 ) (61,399 ) Deferred financing costs, net (4) (38,140 ) (39,572 ) Total debt, net $ 3,741,020 $ 3,639,680 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended March 31, 2018 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2018 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2018 . (4) The Company records deferred financing costs for its Revolving Credit Facility in deferred costs and other assets, net on its consolidated balance sheets .
Schedule of Debt Maturities	As of March 31, 2018 , scheduled debt maturities of the Company’s Revolving Credit Facility , Term Loan , Senior Unsecured Notes , Master Trust Notes , CMBS and Convertible Notes , including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2018 (1) $ 32,562 $ 155,226 $ 187,788 2019 (2) 45,413 557,000 602,413 2020 50,240 364,997 415,237 2021 33,665 565,176 598,841 2022 33,849 981,461 1,015,310 Thereafter 195,915 812,424 1,008,339 Total $ 391,644 $ 3,436,284 $ 3,827,928 (1) The balloon payment balance in 2018 includes $31.4 million , including $10.3 million of capitalized interest, for the acceleration of principal payable following an event of default under three non-recourse CMBS loans with a stated maturity in 2018 . (2) 2019 includes the Revolving Credit Facility which is extendible for one year at the borrower's option.
Summary of Components of Interest Expense Related to Borrowings	The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended 2018 2017 Interest expense – Revolving Credit Facility (1) $ 1,352 $ 1,232 Interest expense – Term Loan — 2,246 Interest expense – Senior Unsecured Notes 3,338 3,338 Interest expense – mortgages and notes payable 32,707 28,218 Interest expense – Convertible Notes (2) 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,979 2,401 Amortization of debt discount, net 4,562 3,061 Total interest expense $ 51,065 $ 46,623 (1) Includes facility fees of approximately $0.5 million and $0.6 million for the three month periods ended March 31, 2018 and 2017 , respectively. (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations and comprehensive income are amounts paid to the Corporation by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.
Master Trust Notes
Debt Instrument [Line Items]
Summary of Debt	The Master Trust Notes are summarized below: Stated Rates (1) Maturity March 31, December 31, (in Years) (in Thousands) Series 2014-1 Class A2 5.4 % 2.3 249,203 252,437 Series 2014-2 5.8 % 3.0 232,768 222,683 Series 2014-3 5.7 % 4.0 310,439 311,336 Series 2014-4 Class A1 3.5 % 1.8 149,629 150,000 Series 2014-4 Class A2 4.6 % 11.8 353,746 358,664 Series 2017-1 Class A (2) 4.4 % 4.7 513,569 515,280 Series 2017-1 Class B (2) 6.4 % 4.7 125,400 125,400 Total Master Trust 2014 notes 5.0 % 5.1 1,934,754 1,935,800 Series 2013-1 Class A 3.9 % 0.7 123,781 125,000 Series 2013-2 Class A 5.3 % 5.7 184,675 187,704 Total Master Trust 2013 notes 4.7 % 3.7 308,456 312,704 Total Master Trust notes 2,243,210 2,248,504 Debt discount, net (26,125 ) (36,188 ) Deferred financing costs, net (22,825 ) (24,010 ) Total Master Trust Notes, net $ 2,194,260 $ 2,188,306 (1) Represents the individual series stated interest rate as of March 31, 2018 and the weighted average stated rate of the total Master Trust Notes , based on the collective series outstanding principal balances as of March 31, 2018 . (2) The Operating Partnership acquired $27.1 million in aggregate principal amount of Class A Notes and $6.6 million in aggregate principal amount of Class B Notes to satisfy its regulatory risk retention obligations.

Stockholders' Equity and Part23

Stockholders' Equity and Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2018 , the Corporation's Board of Directors declared the following preferred and common stock dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Preferred Stock March 5, 2018 $ 0.375 March 15, 2018 $ 2,588 March 30, 2018 Common Stock March 5, 2018 $ 0.1800 March 30, 2018 $ 78,581 April 13, 2018

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Assets at Fair Value on Nonrecurring Basis	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of March 31, 2018 and December 31, 2017 . (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 March 31, 2018 Long-lived assets held and used $ 27,346 — — $ 27,346 Long-lived assets held for sale $ 1,005 — — $ 1,005 December 31, 2017 Long-lived assets held and used $ 28,312 — — $ 28,312 Long-lived assets held for sale $ 42,142 — — $ 42,142
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	The following table provides information about the price per square foot of comparable properties used as inputs (price per square foot in dollars): March 31, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $100.00 - $191.94 $ 105.64 196,544 $13.66 - $305.05 $ 55.68 364,940 Industrial — — — $3.30 - $8.56 $ 5.35 370,824 Office $225.04 $ 225.04 5,999 $24.82 - $244.86 $ 40.14 161,346 The Company estimated fair value of held for sale properties using price per square foot from the signed purchase and sale agreements as follows (price per square foot in dollars): March 31, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held for sale by asset type Retail $239.73 - $603.54 $ 421.64 2,336 $55.30 - $346.23 $ 230.52 150,376 Industrial — — — $24.02 - $54.21 $ 37.09 223,747 The following table provides information about the price per square foot of listing price and broker opinion of value used as inputs (price per square foot in dollars): March 31, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $7.00 - $107.57 $ 57.62 102,742 $88.89 $ 88.89 22,500
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 111,062 $ 118,306 $ 79,967 $ 82,886 Revolving Credit Facility 154,500 154,491 112,000 111,997 Term Loan, net — — — — Senior Unsecured Notes, net (1) 295,431 290,883 295,321 299,049 Mortgages and notes payable, net (1) 2,571,794 2,684,410 2,516,478 2,657,599 Convertible Notes, net (1) 719,295 750,980 715,881 761,440 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Income Per Share and Partners25

Income Per Share and Partnership Unit (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Three Months Ended 2018 2017 Basic and diluted income : Income (loss) before (loss) gain on disposition of assets $ 31,323 $ (3,388 ) (Loss) gain on disposition of assets (605 ) 16,217 Less: income attributable to unvested restricted stock (383 ) (234 ) Less: dividends paid to preferred stockholders (2,588 ) — Net income attributable to common stockholders used in basic and diluted income per share $ 27,747 $ 12,595 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 446,483,145 483,752,233 Less: unvested weighted average shares of restricted stock (1,607,717 ) (1,145,035 ) Weighted average shares of common stock outstanding used in basic income per share 444,875,428 482,607,198 Net income per share attributable to common stockholders—basic $ 0.06 $ 0.03 Diluted weighted average shares of common stock outstanding: (1) Unvested performance shares 226,797 — Stock options — 1,898 Convertible debt — — Weighted average shares of common stock outstanding used in diluted income per share 445,102,225 482,609,096 Net income per share attributable to common stockholders—diluted $ 0.06 $ 0.03 Potentially dilutive shares of common stock Unvested shares of restricted stock 252,475 78,637 Total 252,475 78,637 ( 1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Organization - Narrative (Detai

Organization - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Transaction costs	$ 3,932	$ 0
General Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership of operating partnership	1.00%
Limited Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership of operating partnership	99.00%

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 7,202,820,000	$ 7,263,511,000
Net liabilities	$ 4,034,097,000	3,943,902,000
Number of segments | segment	1
Reserves for uncollectible amounts	$ 11,500,000	12,400,000
Accounts receivable	23,800,000	27,200,000
Reserve for losses	1,500,000	1,800,000
Deferred rental revenue receivables	85,800,000	81,600,000
Provision for income taxes	0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	2,840,000,000	2,780,000,000
Net liabilities	$ 2,700,000,000	$ 2,630,000,000

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 10,989	$ 8,798	$ 9,309
Total cash, cash equivalents and restricted cash	128,154	114,707	52,683	$ 36,898
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,190	1,751	1,451
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,782	8,257	10,277
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	97,010	85,703	30,395
Liquidity reserve
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,527	5,503	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 4,656	$ 4,695	$ 1,251

Investments - Narrative (Detail

Investments - Narrative (Details)	Jan. 16, 2018USD ($)	Mar. 31, 2018USD ($)StatePropertyreceivable	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)Property	Aug. 18, 2016USD ($)
Investment [Line Items]
Gross investment in real estate properties and loans		$ 7,848,989,000		$ 7,903,025,000
Number of real estate properties | Property		2,446		2,480
Portfolio disbursement, number of states | State		49
Minimum of investment in real estate properties		10.00%
Number of other notes receivable | receivable		4
Number of other notes receivable, secured | receivable		3
Number of other notes receivable, non-secured | receivable		1
Amortization amount to rental revenue for capitalized leases		$ 1,500,000	$ 1,800,000
Impairment of properties classified as held for sale		400,000	11,500,000
Impairment of properties classified as held and used		14,200,000	22,900,000
In-place leases
Investment [Line Items]
Leases amortization expenses		10,000,000	$ 11,200,000
Secured Debt
Investment [Line Items]
Other notes receivable		39,100,000
Unsecured Debt
Investment [Line Items]
Other notes receivable		$ 1,700,000
Aggregate principal amount of debt					$ 300,000,000
Stated interest rate					4.45%
Commitment fee		0.25%
Financed Properties
Investment [Line Items]
Gross investment in real estate properties and loans		$ 111,062,000		$ 79,967,000
Number of real estate properties | Property		82		88
Texas
Investment [Line Items]
Investment in real estate properties		12.00%
Operating Partnership and Several Banks Syndicate | B-1 Term Loan | B-1 Term Loan
Investment [Line Items]
Aggregate principal amount of debt	$ 35,000,000
Stated interest rate	12.00%
Periodic payment of principal	$ 600,000
Commitment fee	3.00%
Shopko | Shopko Asset-Backed Lending Facility
Investment [Line Items]
Current borrowing capacity		$ 784,000,000

Investments - Summary of Real E

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Property
Number of Properties
Gross balance, beginning balance (in properties) | Property	2,480
Acquisitions/improvements (in properties) | Property	1
Dispositions of real estate (in properties) | Property	(35)
Principal payments and payoffs (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Loan premium amortization and other (in properties) | Property	0
Gross balance, ending balance (in properties) | Property	2,446
Dollar Amount of Investments
Gross balance, beginning balance	$ 7,903,025
Acquisitions/improvements	47,612
Dispositions of real estate	(46,349)
Principal payments and payoffs	(4,279)
Impairments	(14,569)
Write-off of gross lease intangibles	(36,105)
Loan premium amortization and other	(346)
Gross balance, ending balance	7,848,989
Accumulated depreciation and amortization	(1,304,677)
Other	125
Net balance, ending balance	$ 6,544,437
Owned Properties
Number of Properties
Gross balance, beginning balance (in properties) | Property	2,392
Acquisitions/improvements (in properties) | Property	1
Dispositions of real estate (in properties) | Property	(29)
Principal payments and payoffs (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Loan premium amortization and other (in properties) | Property	0
Gross balance, ending balance (in properties) | Property	2,364
Dollar Amount of Investments
Gross balance, beginning balance	$ 7,823,058
Acquisitions/improvements	12,612
Dispositions of real estate	(46,349)
Principal payments and payoffs	0
Impairments	(14,569)
Write-off of gross lease intangibles	(36,105)
Loan premium amortization and other	(720)
Gross balance, ending balance	7,737,927
Accumulated depreciation and amortization	(1,304,677)
Other	125
Net balance, ending balance	$ 6,433,375
Financed Properties
Number of Properties
Gross balance, beginning balance (in properties) | Property	88
Acquisitions/improvements (in properties) | Property	0
Dispositions of real estate (in properties) | Property	(6)
Principal payments and payoffs (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Loan premium amortization and other (in properties) | Property	0
Gross balance, ending balance (in properties) | Property	82
Dollar Amount of Investments
Gross balance, beginning balance	$ 79,967
Acquisitions/improvements	35,000
Dispositions of real estate	0
Principal payments and payoffs	(4,279)
Impairments	0
Write-off of gross lease intangibles	0
Loan premium amortization and other	374
Gross balance, ending balance	111,062
Accumulated depreciation and amortization	0
Other	0
Net balance, ending balance	$ 111,062

Investments - Summary of Real31

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Footnote) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Property
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Revenue producing capitalized expenditures	$ 7,200
Capitalized maintenance expenditures	2,700
Accumulated depreciation and amortization associated with dispositions of real estate	$ 8,700
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deed-in-lieu properties disposed of | Property	35
Deed-in-lieu properties disposed of, amount	$ 46,349
Disposal Group, Held-for-use, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of assets for properties	(1,800)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of assets for properties	$ 1,200
Deed-In-Lieu Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deed-in-lieu properties disposed of | Property	4
Deed-in-lieu properties disposed of, amount	$ 10,500

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received (Details) $ in Thousands	Mar. 31, 2018USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2018	$ 448,005
2,019	587,122
2,020	570,318
2,021	542,008
2,022	504,471
Thereafter	3,608,539
Total future minimum rentals	$ 6,260,463

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Total loans receivable, net	$ 111,062	$ 79,967
Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	65,767	69,963
Mortgage loans - premium, net of amortization	4,490	5,038
Allowance for loan losses	0	(389)
Total loans receivable, net	70,257	74,612
Notes Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	40,805	5,355
Allowance for loan losses	0	0
Total loans receivable, net	$ 40,805	$ 5,355

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Capital Leased Assets [Line Items]
Less: accumulated amortization	$ (242,117)	$ (271,288)
Intangible lease assets, net	396,596	409,903
Less: accumulated amortization	(55,084)	(61,339)
Intangible lease liabilities, net	151,179	155,303
In-place leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	554,197	591,551
Above-market leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	84,516	89,640
Below-market leases
Capital Leased Assets [Line Items]
Intangible lease liabilities, gross	$ 206,263	$ 216,642

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Minimum lease payments receivable	$ 6,842	$ 7,325
Estimated residual value of leased assets	24,552	24,552
Unearned income	(6,547)	(7,012)
Real estate assets under direct financing leases, net	$ 24,847	$ 24,865

Investments - Schedule of Activ

Investments - Schedule of Activity in Real Estate Assets Held for Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Property
Number of Properties
Beginning Balance (in properties) | Property	15
Transfers from real estate investments held and used (in properties) | Property	4
Sales (in properties) | Property	(3)
Transfers to real estate investments held and used (in properties) | Property	(7)
Ending Balance (in properties) | Property	9
Carrying Value
Beginning Balance	$ 48,929
Transfers from real estate investments held and used	3,581
Sales	(6,994)
Transfers to real estate investments held and used	(25,715)
Impairments	(369)
Ending Balance	$ 19,432

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Real estate and intangible asset impairment	$ 14,961	$ 35,220
Write-off of lease intangibles, net	(376)	(844)
Recovery of loans receivable, previously impaired	(16)	0
Total impairment loss	$ 14,569	$ 34,376

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	May 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 3,827,928	$ 3,740,651
Debt discount, net	(48,768)	(61,399)
Deferred financing costs, net	(38,140)	(39,572)
Total debt, net	$ 3,741,020	3,639,680
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.52%
Weighted average stated rate	4.57%
Weighted average maturity	4 years 7 months 6 days
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt, gross	$ 154,500	112,000
Revolving Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.88%
Weighted average stated rate	3.06%
Weighted average maturity	1 year
Term Loan
Debt Instrument [Line Items]
Total debt, gross	$ 0	0
Deferred financing costs, net	$ (500)	(700)
Term Loan | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	0.00%
Weighted average stated rate	0.00%
Weighted average maturity	7 months 6 days
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	$ 2,243,210	2,248,504
Debt discount, net	(26,125)	(36,188)
Deferred financing costs, net	(22,825)	(24,010)
Total debt, net	$ 2,194,260	2,188,306
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.63%
Weighted average stated rate	4.95%
Weighted average maturity	5 years
CMBS
Debt Instrument [Line Items]
Total debt, gross	$ 382,718	332,647
CMBS | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.61%
Weighted average stated rate	5.56%
Weighted average maturity	6 years
Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 747,500	747,500
Deferred financing costs, net	$ (7,100)	(8,000)	$ (19,600)
Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.31%
Weighted average stated rate	3.28%
Weighted average maturity	2 years
Senior Unsecured Notes
Debt Instrument [Line Items]
Total debt, gross	$ 300,000	$ 300,000
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	4.70%
Weighted average stated rate	4.45%
Weighted average maturity	8 years 6 months

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Aug. 18, 2016
Line of Credit Facility [Line Items]
Total debt, gross	$ 3,827,928,000	$ 3,740,651,000
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature, increase limit	$ 1,000,000,000
Commitment fee	0.25%
Origination costs	$ 4,800,000		$ 3,400,000
Line of credit facility, remaining borrowing capacity	$ 645,500,000
Unsecured Debt | Minimum
Line of Credit Facility [Line Items]
Commitment fee	0.125%
Unsecured Debt | Maximum
Line of Credit Facility [Line Items]
Commitment fee	0.30%
Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Unsecured Debt | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%
Unsecured Debt | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.55%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Total debt, gross	$ 154,500,000
Deferred Costs And Other Assets | Revolving Credit Facility
Line of Credit Facility [Line Items]
Unamortized deferred financing costs	$ 1,300,000	$ 1,600,000

Debt - Term Loan - Narrative (D

Debt - Term Loan - Narrative (Details)	Nov. 03, 2015USD ($)extension_option	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Amount outstanding		$ 154,500,000	$ 112,000,000
Unamortized deferred financing costs		38,140,000	39,572,000
Term Loan
Debt Instrument [Line Items]
Number of one-year extension options | extension_option	2
Extension option, term	1 year
Accordion feature, maximum borrowing capacity	$ 600,000,000
Reborrow period after repayment	30 days
Period subject to occurrence limitation	12 months
Amount outstanding		0
Available borrowing capacity		420,000,000
Origination costs	$ 2,400,000
Unamortized deferred financing costs		$ 500,000	$ 700,000
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Minimum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Maximum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($)	Aug. 18, 2016	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 38,140,000	$ 39,572,000
Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 300,000,000
Principal amount issued	99.378%
Proceeds from issuance of debt	$ 296,200,000
Stated interest rate	4.45%
Deferred financing costs	$ 3,400,000	4,800,000
Unamortized discount	$ 1,900,000	1,600,000	1,700,000
Unamortized deferred financing costs		$ 2,900,000	$ 3,000,000
Period Prior to June 15, 2026 | Unsecured Debt
Debt Instrument [Line Items]
Redemption price, percent of principal amount	100.00%

Debt - Summary of Debt - Master

Debt - Summary of Debt - Master Trust Notes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Jan. 23, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt, gross	$ 3,827,928,000		$ 3,740,651,000
Debt discount, net	(48,768,000)		(61,399,000)
Deferred financing costs, net	(38,140,000)		(39,572,000)
Total debt, net	3,741,020,000		3,639,680,000
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	2,243,210,000		2,248,504,000
Debt discount, net	(26,125,000)		(36,188,000)
Deferred financing costs, net	(22,825,000)		(24,010,000)
Total debt, net	$ 2,194,260,000		2,188,306,000
Master Trust Notes | Series 2014-1 Class A2
Debt Instrument [Line Items]
Stated interest rate	5.37%
Maturity	2 years 3 months 20 days
Total debt, gross	$ 249,203,000		252,437,000
Master Trust Notes | Series 2014-2
Debt Instrument [Line Items]
Stated interest rate	5.76%
Maturity	2 years 11 months 19 days
Total debt, gross	$ 232,768,000		222,683,000
Master Trust Notes | Series 2014-3
Debt Instrument [Line Items]
Stated interest rate	5.74%
Maturity	3 years 11 months 19 days
Total debt, gross	$ 310,439,000		311,336,000
Master Trust Notes | Series 2014-4 Class A1
Debt Instrument [Line Items]
Stated interest rate	3.50%
Maturity	1 year 9 months 20 days
Total debt, gross	$ 149,629,000		150,000,000
Master Trust Notes | Series 2014-4 Class A2
Debt Instrument [Line Items]
Stated interest rate	4.63%
Maturity	11 years 9 months 21 days
Total debt, gross	$ 353,746,000		358,664,000
Master Trust Notes | Series 2017-1 Class A
Debt Instrument [Line Items]
Stated interest rate	4.36%
Maturity	4 years 8 months 20 days
Total debt, gross	$ 513,569,000		$ 515,280,000
Master Trust Notes | Series 2017-1 Class B
Debt Instrument [Line Items]
Stated interest rate	6.35%	5.49%	6.35%
Maturity	4 years 8 months 20 days
Total debt, gross	$ 125,400,000		$ 125,400,000
Aggregate principal amount of debt		$ 674,200,000
Master Trust Notes | Total Master Trust 2014 notes
Debt Instrument [Line Items]
Weighted average interest rate	5.00%
Maturity	5 years 1 month 24 days
Total debt, gross	$ 1,934,754,000		1,935,800,000
Master Trust Notes | Series 2013-1 Class A
Debt Instrument [Line Items]
Stated interest rate	3.89%
Maturity	8 months 20 days
Total debt, gross	$ 123,781,000		125,000,000
Master Trust Notes | Series 2013-2 Class A
Debt Instrument [Line Items]
Stated interest rate	5.27%
Maturity	5 years 8 months 20 days
Total debt, gross	$ 184,675,000		187,704,000
Master Trust Notes | Total Master Trust 2013 notes
Debt Instrument [Line Items]
Weighted average interest rate	4.70%
Maturity	3 years 8 months 18 days
Total debt, gross	$ 308,456,000		$ 312,704,000
Spirit Realty, Inc. | Master Trust Notes | Series 2017-1 Class A
Debt Instrument [Line Items]
Aggregate principal amount of debt	27,100,000
Spirit Realty, Inc. | Master Trust Notes | Series 2017-1 Class B
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 6,600,000

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details)	Feb. 02, 2018USD ($)	Jan. 23, 2018USD ($)	Mar. 31, 2018SubsidiaryPropertytrust	Dec. 31, 2017
Debt Instrument [Line Items]
Number of securitization trusts within program | trust			2
Master Trust 2014 notes
Debt Instrument [Line Items]
Number of properties securing borrowings | Property			790
Debt issued by, number of subsidiaries | Subsidiary			5
Master Trust 2013 notes
Debt Instrument [Line Items]
Number of properties securing borrowings | Property			295
Master Trust Notes | Series 2017-1 Class B
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 674,200,000
Stated interest rate		5.49%	6.35%	6.35%
Proceeds from issuance of debt		$ 8,200,000
Master Trust Notes | Series 2014-2
Debt Instrument [Line Items]
Stated interest rate			5.76%
Debt extinguished	$ 11,600,000

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	Jan. 22, 2018USD ($)	Mar. 31, 2018USD ($)PropertyLoanloan	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Weighted average stated interest rate, excluding defaulted loans		4.84%
Unamortized deferred financing costs		$ 38,140		$ 39,572
Capitalized interest		1,062	$ 714
CMBS Loans
Debt Instrument [Line Items]
Unamortized deferred financing costs		4,800		3,900
Unamortized discount		$ 100		$ 100
CMBS Loans | CMBS
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan		7
Number of properties securing borrowings | Property		101
Number of properties securing loans | Property		3
Debt default amount		$ 31,400
Capitalized interest		$ 10,300
CMBS Loans | CMBS | Minimum
Debt Instrument [Line Items]
Stated interest rate		4.67%
Default interest rate		7.53%
CMBS Loans | CMBS | Maximum
Debt Instrument [Line Items]
Stated interest rate		6.00%
Default interest rate		9.85%
Discontinued Operations, Disposed of by Sale | CMBS Loans
Debt Instrument [Line Items]
Number of loans in default | Loan		3
Societe Generale And Barclays Bank PLC | Non-Recourse CMBS Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Maturity	10 years
Proceeds from issuance of debt	$ 84,000
10-year Mid-Market Swap Rate | Societe Generale And Barclays Bank PLC | Non-Recourse CMBS Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	245.00%

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details)	Mar. 31, 2018USD ($)	May 31, 2014USD ($)$ / shares	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 38,140,000		$ 39,572,000
Convertible Senior Notes
Debt Instrument [Line Items]
Conversion rate	0.0774557	0.0763636
Conversion price (in USD per share) | $ / shares		$ 13.10
Premium above public offering price		22.50%
Anti-dilutive cash dividends, exceeding (in USD per share) | $ / shares		$ 0.16625
Debt discount, value of the embedded conversion premium	$ 21,100,000	$ 56,700,000	23,700,000
Unamortized deferred financing costs	$ 7,100,000	19,600,000	$ 8,000,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 402,500,000
Stated interest rate		2.875%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 345,000,000
Stated interest rate		3.75%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ 21,328	$ (30)
Master Trust Notes
Debt Instrument [Line Items]
Debt extinguished	$ 33,900	$ 49,200
Weighted average contractual interest rate	9.88%	5.69%
Gain (loss) on debt extinguishment	$ 21,300	$ 0

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Scheduled Debt Maturities
Total debt, net	$ 3,741,020	$ 3,639,680
Mortgages and Notes Payable
Scheduled Debt Maturities
Remainder of 2018	187,788
2,019	602,413
2,020	415,237
2,021	598,841
2,022	1,015,310
Thereafter	1,008,339
Total debt, net	3,827,928
Mortgages and Notes Payable | Scheduled Principal
Scheduled Debt Maturities
Remainder of 2018	32,562
2,019	45,413
2,020	50,240
2,021	33,665
2,022	33,849
Thereafter	195,915
Total debt, net	391,644
Mortgages and Notes Payable | Balloon Payment
Scheduled Debt Maturities
Remainder of 2018	155,226
2,019	557,000
2,020	364,997
2,021	565,176
2,022	981,461
Thereafter	812,424
Total debt, net	$ 3,436,284

Debt - Schedule of Debt Matur48

Debt - Schedule of Debt Maturities (Footnote) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Loan	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Capitalized interest	$ 1,062	$ 714
CMBS | CMBS Loans
Debt Instrument [Line Items]
Debt default amount	31,400
Capitalized interest	$ 10,300
Revolving Credit Facility
Debt Instrument [Line Items]
Extension option, term	1 year
Discontinued Operations, Disposed of by Sale | CMBS Loans
Debt Instrument [Line Items]
Number of loans in default | Loan	3

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Non-cash interest expense:
Amortization of deferred financing costs	$ 2,979	$ 2,401
Amortization of debt discount, net	4,562	3,061
Total interest expense	51,065	46,623
Revolving Credit Facility
Schedule Of Interest Expenses [Line Items]
Interest expense	1,352	1,232
Non-cash interest expense:
Facility fees	500	600
Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	0	2,246
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	3,338	3,338
Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	32,707	28,218
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 6,127	$ 6,127

Stockholders' Equity and Part50

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	Mar. 05, 2018	Aug. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Subsidiary, Sale of Stock [Line Items]
Shares withheld for taxes			100,000
Shares withheld for taxes, value			$ 500,000
Preferred stock, shares outstanding			6,900,000	6,900,000
Dividend rate			6.00%
Liquidation value (in dollars per share)			$ 25
Dividend rate, quarterly basis (in dollars per share)			0.375
Dividend rate, annual basis (in dollars per share)			$ 1.5
Dividends, preferred stock	$ 2,588,000		$ 2,588,000
Stock repurchase program, authorized amount		$ 250,000,000
Stock repurchase program, period in force		18 months
Stock repurchased during period (in shares)			13,161,065
Stock repurchased, weighted average price (in dollars per share)			$ 7.88
Stock repurchase program, remaining authorized repurchase amount			$ 63,900,000
Stock repurchased, fees acquired			$ 301,161
ATM Program, November 2016
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)			0
Gross proceeds capacity remaining			$ 500,000,000

Stockholders' Equity and Part51

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 05, 2018	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Preferred stock, dividend per share (in dollars per share)	$ 0.375
Preferred stock, total amount	$ 2,588	$ 2,588
Common stock, dividend per share (in dollars per share)	$ 0.18000	$ 0.18000	$ 0.18
Preferred stock, total amount	$ 78,581	$ 78,581

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Nov. 25, 2015USD ($)	Mar. 31, 2018USD ($)claimtenant	Mar. 31, 2018USD ($)claimtenant	Apr. 01, 2016USD ($)	Sep. 08, 2015Property
Loss Contingencies [Line Items]
Outstanding claims | claim		0	0
Total commitments		$ 65.7	$ 65.7
Total commitments relating to future acquisitions		17.8	17.8
Funded commitments		63.3	$ 63.3
Contingently liable amount of debt owed by tenant		$ 5.7
Number of tenants indemnified by | tenant		1	1
Haggen Operations Holdings, LLC Bankruptcy Claim
Loss Contingencies [Line Items]
Stipulated claims collected			$ 5.5
Remaining claims		$ 21.9	$ 21.9
Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Bankruptcy claims settled				$ 3.4
Albertons, LLC
Loss Contingencies [Line Items]
Bankruptcy claims settled				$ 3
Spirit Realty, Inc. | Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Initial litigation settlement	$ 21
Subsidiaries | Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Number of leased properties | Property					20

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	20	18
Impaired long-lived assets held for sale, properties	2	8
Fair Value Estimated Using Comparable Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	14	17
Fair Value Estimated Using Listing Price or Broker Opinion of Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	6	1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 27,346	$ 28,312
Long-lived assets held for sale	1,005	42,142
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0	0
Long-lived assets held for sale	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0	0
Long-lived assets held for sale	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	27,346	28,312
Long-lived assets held for sale	$ 1,005	$ 42,142

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018ft²$ / ft²	Dec. 31, 2017ft²$ / ft²
Fair Value Estimated Using Comparable Properties | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	196,544	364,940
Fair Value Estimated Using Comparable Properties | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	105.64	55.68
Fair Value Estimated Using Comparable Properties | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	100	13.66
Fair Value Estimated Using Comparable Properties | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	191.94	305.05
Fair Value Estimated Using Comparable Properties | Industrial
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	0	370,824
Fair Value Estimated Using Comparable Properties | Industrial | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	0	5.35
Fair Value Estimated Using Comparable Properties | Industrial | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		3.30
Fair Value Estimated Using Comparable Properties | Industrial | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		8.56
Fair Value Estimated Using Comparable Properties | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	5,999	161,346
Fair Value Estimated Using Comparable Properties | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	225.04	40.14
Fair Value Estimated Using Comparable Properties | Office | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		24.82
Fair Value Estimated Using Comparable Properties | Office | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		244.86
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	102,742	22,500
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	57.62	88.89
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	7
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	107.57
Fair Value Estimated Using Signed Purchase and Sale Agreement | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	2,336	150,376
Fair Value Estimated Using Signed Purchase and Sale Agreement | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	421.64	230.52
Fair Value Estimated Using Signed Purchase and Sale Agreement | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	239.73	55.30
Fair Value Estimated Using Signed Purchase and Sale Agreement | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	603.54	346.23
Fair Value Estimated Using Signed Purchase and Sale Agreement | Industrial
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	0	223,747
Fair Value Estimated Using Signed Purchase and Sale Agreement | Industrial | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	0	37.09
Fair Value Estimated Using Signed Purchase and Sale Agreement | Industrial | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		24.02
Fair Value Estimated Using Signed Purchase and Sale Agreement | Industrial | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		54.21

Fair Value Measurements - Sch56

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 118,306	$ 82,886
Revolving Credit Facility	154,491	111,997
Convertible notes, net	750,980	761,440
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	111,062	79,967
Revolving Credit Facility	154,500	112,000
Convertible notes, net	719,295	715,881
Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan, net	0	0
Term Loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan, net	0	0
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	290,883	299,049
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	295,431	295,321
Mortgages and Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	2,684,410	2,657,599
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	$ 2,571,794	$ 2,516,478

Significant Credit and Revenu57

Significant Credit and Revenue Concentration - Narrative (Details) - tenant	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenue, Major Customer [Line Items]
Number of tenants	417		419
Shopko | Revenues | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (or more)	7.10%	8.30%
Shopko | Total Assets | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (or more)	5.10%		5.10%
No Tenant Other Than Shopko | Revenues | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (or more)	4.00%	4.00%

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 25.4
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4.4	$ 2.2
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	$ 7
Outstanding unvested shares	2.1
Unamortized stock-based compensation expense	$ 14.4
Non-vested Shares of Restricted Stock | Executives Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.9
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved initial target grant (in shares)	0.5
Minimum required service period	3 years
Dividend rights accrued	$ 1.1		$ 0.8
Potential grants in period based on total shareholder return (in shares)	1.8
Unamortized stock-based compensation expense	$ 11
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted	0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted	250.00%

Income Per Share and Partners59

Income Per Share and Partnership Unit - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic and diluted income:
Income (loss) before (loss) gain on disposition of assets	$ 31,323	$ (3,388)
(Loss) gain on disposition of assets	(605)	16,217
Less: income attributable to unvested restricted stock	(383)	(234)
Less: dividends paid to preferred stockholders	2,588	0
Net income attributable to common stockholders used in basic and diluted income per share	$ 27,747	$ 12,595
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	446,483,145	483,752,233
Less: unvested weighted average shares of restricted stock	(1,607,717)	(1,145,035)
Weighted average shares of common stock outstanding used in basic income per share	444,875,428	482,607,198
Net income per share attributable to common stockholders—basic (in USD per share)	$ 0.06	$ 0.03
Dilutive weighted average shares of common stock outstanding:
Convertible debt (in shares)	0	0
Weighted average shares of common stock outstanding used in diluted income per share	445,102,225	482,609,096
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.06	$ 0.03
Potentially dilutive shares of common stock
Potentially dilutive shares	252,475	78,637
Unvested shares of restricted stock
Potentially dilutive shares of common stock
Potentially dilutive shares	252,475	78,637
Unvested performance shares
Dilutive weighted average shares of common stock outstanding:
Unvested performance share/stock options (in shares)	226,797	0
Stock options
Dilutive weighted average shares of common stock outstanding:
Unvested performance share/stock options (in shares)	0	1,898

Income Per Share and Partners60

Income Per Share and Partnership Unit - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt	0	0

Subsequent Events - (Details)

Subsequent Events - (Details)	May 01, 2018	Apr. 30, 2018USD ($)$ / sharesshares	Aug. 31, 2017USD ($)	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Stock repurchase program, remaining authorized repurchase amount				$ 63,900,000
Stock repurchased during period (in shares) | shares				13,161,065
Stock repurchased, weighted average price (in dollars per share) | $ / shares				$ 7.88
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchase program, period in force			18 months
Total debt, gross				$ 3,827,928,000	$ 3,740,651,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased during period (in shares) | shares		8,061,192
Stock repurchased, weighted average price (in dollars per share) | $ / shares		$ 7.93
Stock repurchase program, authorized amount		$ 250,000,000
Stock repurchase program, period in force		18 months
Spin-off transaction, stock issuance ratio	0.1
Master Trust Notes
Subsequent Event [Line Items]
Total debt, gross				2,243,210,000	2,248,504,000
Master Trust Notes | Series 2013-1 Class A
Subsequent Event [Line Items]
Total debt, gross				$ 123,781,000	$ 125,000,000