Spirit Realty 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Entity Central Index Key	0001308606
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,730,000
Entity File Number	001-36004
Entity Tax Identification Number	20-1676382
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	2727 North Harwood Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	476-1900
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Common Stock
Document Information [Line Items]
Trading Symbol	SRC
Title of 12(b) Security	Common stock, par value $0.05 per share
Security Exchange Name	NYSE
6.000% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Trading Symbol	SRC-A
Title of 12(b) Security	6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Security Exchange Name	NYSE
Spirit Realty, L.P.
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY, L.P.
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	333-216815-01
Entity Tax Identification Number	20-1127940
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real estate investments:
Land and improvements	$ 1,749,570	$ 1,632,664
Buildings and improvements	3,531,945	3,125,053
Total real estate investments	5,281,515	4,757,717
Less: accumulated depreciation	(689,346)	(621,456)
Net real estate held for investment	4,592,169	4,136,261
Loans receivable, net	36,570	47,044
Intangible lease assets, net	311,597	294,463
Real estate assets under direct financing leases, net	14,478
Real estate assets under direct financing leases, net		20,289
Real estate assets held for sale, net	5,518	18,203
Net investments	4,960,332	4,516,260
Cash and cash equivalents	358,440	14,493
Deferred costs and other assets, net	119,212	156,428
Investment in Master Trust 2014		33,535
Preferred equity investment in SMTA		150,000
Goodwill	225,600	225,600
Total assets	5,663,584	5,096,316
Liabilities:
Revolving credit facilities		146,300
Term loans, net		419,560
Senior Unsecured Notes, net	1,483,491	295,767
Mortgages and notes payable, net	259,113	463,196
Convertible Notes, net	334,904	729,814
Total debt, net	2,077,508	2,054,637
Intangible lease liabilities, net	116,515	120,162
Accounts payable, accrued expenses and other liabilities	136,781	119,768
Total liabilities	2,330,804	2,294,567
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both September 30, 2019 and December 31, 2018	166,177	166,177
Common stock, $0.05 par value, 175,000,000 shares authorized: 99,730,073 and 85,787,355 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	4,987	4,289
Capital in excess of common stock par value	5,544,170	4,995,697
Accumulated deficit	(2,370,392)	(2,357,255)
Accumulated other comprehensive loss	(12,162)	(7,159)
Total stockholders’ equity	3,332,780	2,801,749
Partnership units
Total liabilities and stockholders’ equity/partners' capital	5,663,584	5,096,316
Spirit Realty, L.P.
Real estate investments:
Land and improvements	1,749,570	1,632,664
Buildings and improvements	3,531,945	3,125,053
Total real estate investments	5,281,515	4,757,717
Less: accumulated depreciation	(689,346)	(621,456)
Net real estate held for investment	4,592,169	4,136,261
Loans receivable, net	36,570	47,044
Intangible lease assets, net	311,597	294,463
Real estate assets under direct financing leases, net	14,478
Real estate assets under direct financing leases, net		20,289
Real estate assets held for sale, net	5,518	18,203
Net investments	4,960,332	4,516,260
Cash and cash equivalents	358,440	14,493
Deferred costs and other assets, net	119,212	156,428
Investment in Master Trust 2014		33,535
Preferred equity investment in SMTA		150,000
Goodwill	225,600	225,600
Total assets	5,663,584	5,096,316
Liabilities:
Revolving credit facilities		146,300
Term loans, net		419,560
Senior Unsecured Notes, net	1,483,491	295,767
Notes payable to Spirit Realty Capital, Inc., net	334,904	729,814
Mortgages and notes payable, net	259,113	463,196
Total debt, net	2,077,508	2,054,637
Intangible lease liabilities, net	116,515	120,162
Accounts payable, accrued expenses and other liabilities	136,781	119,768
Total liabilities	2,330,804	2,294,567
Commitments and contingencies (see Note 6)
Partnership units
General partner's capital: 797,644 units issued and outstanding as of both September 30, 2019 and December 31, 2018	22,924	23,061
Limited partners' preferred capital: 6,900,000 units issued and outstanding as of both September 30, 2019 and December 31, 2018	166,177	166,177
Limited partners' capital: 98,932,429 and 84,989,711 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	3,143,679	2,612,511
Total partners' capital	3,332,780	2,801,749
Total liabilities and stockholders’ equity/partners' capital	$ 5,663,584	$ 5,096,316

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	6,900,000	6,900,000
Preferred stock, shares outstanding	6,900,000	6,900,000
Common stock, par value per share (in USD per share)	$ 0.05	$ 0.05
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	99,730,073	85,787,355
Common stock, shares outstanding	99,730,073	85,787,355
Spirit Realty, L.P.
Stockholders’ equity:
General partners' capital, units issued	797,644	797,644
General partners' capital, units outstanding	797,644	797,644
Limited partners' preferred capital, units issued	6,900,000	6,900,000
Limited partners' preferred capital, units outstanding	6,900,000	6,900,000
Limited partners' capital, units issued	98,932,429	84,989,711
Limited partners' capital, units outstanding	98,932,429	84,989,711

Consolidated Statements of Oper

Consolidated Statements of Operation - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rental income	$ 109,511	$ 100,827	$ 320,084	$ 401,242
Rental income				300,570
Interest income on loans receivable	843	1,121	2,749	2,410
Earned income from direct financing leases	267		971
Earned income from direct financing leases		465		1,395
Related party fee income	54,795	6,750	68,971	8,969
Other income	1,531	481	2,510	2,298
Total revenues	166,947	109,644	395,285	315,642
Expenses:
General and administrative	12,727	11,033	39,741	39,843
Termination of interest rate swaps	12,461		12,461
Property costs (including reimbursable)	4,407	5,172	13,968	15,529
Deal pursuit costs	330	26	574	143
Interest	24,675	24,784	76,462	71,385
Depreciation and amortization	43,907	40,379	126,598	121,015
Impairments	5,932	1,279	13,231	6,254
Total expenses	104,439	82,673	283,035	254,169
Other income:
(Loss) gain on debt extinguishment	(5,580)		(11,473)	27,092
Gain on disposition of assets	32,254	436	70,760	827
Preferred dividend income from SMTA	3,302	3,750	10,802	5,000
Total other income	29,976	4,186	70,089	32,919
Income from continuing operations before income tax expense	92,484	31,157	182,339	94,392
Income tax expense	(11,190)	(135)	(11,730)	(475)
Income from continuing operations	81,294	31,022	170,609	93,917
Loss from discontinued operations	0	(966)	0	(15,979)
Net income	81,294	30,056	170,609	77,938
Dividends paid to preferred shareholders	(2,587)	(2,588)	(7,763)	(7,764)
Net income attributable to common stockholders/after preferred distributions	$ 78,707	$ 27,468	$ 162,846	$ 70,174
Net income per share attributable to common stockholders - basic:
Continuing operations (in USD per share)	$ 0.87	$ 0.33	$ 1.85	$ 0.98
Discontinued operations (in USD per share)		(0.01)		(0.18)
Net income per share attributable to common stockholders - basic (in USD per share)	0.87	0.32	1.85	0.80
Net income per share attributable to common stockholders - diluted:
Continuing operations (in USD per share)	0.87	0.33	1.85	0.98
Discontinued operations (in USD per share)		(0.01)		(0.18)
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.87	$ 0.32	$ 1.85	$ 0.80
Weighted average shares of common stock outstanding:
Basic (in shares)	90,040,353	85,336,193	87,529,786	86,632,552
Diluted (in shares)	90,396,797	85,578,507	87,784,477	86,788,140
Weighted average partnership units outstanding:
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.6250	$ 1.8750	$ 2.4250
Spirit Realty, L.P.
Revenues:
Rental income	$ 109,511	$ 100,827	$ 320,084
Rental income				$ 300,570
Interest income on loans receivable	843	1,121	2,749	2,410
Earned income from direct financing leases	267		971
Earned income from direct financing leases		465		1,395
Related party fee income	54,795	6,750	68,971	8,969
Other income	1,531	481	2,510	2,298
Total revenues	166,947	109,644	395,285	315,642
Expenses:
General and administrative	12,727	11,033	39,741	39,843
Termination of interest rate swaps	12,461		12,461
Property costs (including reimbursable)	4,407	5,172	13,968	15,529
Deal pursuit costs	330	26	574	143
Interest	24,675	24,784	76,462	71,385
Depreciation and amortization	43,907	40,379	126,598	121,015
Impairments	5,932	1,279	13,231	6,254
Total expenses	104,439	82,673	283,035	254,169
Other income:
(Loss) gain on debt extinguishment	(5,580)		(11,473)	27,092
Gain on disposition of assets	32,254	436	70,760	827
Preferred dividend income from SMTA	3,302	3,750	10,802	5,000
Total other income	29,976	4,186	70,089	32,919
Income from continuing operations before income tax expense	92,484	31,157	182,339	94,392
Income tax expense	(11,190)	(135)	(11,730)	(475)
Income from continuing operations	81,294	31,022	170,609	93,917
Loss from discontinued operations		(966)		(15,979)
Net income	81,294	30,056	170,609	77,938
Dividends paid to preferred shareholders	(2,587)	(2,588)	(7,763)	(7,764)
Net income attributable to common stockholders/after preferred distributions	78,707	27,468	162,846	70,174
Net income attributable to the general partner
Continuing operations	703	313	1,477	789
Discontinued operations		(32)		(146)
Net income attributable to the general partner	703	281	1,477	643
Net income attributable to the limited partners
Continuing operations	78,004	28,121	161,369	85,364
Discontinued operations		(934)		(15,833)
Net income attributable to the limited partners	$ 78,004	$ 27,187	$ 161,369	$ 69,531
Weighted average partnership units outstanding:
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.6250	$ 1.8750	$ 2.4250
Basic	90,040,353	85,336,193	87,529,786	86,632,552
Diluted	90,396,797	85,578,507	87,784,477	86,788,140
Net income per partnership unit - basic:
Continuing operations	$ 0.87	$ 0.33	$ 1.85	$ 0.98
Discontinued operations		(0.01)		(0.18)
Net income per partnership unit - basic	0.87	0.32	1.85	0.80
Net income per partnership unit - diluted:
Continuing operations	0.87	0.33	1.85	0.98
Discontinued operations		(0.01)		(0.18)
Net income per partnership unit - diluted	$ 0.87	$ 0.32	$ 1.85	$ 0.80

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income available to common stockholders	$ 78,707	$ 27,468	$ 162,846	$ 70,174
Other comprehensive income (loss):
Net reclassification of amounts (to) from AOCL	8,772		(5,003)
Total comprehensive income	87,479	27,468	157,843	70,174
Spirit Realty, L.P.
Net income available to common stockholders	78,707	27,468	162,846	70,174
Other comprehensive income (loss):
Net reclassification of amounts (to) from AOCL	8,772		(5,003)
Total comprehensive income	$ 87,479	$ 27,468	$ 157,843	$ 70,174

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCL
Beginning balance, value at Dec. 31, 2017	$ 3,319,609	$ 166,193	$ 4,489	$ 5,193,631	$ (2,044,704)	$ 0
Preferred shares outstanding, beginning balance at Dec. 31, 2017		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2017			89,774,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,718				30,718
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	28,130				28,130
Dividends declared on common stock	(78,581)				(78,581)
Tax withholdings related to net stock settlements	(484)				(484)
Tax withholdings related to net stock settlements (in shares)			(12,188)
Repurchase of common shares	(104,042)		$ (132)		(103,910)
Repurchase of common shares (in shares)			(2,632,210)
Stock-based compensation, net	4,091		$ 9	4,357	(275)
Stock-based compensation, net (in shares)			183,081
Ending balance, value at Mar. 31, 2018	3,168,723	$ 166,193	$ 4,366	5,197,988	(2,199,824)	0
Preferred shares outstanding, ending balance at Mar. 31, 2018		6,900,000
Common shares outstanding, ending balance at Mar. 31, 2018			87,312,818
Beginning balance, value at Dec. 31, 2017	3,319,609	$ 166,193	$ 4,489	5,193,631	(2,044,704)	0
Preferred shares outstanding, beginning balance at Dec. 31, 2017		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2017			89,774,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,938
Net income attributable to common stockholders/after preferred distributions	70,174
Ending balance, value at Sep. 30, 2018	2,805,358	$ 166,177	$ 4,285	4,989,804	(2,354,908)
Preferred shares outstanding, ending balance at Sep. 30, 2018		6,900,000
Common shares outstanding, ending balance at Sep. 30, 2018			85,696,261
Beginning balance, value at Mar. 31, 2018	3,168,723	$ 166,193	$ 4,366	5,197,988	(2,199,824)	0
Preferred shares outstanding, beginning balance at Mar. 31, 2018		6,900,000
Common shares outstanding, beginning balance at Mar. 31, 2018			87,312,818
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,164				17,164
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	14,576				14,576
Dividends declared on common stock	(77,143)				(77,143)
Tax withholdings related to net stock settlements	(1,173)		$ (2)		(1,171)
Tax withholdings related to net stock settlements (in shares)			(28,375)
Repurchase of common shares	(64,123)		$ (80)		(64,043)
Repurchase of common shares (in shares)			(1,612,236)
SMTA dividend distribution	(216,005)			(216,005)
Stock-based compensation, net	4,431		$ 2	4,736	(307)
Stock-based compensation, net (in shares)			42,306
Ending balance, value at Jun. 30, 2018	2,829,286	$ 166,193	$ 4,286	4,986,719	(2,327,912)
Preferred shares outstanding, ending balance at Jun. 30, 2018		6,900,000
Common shares outstanding, ending balance at Jun. 30, 2018			85,714,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,056				30,056
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	27,468				27,468
Dividends declared on common stock	(53,546)				(53,546)
Tax withholdings related to net stock settlements	(690)		$ (1)		(689)
Tax withholdings related to net stock settlements (in shares)			(16,509)
Issuance of shares, net	(16)	$ (16)
Stock-based compensation, net	2,856			3,085	(229)
Stock-based compensation, net (in shares)			(1,743)
Ending balance, value at Sep. 30, 2018	2,805,358	$ 166,177	$ 4,285	4,989,804	(2,354,908)
Preferred shares outstanding, ending balance at Sep. 30, 2018		6,900,000
Common shares outstanding, ending balance at Sep. 30, 2018			85,696,261
Beginning balance, value at Dec. 31, 2018	$ 2,801,749	$ 166,177	$ 4,289	4,995,697	(2,357,255)	(7,159)
Preferred shares outstanding, beginning balance at Dec. 31, 2018	6,900,000	6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2018			85,787,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 43,578				43,578
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	40,990				40,990
Other comprehensive Income (loss)	(5,021)					(5,021)
Dividends declared on common stock	(54,254)				(54,254)
Tax withholdings related to net stock settlements	(704)		$ (1)		(703)
Tax withholdings related to net stock settlements (in shares)			(17,800)
Issuance of shares, net	32,686		$ 45	32,641
Issuance of shares, net (in shares)			893,526
Other	(79)			(79)
Stock-based compensation, net	3,269		$ 8	3,570	(309)
Stock-based compensation, net (in shares)			148,705
Ending balance, value at Mar. 31, 2019	2,818,636	$ 166,177	$ 4,341	5,031,829	(2,371,531)	(12,180)
Preferred shares outstanding, ending balance at Mar. 31, 2019		6,900,000
Common shares outstanding, ending balance at Mar. 31, 2019			86,811,786
Beginning balance, value at Dec. 31, 2018	$ 2,801,749	$ 166,177	$ 4,289	4,995,697	(2,357,255)	(7,159)
Preferred shares outstanding, beginning balance at Dec. 31, 2018	6,900,000	6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2018			85,787,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 170,609
Net income attributable to common stockholders/after preferred distributions	162,846
Net reclassification of amounts from AOCL	$ (5,003)
Tax withholdings related to net stock settlements (in shares)	(58,000)
Ending balance, value at Sep. 30, 2019	$ 3,332,780	$ 166,177	$ 4,987	5,544,170	(2,370,392)	(12,162)
Preferred shares outstanding, ending balance at Sep. 30, 2019	6,900,000	6,900,000
Common shares outstanding, ending balance at Sep. 30, 2019			99,730,073
Beginning balance, value at Mar. 31, 2019	$ 2,818,636	$ 166,177	$ 4,341	5,031,829	(2,371,531)	(12,180)
Preferred shares outstanding, beginning balance at Mar. 31, 2019		6,900,000
Common shares outstanding, beginning balance at Mar. 31, 2019			86,811,786
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,737				45,737
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	43,149				43,149
Other comprehensive Income (loss)	(8,754)					(8,754)
Dividends declared on common stock	(56,318)				(56,318)
Tax withholdings related to net stock settlements	(678)		$ (1)		(677)
Tax withholdings related to net stock settlements (in shares)			(16,367)
Issuance of shares, net	129,850		$ 165	129,685
Issuance of shares, net (in shares)			3,292,102
Stock-based compensation, net	3,575		$ 1	3,882	(308)
Stock-based compensation, net (in shares)			23,206
Ending balance, value at Jun. 30, 2019	2,929,460	$ 166,177	$ 4,506	5,165,396	(2,385,685)	(20,934)
Preferred shares outstanding, ending balance at Jun. 30, 2019		6,900,000
Common shares outstanding, ending balance at Jun. 30, 2019			90,110,727
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81,294				81,294
Dividends declared on preferred stock	(2,587)				(2,587)
Net income attributable to common stockholders/after preferred distributions	78,707				78,707
Net reclassification of amounts from AOCL	8,772					8,772
Dividends declared on common stock	(62,322)				(62,322)
Tax withholdings related to net stock settlements	(1,158)		$ (1)		(1,157)
Tax withholdings related to net stock settlements (in shares)			(24,229)
Issuance of shares, net	375,722		$ 482	375,240
Issuance of shares, net (in shares)			9,646,430
Stock-based compensation, net	3,599			3,534	65
Stock-based compensation, net (in shares)			(2,855)
Ending balance, value at Sep. 30, 2019	$ 3,332,780	$ 166,177	$ 4,987	$ 5,544,170	$ (2,370,392)	$ (12,162)
Preferred shares outstanding, ending balance at Sep. 30, 2019	6,900,000	6,900,000
Common shares outstanding, ending balance at Sep. 30, 2019			99,730,073

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income		$ 170,609	$ 77,938
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		126,598	156,476
Impairments		13,231	17,197
Amortization of deferred financing costs		5,155	7,442
Amortization of debt discounts		5,805	10,888
Amortization of deferred losses on interest rate swaps		156
Loss on termination of interest rate swaps		12,461
Payment for termination of interest rate swaps		(24,843)
Stock-based compensation expense		10,995	12,189
Loss (gain) on debt extinguishment		11,473	(26,729)
Gain on dispositions of real estate and other assets		(70,760)	(553)
Non-cash revenue		(13,581)	(14,239)
Bad debt expense and other		184	1,596
Changes in operating assets and liabilities:
Deferred costs and other assets, net		4,560	(5,681)
Accounts payable, accrued expenses and other liabilities		7,310	(2,712)
Net cash provided by operating activities		259,353	233,812
Investing activities
Acquisitions of real estate		(719,081)	(242,491)
Capitalized real estate expenditures		(32,902)	(26,769)
Investments in loans receivable		0	(35,450)
Proceeds from redemption of preferred equity investment		150,000
Collections from investment in Master Trust 2014		33,535
Collections of principal on loans receivable and real estate assets under direct financing leases		9,303	25,858
Proceeds from dispositions of real estate and other assets, net		230,529	41,461
Net cash used in investing activities		(328,616)	(237,391)
Financing activities
Borrowings under revolving credit facilities		744,700	737,800
Repayments under revolving credit facilities		(891,000)	(692,800)
Borrowings under mortgages and notes payable		0	104,247
Repayments under mortgages and notes payable		(198,645)	(167,671)
Borrowings under term loans		820,000	420,000
Repayments under term loans		(1,240,000)	0
Repayments under Convertible Notes		(402,500)	0
Borrowings under Senior Unsecured Notes		1,198,264	0
Debt extinguishment costs		(12,590)	(2,968)
Deferred financing costs		(20,230)	(1,417)
Cash, cash equivalents and restricted cash held by SMTA at Spin-Off		0	(73,081)
Sale of SubREIT preferred shares			5,000
Proceeds from issuance of common stock, net of offering costs		538,003	0
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(2,540)	(170,512)
Common stock dividends paid		(164,191)	(236,663)
Preferred stock dividends paid		(7,763)	(7,764)
Net cash provided by (used in) financing activities		361,508	(85,829)
Net increase (decrease) in cash, cash equivalents and restricted cash		292,245	(89,408)
Cash, cash equivalents and restricted cash, beginning of period		77,421	114,707
Cash, cash equivalents and restricted cash, end of period		369,666	25,299
Cash paid for interest		61,755	94,050
Cash paid for income taxes		1,121	1,133
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		62,322	54,217
Relief of debt through sale or foreclosure of real estate properties		10,368	56,119
Net real estate and other collateral assets sold or surrendered to lender		654	28,271
Cash flow hedge changes in fair value		18,593	0
Accrued interest capitalized to principal	[1]	251	1,719
Accrued market-based award dividend rights		847	811
Accrued capitalized costs		2,065	0
Accrued deferred financing costs		2,048
Financing provided in connection with disposition of assets		0	2,888
Right-of-use lease assets		6,143	0
Lease liabilities		6,143	0
Reclass of residual value from direct financing lease to operating lease		5,841
Investment in preferred shares		0	150,000
Non-cash distribution to SMTA, net		0	142,924
Spirit Realty, L.P.
Operating activities
Net income		170,609	77,938
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		126,598	156,476
Impairments		13,231	17,197
Amortization of deferred financing costs		5,155	7,442
Amortization of debt discounts		5,805	10,888
Amortization of deferred losses on interest rate swaps		156
Loss on termination of interest rate swaps		12,461
Payment for termination of interest rate swaps		(24,843)
Stock-based compensation expense		10,995	12,189
Loss (gain) on debt extinguishment		11,473	(26,729)
Gain on dispositions of real estate and other assets		(70,760)	(553)
Non-cash revenue		(13,581)	(14,239)
Bad debt expense and other		184	1,596
Changes in operating assets and liabilities:
Deferred costs and other assets, net		4,560	(5,681)
Accounts payable, accrued expenses and other liabilities		7,310	(2,712)
Net cash provided by operating activities		259,353	233,812
Investing activities
Acquisitions of real estate		(719,081)	(242,491)
Capitalized real estate expenditures		(32,902)	(26,769)
Investments in loans receivable		0	(35,450)
Proceeds from redemption of preferred equity investment		150,000
Collections from investment in Master Trust 2014		33,535
Collections of principal on loans receivable and real estate assets under direct financing leases		9,303	25,858
Proceeds from dispositions of real estate and other assets, net		230,529	41,461
Net cash used in investing activities		(328,616)	(237,391)
Financing activities
Borrowings under revolving credit facilities		744,700	737,800
Repayments under revolving credit facilities		(891,000)	(692,800)
Borrowings under mortgages and notes payable		0	104,247
Repayments under mortgages and notes payable		(198,645)	(167,671)
Borrowings under term loans		820,000	420,000
Repayments under term loans		(1,240,000)	0
Repayments under Convertible Notes		(402,500)	0
Borrowings under Senior Unsecured Notes		1,198,264	0
Debt extinguishment costs		(12,590)	(2,968)
Deferred financing costs		(20,230)	(1,417)
Cash, cash equivalents and restricted cash held by SMTA at Spin-Off		0	(73,081)
Sale of SubREIT preferred shares			5,000
Proceeds from issuance of common stock, net of offering costs		538,003	0
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(2,540)	(170,512)
Common stock dividends paid		(164,191)	(236,663)
Preferred stock dividends paid		(7,763)	(7,764)
Net cash provided by (used in) financing activities		361,508	(85,829)
Net increase (decrease) in cash, cash equivalents and restricted cash		292,245	(89,408)
Cash, cash equivalents and restricted cash, beginning of period		77,421	114,707
Cash, cash equivalents and restricted cash, end of period		369,666	25,299
Cash paid for interest		61,755	94,050
Cash paid for income taxes		1,121	1,133
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		62,322	54,217
Relief of debt through sale or foreclosure of real estate properties		10,368	56,119
Net real estate and other collateral assets sold or surrendered to lender		654	28,271
Cash flow hedge changes in fair value		18,593	0
Accrued interest capitalized to principal	[1]	251	1,719
Accrued market-based award dividend rights		847	811
Accrued capitalized costs		2,065	0
Accrued deferred financing costs		2,048
Financing provided in connection with disposition of assets		0	2,888
Right-of-use lease assets		6,143	0
Lease liabilities		6,143	0
Reclass of residual value from direct financing lease to operating lease		5,841
Investment in preferred shares		0	150,000
Non-cash distribution to SMTA, net		$ 0	$ 142,924
[1]	Accrued and overdue interest on certain CMBS notes that were intentionally placed in default.

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($) $ in Thousands		Total	Spirit Realty, L.P.	Spirit Realty, L.P.Limited Partners' Capital		Spirit Realty, L.P.General Partner's Capital	[2]	Limited Partner Series A Preferred UnitsSpirit Realty, L.P.Limited Partners' Capital
Beginning balance, value at Dec. 31, 2017			$ 3,319,609	$ 3,128,990	[1]	$ 24,426		$ 166,193	[1]
Partners' preferred units, beginning balance at Dec. 31, 2017	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2017				88,976,491	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 30,718	30,718	$ 30,489	[1]	$ 229
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		28,130	28,130	27,901	[1]	229
Dividends declared on common stock		(78,581)	(78,581)	(77,880)	[1]	(701)
Tax withholdings related to net stock settlements		(484)	(484)	$ (484)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(12,188)
Repurchase of partnership units			(104,042)	$ (104,042)	[1]
Repurchase of partnership units (in shares)	[1]			(2,632,210)
Stock-based compensation, net			4,091	$ 4,091	[1]
Stock-based compensation, net (in shares)	[1]			183,081
Ending balance, value at Mar. 31, 2018			3,168,723	$ 2,978,576	[1]	$ 23,954		$ 166,193	[1]
Partners' preferred units, ending balance at Mar. 31, 2018	[1]							6,900,000
Partners' common units, ending balance at Mar. 31, 2018				86,515,174	[1]	797,644
Beginning balance, value at Dec. 31, 2017			3,319,609	$ 3,128,990	[1]	$ 24,426		$ 166,193	[1]
Partners' preferred units, beginning balance at Dec. 31, 2017	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2017				88,976,491	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		77,938	77,938
Net income attributable to common stockholders/after preferred distributions		70,174	70,174
Ending balance, value at Sep. 30, 2018			2,805,358	$ 2,616,030	[1]	$ 23,151		$ 166,177	[1]
Partners' preferred units, ending balance at Sep. 30, 2018	[1]							6,900,000
Partners' common units, ending balance at Sep. 30, 2018				84,898,617	[1]	797,644
Beginning balance, value at Mar. 31, 2018			3,168,723	$ 2,978,576	[1]	$ 23,954		$ 166,193	[1]
Partners' preferred units, beginning balance at Mar. 31, 2018	[1]							6,900,000
Partners' common units, beginning balance at Mar. 31, 2018				86,515,174	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		17,164	17,164	$ 17,031	[1]	$ 133
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		14,576	14,576	14,443	[1]	133
Dividends declared on common stock		(77,143)	(77,143)	(76,440)	[1]	(703)
Tax withholdings related to net stock settlements		(1,173)	(1,173)	$ (1,173)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(28,375)
Repurchase of partnership units			(64,123)	$ (64,123)	[1]
Repurchase of partnership units (in shares)	[1]			(1,612,236)
SMTA dividend distribution		(216,005)	(216,005)	$ (216,005)	[1]
Stock-based compensation, net			4,431	$ 4,431	[1]
Stock-based compensation, net (in shares)	[1]			42,306
Ending balance, value at Jun. 30, 2018			2,829,286	$ 2,639,709	[1]	$ 23,384		$ 166,193	[1]
Partners' preferred units, ending balance at Jun. 30, 2018	[1]							6,900,000
Partners' common units, ending balance at Jun. 30, 2018				84,916,869	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		30,056	30,056	$ 29,775	[1]	$ 281
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		27,468	27,468	27,187	[1]	281
Dividends declared on common stock		(53,546)	(53,546)	(53,032)	[1]	(514)
Tax withholdings related to net stock settlements		(690)	(690)	$ (690)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(16,509)
Issuance of partnership units			(16)					$ (16)	[1]
Stock-based compensation, net			2,856	$ 2,856	[1]
Stock-based compensation, net (in shares)	[1]			(1,743)
Ending balance, value at Sep. 30, 2018			2,805,358	$ 2,616,030	[1]	$ 23,151		$ 166,177	[1]
Partners' preferred units, ending balance at Sep. 30, 2018	[1]							6,900,000
Partners' common units, ending balance at Sep. 30, 2018				84,898,617	[1]	797,644
Beginning balance, value at Dec. 31, 2018			2,801,749	$ 2,612,511	[1]	$ 23,061		$ 166,177	[1]
Partners' preferred units, beginning balance at Dec. 31, 2018	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2018				84,989,711	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		43,578	43,578	$ 43,198	[1]	$ 380
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		40,990	40,990	40,610	[1]	380
Other comprehensive Income (loss)		(5,021)	(5,021)	(4,974)	[1]	(47)
Dividends declared on common stock		(54,254)	(54,254)	(53,750)	[1]	(504)
Tax withholdings related to net stock settlements		(704)	(704)	$ (704)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(17,800)
Issuance of common units, net			32,686	$ 32,686	[1]
Issuance of common units, net (in shares)	[1]			893,526
Other			(79)	$ (78)	[1]	(1)
Stock-based compensation, net			3,269	$ 3,269	[1]
Stock-based compensation, net (in shares)	[1]			148,705
Ending balance, value at Mar. 31, 2019			2,818,636	$ 2,629,570	[1]	$ 22,889		$ 166,177	[1]
Partners' preferred units, ending balance at Mar. 31, 2019	[1]							6,900,000
Partners' common units, ending balance at Mar. 31, 2019				86,014,142	[1]	797,644
Beginning balance, value at Dec. 31, 2018			2,801,749	$ 2,612,511	[1]	$ 23,061		$ 166,177	[1]
Partners' preferred units, beginning balance at Dec. 31, 2018	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2018				84,989,711	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		170,609	170,609
Net income attributable to common stockholders/after preferred distributions		162,846	162,846
Net reclassification of amounts from AOCL		$ (5,003)	(5,003)
Tax withholdings related to net stock settlements (in shares)		(58,000)
Ending balance, value at Sep. 30, 2019			3,332,780	$ 3,143,679	[1]	$ 22,924		$ 166,177	[1]
Partners' preferred units, ending balance at Sep. 30, 2019	[1]							6,900,000
Partners' common units, ending balance at Sep. 30, 2019				98,932,429	[1]	797,644
Beginning balance, value at Mar. 31, 2019			2,818,636	$ 2,629,570	[1]	$ 22,889		$ 166,177	[1]
Partners' preferred units, beginning balance at Mar. 31, 2019	[1]							6,900,000
Partners' common units, beginning balance at Mar. 31, 2019				86,014,142	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 45,737	45,737	$ 45,343	[1]	$ 394
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		43,149	43,149	42,755	[1]	394
Other comprehensive Income (loss)		(8,754)	(8,754)	(8,674)	[1]	(80)
Dividends declared on common stock		(56,318)	(56,318)	(55,805)	[1]	(513)
Tax withholdings related to net stock settlements		(678)	(678)	$ (678)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(16,367)
Issuance of common units, net			129,850	$ 129,850	[1]
Issuance of common units, net (in shares)	[1]			3,292,102
Stock-based compensation, net			3,575	$ 3,575	[1]
Stock-based compensation, net (in shares)	[1]			23,206
Ending balance, value at Jun. 30, 2019			2,929,460	$ 2,740,593	[1]	$ 22,690		$ 166,177	[1]
Partners' preferred units, ending balance at Jun. 30, 2019	[1]							6,900,000
Partners' common units, ending balance at Jun. 30, 2019				89,313,083	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		81,294	81,294	$ 80,591	[1]	$ 703
Dividends declared on preferred stock		(2,587)	(2,587)	(2,587)	[1]
Net income attributable to common stockholders/after preferred distributions		78,707	78,707	78,004	[1]	703
Net reclassification of amounts from AOCL		8,772	8,772	8,690	[1]	82
Dividends declared on common stock		(62,322)	(62,322)	(61,771)	[1]	(551)
Tax withholdings related to net stock settlements		$ (1,158)	(1,158)	$ (1,158)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(24,229)
Issuance of common units, net			375,722	$ 375,722	[1]
Issuance of common units, net (in shares)	[1]			9,646,430
Stock-based compensation, net			3,599	$ 3,599	[1]
Stock-based compensation, net (in shares)	[1]			(2,855)
Ending balance, value at Sep. 30, 2019			$ 3,332,780	$ 3,143,679	[1]	$ 22,924		$ 166,177	[1]
Partners' preferred units, ending balance at Sep. 30, 2019	[1]							6,900,000
Partners' common units, ending balance at Sep. 30, 2019				98,932,429	[1]	797,644
[1]	Consists of limited partnership interests held by the Corporation and Spirit Notes Partner, LLC.
[2]	Consists of general partnership interests held by OP Holdings.

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Organization	Note 1. Organization Organization and Operations Spirit Realty Capital, Inc. (the "Corporation" or "Spirit" or, with its consolidated subsidiaries, the "Company") operates as a self-administered and self-managed REIT that seeks to generate and deliver sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the The Company’s operations are generally carried out through Spirit Realty, L.P. (the "Operating Partnership") and its subsidiaries. Spirit General OP Holdings, LLC ("OP Holdings"), one of the Company's wholly-owned subsidiaries, is the sole general partner and owns approximately . On May 31, 2018 (the "Distribution Date"), the Company completed the spin-off (the "Spin-Off") of the assets that collateralized Master Trust 2014, properties leased to Shopko, and certain other assets into an independent, publicly traded REIT, Spirit MTA REIT ("SMTA"). For periods prior to the Spin-Off, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations. The Company formed Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary on March 28, 2018. The Company transferred its Asset Management Agreement to SRAM on April 1, 2019. The Company allocates personnel and other general and administrative costs to SRAM for management services provided to SMTA, including the sale of Master Trust 2014 on September 20, 2019.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the year ended December 31, 2018. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company also consolidates a variable interest entity ("VIE") when the Company is determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company's determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA under ASC 810 Consolidation All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity. These consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of September 30, 2019 and December 31, 2018, net assets totaling $0.45 billion and $0.90 billion, respectively, were held, and net liabilities totaling $0.28 billion and $0.48 billion, respectively, were owed by these encumbered special purpose entities and are included in the accompanying consolidated balance sheets. Discontinued Operations A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. The Company determined that the Spin-Off represented a strategic shift that had a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. See Note 12 for further discussion on discontinued operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments. Revenue Recognition Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. For the majority of our operating leases at September 30, 2019, the lease includes one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company's operating leases at September 30, 2019 include an option to terminate. Walgreen Co. leases are generally for fifty years or more with several five-year termination periods after an initial non-cancelable term. For less than 6% of operating leases at September 30, 2019, the lease includes an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. The Company does not include any of these options in its evaluation for lease classification purposes or for recognizing rental income unless the Company is reasonably certain the tenant will exercise the option. Another component of lease classification which requires significant assumptions and judgment is the amount expected to be derived from the property at the end of the lease term. Generally, the Company assumes a value that is equal to net book value of the property at the date of the assessment, as the Company generally expects fair value to be equal to or greater than net book value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting any damage to the property. To further protect residual value, the Company supplements the tenant insurance policy with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value. Some of the Company’s leases provide for contingent rent based on a percentage of the tenant’s gross sales. For contingent rentals that are based on a percentage of the tenant’s gross sales, the Company recognizes contingent rental revenue when the change in the factor on which the contingent lease payment is based actually occurs. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that have contingent rent escalators indexed to future changes in the CPI, they may adjust over a one-year period or over multiple-year periods. Typically, these CPI-based escalators increase rent at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty with respect to future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases, increases in rental revenue from leases with this type of escalator are recognized when the changes in the rental rates have occurred. For leases that provide for fixed contractual escalations, rental revenue is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the initial term of the leases. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant's payment history and financial condition. The Company records a provision for losses against rental income for amounts that are not probable of collection. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, which are non-lease components. The Company has elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized as revenue in the period in which the related expenses are incurred, with the related expense included in property costs (including reimbursable). Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are carried net of any allowances for amounts that are not probable of collection. Rental Income: Intangible Amortization Initial direct costs associated with the origination of a lease are deferred and amortized over the related lease term as an adjustment to rental revenue. In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company believes it is reasonably certain a lease will terminate early, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations. Allowance for Doubtful Accounts The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. If the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. The Company provided for reserves for uncollectible amounts totaling $3.7 million and $4.9 million at September 30, 2019 and December 31, 2018, respectively, against accounts receivable balances of $10.0 million and $12.4 million, respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Receivables are written off against the reserves for uncollectible amounts when all possible means of collection have been exhausted. For receivable balances related to the straight-line method of reporting rental revenue, the collectability is assessed in conjunction with the evaluation of rental income as described above. The Company has a reserve for losses of $0.7 million and $1.1 million at September 30, 2019 and December 31, 2018, respectively, against straight-line receivables of $79.7 million and $69.4 million, respectively. These receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 Cash and cash equivalents $ 358,440 $ 14,493 $ 7,578 Restricted cash: Collateral deposits (1) 469 351 423 Tenant improvements, repairs, and leasing commissions (2) 10,431 9,093 8,898 Master Trust Release (3) — 7,412 7,410 1031 Exchange proceeds, net — 45,042 — Other (4) 326 1,030 990 Total cash, cash equivalents and restricted cash $ 369,666 $ 77,421 $ 25,299 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) (3) Proceeds from the sale of assets pledged as collateral under the Master Trust 2013 notes, which were held on deposit until a qualifying substitution was made or the funds were applied as prepayment of principal. The Master Trust 2013 notes were extinguished in June 2019. See Note 4 for further detail. (4) Funds held in lender-controlled accounts released after scheduled debt service requirements are met. Goodwill Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. No impairment was recorded for the periods presented. Income Taxes The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT. 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. The Company transferred its Asset Management Agreement to SRAM, a wholly-owned taxable REIT subsidiary of Spirit on April 1, 2019. Accordingly, commencing from April 1, 2019, all of the asset management fees, including the termination fee income, were considered non-REIT activities and are subject to income tax. The components of income taxes are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 US Federal Income Tax $ 10,402 $ 51 $ 10,500 $ 64 State Income Tax 788 84 1,230 411 Total Income Tax $ 11,190 $ 135 $ 11,730 $ 475 The federal income tax related to SRAM for the three and nine months ended September 30, 2019 is $10.4 and $10.5 million, respectively and the state income tax for both the three and nine months ended September 30, 2019 is $0.7 million. Income tax expense for SRAM attributable to income before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate of 21 % to income before income taxes. The difference between the statutory rate and reported amount for SRAM is caused by non-deductible expense executive compensation totaling $ 0.7 million and the impact of state income taxes, net of federal income tax benefit totaling $ 0.2 million. SRAM has no material deferred income taxes and liabilities as of September 30, 2019. The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations. New Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. Leases pursuant to which the Company is the lessee consist of its corporate office, ground leases and equipment leases. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, and as such, the Company adopted ASU 2016-02 effective January 1, 2019. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief as follows: • The Company elected to use the package of practical expedients, which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. • The Company elected to use the comparative period expedient, which permits the Company to recognize any cumulative adjustments as of the date of initial application and not record adjustments to prior reported periods. As a result of this election, bad debt expense is being presented in "rental income" on a prospective basis, compared to "property costs (including reimbursable)" for periods prior to January 1, 2019. There was no bad debt expense for the three months ended September 30, 2019 and there was $0.3 million for the nine months ended September 30, 2019. The adoption of the lease standard did not result in a cumulative catch-up adjustment to opening equity. • The Company elected to use the land easements expedient, which permits the Company to not reassess land easements for potential lease classification. • The Company elected to use the components expedient, which permits the Company to not separate non-lease components from lease components if timing and pattern of transfer is the same. The Company elected this expedient for all lessee and lessor operating leases, where certain leases contain non-lease components related to tenant reimbursement, and concluded that the leasing component is the predominant component. • The Company elected not to use the hindsight expedient, which would require the re-evaluation of the lease term on all leases using current facts and circumstances. As a lessee, the Company recognized the right-of-use lease assets and lease liabilities for our operating leases of $6.4 million and $8.6 million, respectively, on January 1, 2019, which are included in deferred costs and other assets, net and accounts payable, accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheet. As a lessor, our recognition of rental income remained materially consistent with previous guidance, apart from expanded disclosure requirements. As such, the Company concludes that the overall impact of the ASU had no material impact on the Company's reported revenues, results of operations or financial position. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Investments	Note 3. Investments As of September 30, 2019, the Company's gross investment in real estate properties and loans totaled approximately $5.6 billion, representing investments in 1,666 properties, including 43 properties securing mortgage loans. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and the carrying amount of loans receivable, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 48 states with Texas, at 12.2%, as the only state with a Real Estate Investment Value greater than 10% of the Real Estate Investment Value of the Company's entire portfolio. Owned Properties During the nine months ended September 30, 2019, the Company had the following owned real estate activity, net of accumulated depreciation and amortization (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2018 1,459 3 1,462 $ 5,054,524 $ 22,064 $ 5,076,588 Acquisitions/improvements (1)(2) 195 — 195 753,076 — 753,076 Dispositions of real estate (3)(4) (11 ) (23 ) (34 ) (61,285 ) (134,699 ) (195,984 ) Transfers to Held for Sale (25 ) 25 — (126,883 ) 126,883 — Transfers from Held for Sale — — — — — — Impairments — — — (8,302 ) (4,929 ) (13,231 ) Write-off of intangibles — — — (7,267 ) (2,945 ) (10,212 ) Other — — — — — — Gross balance, September 30, 2019 1,618 5 1,623 5,603,863 6,374 5,610,237 Accumulated depreciation (689,346 ) (778 ) (690,124 ) Accumulated amortization (112,788 ) (78 ) (112,866 ) Net balance, September 30, 2019 (5) $ 4,801,729 $ 5,518 $ 4,807,247 (1) Includes investments of $30.2 million in revenue producing capitalized expenditures, as well as $4.9 million of non-revenue producing capitalized expenditures during the nine months ended September 30, 2019. (2) 62 properties were acquired through sale-lease back transactions, representing $418.5 million of investment, during the nine months ended September 30, 2019. (3) For the nine months ended September 30, 2019, the total gain on disposal of assets for properties held in use and held for sale was $38.8 million and $32.0 million, respectively. (4) Includes one deed-in-lieu property with a real estate investment of $0.8 million that was transferred to the lender during the nine months ended September 30, 2019. (5) Held in Use land and buildings, net of accumulated depreciation $ 4,592,169 Intangible lease assets, net 311,597 Real estate assets under direct financing leases, net 14,478 Real estate assets held for sale, net 5,518 Intangible lease liabilities, net (116,515 ) Net balance $ 4,807,247 Operating Leases As of September 30, 2019 and December 31, 2018, the Company held 1,621 and 1,458 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Base cash rent $ 100,962 $ 92,292 $ 296,179 $ 372,126 Variable cash rent (including reimbursables) 2,823 3,641 9,403 12,762 Straight-line rent, net of bad debt expense (1) 4,770 3,582 12,162 12,670 Amortization of above- and below- market lease intangibles, net (2) 956 1,312 2,340 3,684 Total rental income $ 109,511 $ 100,827 $ 320,084 $ 401,242 (1) As a result of the Company's adoption of ASU 2016-02 on January 1, 2019, the Company reclassified bad debt expense to rental income on a prospective basis. See Note 2 for additional detail. (2) Excludes amortization of in-place leases of $7.2 million and $7.0 million for the three months ended September 30, 2019 and 2018, respectively, and $20.4 million and $21.2 million for the nine months ended September 30, 2019 and 2018, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of these operating leases (including contractual fixed rent increases occurring on or after October 1, 2019) at September 30, 2019 are as follows (in thousands): September 30, 2019 Remainder of 2019 $ 102,482 2020 406,783 2021 390,425 2022 371,402 2023 350,929 Thereafter 2,736,420 Total future minimum rentals $ 4,358,441 Because lease renewals are exercisable at the lessees' options, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rent based on a percentage of the lessees' gross sales or lease escalations based on future changes in the CPI. The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): September 30, 2019 December 31, 2018 In-place leases $ 402,902 $ 381,143 Above-market leases 68,970 62,902 Less: accumulated amortization (160,275 ) (149,582 ) Intangible lease assets, net $ 311,597 $ 294,463 Below-market leases $ 164,001 $ 167,527 Less: accumulated amortization (47,486 ) (47,365 ) Intangible lease liabilities, net $ 116,515 $ 120,162 Direct Financing Leases As of September 30, 2019 and December 31, 2018, the Company held two and four properties under direct financing leases, respectively, all of which were held in use. The components of real estate investments held under direct financing leases were as follows (in thousands): September 30, 2019 December 31, 2018 Minimum lease payments receivable $ 4,448 $ 5,390 Estimated residual value of leased assets 14,256 20,097 Unearned income (4,226 ) (5,198 ) Real estate assets under direct financing leases, net $ 14,478 $ 20,289 Scheduled minimum future payments to be received under the remaining non-cancelable term of these direct financing leases at September 30, 2019 are as follows (in thousands): September 30, 2019 Remainder of 2019 $ 280 2020 577 2021 527 2022 541 2023 554 Thereafter 1,969 Total future minimum rentals $ 4,448 Loans Receivable The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are two other notes receivable included within loans receivable as of September 30, 2019, of which one note totaling $0.1 million is secured by tenant assets and stock and the other note, with a balance of $1.9 million, is unsecured. During the nine months ended September 30, 2019, the Company had the following loan activity: Mortgage Loans Other Notes Total Properties Investment Investment Investment Principal, December 31, 2018 52 $ 42,660 $ 2,082 $ 44,742 Acquisitions — — — — Dispositions — — — — Principal payments and payoffs (9 ) (9,220 ) (83 ) (9,303 ) Allowance for loan losses — — — — Principal, September 30, 2019 43 $ 33,440 $ 1,999 $ 35,439 The following table details loans receivable, net of premiums, discounts and allowance for loan losses (dollars in thousands): September 30, 2019 December 31, 2018 Mortgage loans - principal $ 33,440 $ 42,660 Mortgage loans - premiums, net of amortization 1,308 2,527 Allowance for loan losses — — Mortgage loans, net 34,748 45,187 Other notes receivable - principal 1,999 2,082 Other notes receivable - discounts, net of amortization (177 ) (225 ) Allowance for loan losses — — Other notes receivable, net 1,822 1,857 Total loans receivable, net $ 36,570 $ 47,044 Impairments The following table summarizes total impairment losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Real estate and intangible asset impairment $ 5,932 $ 1,279 $ 13,231 $ 17,214 Recovery of loans receivable, previously impaired — — — (17 ) Total impairment loss $ 5,932 $ 1,279 $ 13,231 $ 17,197

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 4. Debt The debt of the Company and the Operating Partnership are the same, except for the presentation of the Convertible Notes which were issued by the Company. Subsequently, an intercompany note between the Company and the Operating Partnership was executed with terms identical to those of the Convertible Notes. Therefore, in the consolidated balance sheet of the Operating Partnership, the amounts related to the Convertible Notes are reflected as notes payable to Spirit Realty Capital, Inc., net. The Company's debt is summarized below: Weighted Average Effective Interest Rates (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) September 30, 2019 December 31, 2018 (in Years) (In Thousands) Revolving credit facilities 6.40 % — 3.5 $ — $ 146,300 Term loans 3.87 % — — — 420,000 Senior Unsecured Notes 3.74 % 3.73 % 8.9 1,500,000 300,000 Master Trust Notes 5.53 % — — — 167,854 CMBS 5.73 % 5.35 % 3.9 261,741 274,758 Related party notes payable 0.96 % — — — 27,890 Convertible Notes 5.18 % 3.75 % 1.6 345,000 747,500 Total debt 4.56 % 3.93 % 7.1 2,106,741 2,084,302 Debt discount, net (10,664 ) (14,733 ) Deferred financing costs, net (4) (18,569 ) (14,932 ) Total debt, net $ 2,077,508 $ 2,054,637 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the nine months ended September 30, 2019 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2019. (3) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2019. (4) The Company records deferred financing costs for its revolving credit facilities in deferred costs and other assets, net on its consolidated balance sheets. Revolving Credit Facilities The Operating Partnership had access to an unsecured credit facility, the 2015 Credit Facility, which had a borrowing capacity of $800.0 million at December 31, 2018. On January 14, 2019, the Operating Partnership entered into a new 2019 Revolving Credit and Term Loan Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and various lenders, comprised of the 2019 Credit Facility and the A-1 Term Loans. The 2019 Facilities Agreements replaced the existing 2015 Credit Agreement and 2015 Term Loan Agreement. The 2019 Credit Facility is comprised of $800.0 million of aggregate revolving commitments with a maturity date of March 31, 2023 and includes two six-month extensions that can be exercised at the Company’s option. The 2019 Revolving Credit and Term Loan Agreement includes an accordion feature providing for an additional $400.0 million of revolving borrowing capacity, subject to satisfying certain requirements and obtaining additional lender commitments. As of September 30, 2019, the outstanding loans under the 2019 Credit Facility bore interest at LIBOR plus an applicable margin of 0.90% per annum and the aggregate revolving commitments incurred a facility fee of 0.20% per annum, in each case, based on the Operating Partnership's credit rating, which was upgraded to BBB by S&P in May 2019. Prior to the upgrade, the 2019 Credit Facility bore interest at LIBOR plus an applicable margin of 1.10% per annum and the aggregate revolving commitments incurred a facility fee of 0.25% per annum. In connection with entering into the 2019 Credit Facility, the Company incurred costs of $4.8 million. These deferred financing costs are being amortized to interest expense over the remaining initial term of the 2019 Credit Facility. The unamortized deferred financing costs relating to the 2019 Credit Facility were $4.0 million as of September 30, 2019, compared to $0.4 million relating to the 2015 Credit Facility as of December 31, 2018, and are recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of September 30, 2019, the full $800.0 million of borrowing capacity was available under the 2019 Credit Facility. No outstanding letters of credit existed under the agreement as of September 30, 2019. The Term Loans The Operating Partnership had an unsecured term loan facility, the 2015 Term Loan, which had a facility size of $420.0 million and unamortized deferred financing costs of $0.4 million as of December 31, 2018. Unamortized deferred financing costs are recorded net against the principal balance of term loans, net on the accompanying consolidated balance sheets. As discussed above, on January 14, 2019, the Operating Partnership entered into a new 2019 Revolving Credit and Term Loan Agreement, comprised of the 2019 Credit Facility and the A-1 Term Loans, which replaced the existing 2015 Credit Agreement and 2015 Term Loan Agreement. The A-1 Term Loans had an aggregate borrowing amount of $420.0 million with a maturity date of March 31, 2024. The Revolving Credit and Term Loan Agreement included an accordion feature providing for an additional $200.0 million of term loans, subject to satisfying certain requirements and obtaining additional lender commitments. In addition, on January 14, 2019, the Operating Partnership entered into new A-2 Term Loans with Bank of America, N.A. as administrative agent and various lenders, comprised of $400.0 million of delayed draw term loans with a maturity date of March 31, 2022. The A-2 Term Loans included an accordion feature providing for an additional $200.0 million of term loans, subject to satisfying certain requirements and obtaining additional lender commitments. The Company drew on the A-2 Term Loans to retire the 2.875% Convertible Notes upon their maturity in May 2019. Subsequent to the credit rating upgrade in May 2019, the A-1 Term Loans and A-2 Term Loans bore interest at LIBOR plus an applicable margin of 1.00% per annum based on the Operating Partnership's credit rating. Prior to the credit rating upgrade, they bore interest at LIBOR plus an applicable margin of 1.25%. In addition, a ticking fee accrued on the unused portion of the commitments for the A-2 Term Loans at a rate of 0.20% until the earlier of July 12, 2019 and the termination of the commitments. On September 16, 2019, in connection with the issuance of the 2027 Senior Unsecured Notes and 2030 Senior Unsecured Notes described below, the Company repaid the A-1 Term Loans and A-2 Term Loans in full and recognized a loss on debt extinguishment of $5.3 million. Senior Unsecured Notes On August 18, 2016, the Operating Partnership issued $300.0 million aggregate principal amount of senior notes, which are guaranteed by the Company. The 2026 Senior Unsecured Notes were issued at 99.378% of their principal face amount, resulting in net proceeds of $296.2 million, after deducting transaction fees and expenses. The 2026 Senior Unsecured Notes accrue interest at a rate of 4.45% per annum, payable on March 15 and September 15 of each year, and mature on September 15, 2026. On June 27, 2019, the Operating Partnership issued $400.0 million aggregate principal amount of senior notes, which are guaranteed by the Company. The 2029 Senior Unsecured Notes were issued at 99.274% of their principal face amount, resulting in net proceeds of $395.9 million, after deducting the debt discount and transaction fees and expenses. The 2029 Senior Unsecured Notes accrue interest at a rate of 4.00% per annum, payable on January 15 and July 15 of each year, and mature on July 15, 2029. On September 16, 2019, the Operating Partnership issued $800.0 million aggregate principal amount of senior notes, comprised of the 2027 Senior Unsecured notes and 2030 Unsecured Notes, which are guaranteed by the Company. The $300.0 million aggregate principal amount of 2027 Senior Unsecured Notes, were issued at 99.281% of their principal face amount, resulting in net proceeds of $297.0 million, after deducting the debt discount and transaction fees and expenses. The 2027 Senior Unsecured Notes accrue interest at a rate of 3.200% per annum, payable on January 15 and July 15 of each year, and mature on January 15, 2027. The $500.0 million aggregate principal amount of 2030 Senior Unsecured Notes, were issued at 99.120% of their principal face amount, resulting in net proceeds of $494.2 million, after deducting the debt discount and transaction fees and expenses. The 2030 Senior Unsecured Notes accrue interest at a rate of 3.400% per annum, payable on January 15 and July 15 of each year, and mature on January 15, 2030. 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 respective 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 respective indenture. Notwithstanding the foregoing, if any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Unsecured Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium. In connection with the 2016 offering, the Operating Partnership incurred $3.4 million in deferred financing costs and an offering discount of $1.9 million. In connection with the June 2019 offering, the Operating Partnership incurred $3.8 million in deferred financing costs and an offering discount of $0.3 million. In connection with the September 2019 offering, the Operating Partnership incurred $7.3 million in deferred financing costs and an offering discount of $1.5 million. These amounts are being amortized to interest expense over the lives of the respective Senior In connection with the issuance of the Senior Unsecured Notes, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of September 30, 2019, the Company and the Operating Partnership were in compliance with these financial covenants. Master Trust Notes Master Trust 2013 is an asset-backed securitization platform through which the Company has raised capital through the issuance of non-recourse net-lease mortgage notes collateralized by commercial real estate, net-leases and mortgage loans. On June 20, 2019, the Company elected to retire the Master Trust 2013 notes, which had one series of notes outstanding, Series 2013-2 Class A, with a stated interest rate of 5.27%. These notes were issued by a single indirect wholly-owned subsidiary of the Company which is a bankruptcy-remote, special purpose entity, and were secured by 267 owned and financed properties at time of repayment. As a result of the early repayment, the properties securing the notes became unencumbered and the Company recognized a loss on debt extinguishment of $15.0 million. CMBS As of September 30, 2019, indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under six fixed-rate non-recourse loans, which have been securitized into CMBS and are secured by the borrowers' respective leased properties and related assets. The stated interest rates of the loans as of September 30, 2019 ranged from 4.67 % to 6.00 %, with a weighted average stated interest rate of 5.35 %. As of September 30, 2019 , the loans were secured by 100 properties. As of September 30, 2019 and December 31, 2018 , the unamortized deferred financing costs associated with these fixed-rate loans were $ million and $ 3.2 million, respectively, and the unamortized net offering premium was $ 0.1 million as of both periods. Both the deferred financing costs and offering premium were recorded net against the principal balance of the mortgages and notes payable on the accompanying consolidated balance sheets and are being amortized to interest expense over the term of the respective loans. Related Party Mortgage Loans Payable Wholly-owned subsidiaries of the Company were the borrower on four mortgage loans payable to SMTA and secured by six single-tenant commercial properties. In total, these mortgage notes had outstanding principal of $27.9 million at December 31, 2018, which is included in mortgages and notes payable, net on the consolidated balance sheets. These mortgage notes had a weighted average stated interest rate of 1.00% and were eligible for early repayment without penalty. In conjunction with SMTA’s completed sale of Master Trust 2014, the Company repaid the four mortgage loans in full, extinguishing the related party mortgage loans payable with no gain or loss on debt extinguishment. Additionally, the Company sold three of the underlying properties for gross proceeds of $55.0 million. See Note 11 for additional detail. Convertible Notes In May 2014, the Company issued $402.5 million aggregate principal amount of 2.875% convertible notes due in 2019 and $345.0 million aggregate principal amount of 3.75% convertible notes due in 2021. 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 2019 Notes matured on May 15, 2019 and were settled in cash. The 2021 Notes will mature on May 15, 2021 and interest is payable semiannually in arrears on May 15 and November 15 of each year. The 2021 Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of the Company's common stock, or a combination thereof. The initial conversion rate was 15.2727 shares of common stock per $1,000 principal note (equivalent to an initial conversion price of $65.48 per share of common stock, representing a 22.5% premium above the public offering price of the common stock offered concurrently at the time 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 September 30, 2019 and December 31, 2018, the unamortized discount was $7.7 million and $13.3 million, respectively. The discount is shown net against the aggregate outstanding principal balance of the Convertible Notes on the accompanying consolidated balance sheets. The equity component of the conversion feature is recorded in capital in excess of par value in the accompanying consolidated balance sheets, net of financing transaction costs. In connection with the offering, the Company also incurred $19.6 million in deferred financing costs. This amount has been allocated on a pro-rata basis to each of the Convertible Notes and is being amortized to interest expense over the term of each note. As of September 30, 2019 and December 31, 2018, the unamortized deferred financing costs relating to the Convertible Notes were $2.4 million and $4.3 million, respectively, and recorded net against the Convertible Notes principal balance on the accompanying consolidated balance sheets. Debt Extinguishment During the nine months ended September 30, 2019, the Company extinguished a total of $2.0 billion aggregate principal amount of indebtedness and recognized a total net loss on debt extinguishment of $11.5 million, comprised of the following: • repayment and termination of the A-1 Term Loans and A-2 Term Loans, resulting in a loss on debt extinguishment of $5.3 million • retirement of the Master Trust 2013 notes, resulting in a loss on debt extinguishment of $15.0 million • extinguishment of $10.4 million principal amount of CMBS indebtedness on one defaulted loan, which was secured by one property and had a default interest rate of 9.85%, resulting in a gain on debt extinguishment of $9.5 million • termination of the 2015 Credit Agreement and 2015 Term Loan Agreement, resulting in loss on debt extinguishment of $0.7 million During the nine months ended September 30, 2018, the Company extinguished a total of $179.3 million aggregate principal amount of indebtedness, including the retirement of $123.1 million of Master Trust 2013 Series 2013-1 Class A notes and $56.2 million of CMBS debt. The debt extinguished had a weighted average contractual interest rate of 5.69%. As a result of these transactions, the Company recognized a net gain on debt extinguishment of approximately $26.7 million. Debt Maturities As of September 30, 2019, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2019 $ 1,004 $ — $ 1,004 2020 4,100 — 4,100 2021 4,365 345,000 349,365 2022 4,617 42,400 47,017 2023 3,074 197,912 200,986 Thereafter 4,269 1,500,000 1,504,269 Total $ 21,429 $ 2,085,312 $ 2,106,741 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest expense – revolving credit facilities (1) $ 473 $ 1,933 $ 4,449 $ 6,134 Interest expense – term loans 5,779 2,677 15,448 2,677 Interest expense – Senior Unsecured Notes 8,446 3,338 15,299 10,013 Interest expense – mortgages and notes payable 3,637 6,183 15,168 62,370 Interest expense – Convertible Notes (2) 3,234 6,127 14,010 18,382 Interest expense – interest rate swaps/other 421 — 972 — Non-cash interest expense: Amortization of deferred financing costs 1,350 1,890 5,155 7,442 Amortization of net losses related to interest rate swaps 156 — 156 — Amortization of debt discount, net 1,179 2,636 5,805 10,888 Total interest expense $ 24,675 $ 24,784 $ 76,462 $ 117,906 (1) Includes facility fees of approximately $0.4 million and $0.5 million (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations are amounts paid to the Company by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.

Stockholders' Equity and Partne

Stockholders' Equity and Partners' Capital	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Stockholders' Equity and Partners' Capital	Note 5. Stockholders’ Equity and Partners' Capital Common Stock During the nine months ended September 30, 2019, portions of restricted common stock awards granted to certain of the Company's officers and other employees vested. The vesting of these awards, granted pursuant to the Amended Incentive Award Plan, resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender approximately 58 thousand shares of common stock valued at $2.5 million, solely to pay the associated statutory tax withholdings during the nine months ended September 30, 2019. In May 2019, the Company entered into forward sale agreements with certain financial institutions acting as forward purchasers in connection with an offering of 11.5 million shares of common stock at an initial gross offering price of $41.00 per share, before underwriting discounts and offering expenses. The forward purchasers borrowed and sold an aggregate of 11.5 million shares of common stock in the offering. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the offering. The forward sale price that the Company received upon physical settlement of the agreements was subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers' stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements. As of September 30, 2019, all 11.5 million of these shares had been settled, generating gross proceeds of $471.5 million. Preferred Stock As of September 30, 2019, the Company had 6.9 million shares of 6.00% Series A Preferred Stock outstanding. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00% per annum on the liquidation preference of $25.00 per share (equivalent to $0.375 per share on a quarterly basis and $1.50 per share on an annual basis). For both the nine months ended September 30, 2019 and 2018, the Company paid $7.8 million in Series A Preferred Stock dividends. ATM Program In November 2016, the Company's Board of Directors approved a new ATM Program and the Company terminated its existing program. The agreement provides for the offer and sale of shares of the Company’s common stock, $0.05 par value per share (the “common stock”), having an aggregate gross sales price of up to $500.0 million through the agents, as its sales agents or, if applicable, as forward sellers for forward purchasers (as defined below), or directly to the agents acting as principals. As of September 30, 2019, 2.4 million shares of the Company's common stock have been sold under the new ATM Program, of which 2.3 million were sold during the nine months ended September 30, 2019 at a weighted average price per share of $39.19, generating $91.4 million in gross proceeds. 1.8 million of these sales were through forward sales agreements, which were physically settled in shares. Aggregate gross proceeds capacity of $404.9 million remained available under the program as of September 30, 2019. Stock Repurchase Programs In May 2018, the Company's Board of Directors approved a new stock repurchase program, which authorizes the Company to repurchase up to $250.0 million of its common stock. These purchases can be made in the open market or through private transactions from time to time over the 18-month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. Purchase activity will be dependent on various factors, including the Company's capital position, operating results, funds generated by asset sales, dividends that may be required by those sales, and investment options that may be available, including acquiring new properties or retiring debt. The stock repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended at any time at the Company's discretion. As of September 30, 2019, no shares of the Company's common stock had been repurchased under the new program and the full $250.0 million in gross repurchase capacity remained available. Dividends Declared For the nine months ended September 30, 2019, the Company's Board of Directors declared the following preferred and common stock dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Preferred Stock February 28, 2019 $ 0.375 March 15, 2019 $ 2,588 March 29, 2019 May 30, 2019 $ 0.375 June 14, 2019 $ 2,588 June 28, 2019 August 13, 2019 $ 0.375 September 13, 2019 $ 2,587 September 30, 2019 Common Stock February 28, 2019 $ 0.625 March 29, 2019 $ 54,254 April 15, 2019 May 30, 2019 $ 0.625 June 28, 2019 $ 56,318 July 15, 2019 August 13, 2019 $ 0.625 September 30, 2019 $ 62,322 October 15, 2019 The Common Stock dividend declared on August 13, 2019 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets as of September 30, 2019.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are typically insured against such claims. The Company is contingently liable for $5.7 million of debt owed by one of its former tenants until the maturity of the debt on March 15, 2022 and is indemnified by that former tenant for any payments the Company may be required to make on such debt. The Company has accrued the full $5.7 million liability in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets as of both September 30, 2019 and December 31, 2018. The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of September 30, 2019, no accruals have been made. As of September 30, 2019, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Purchase and Capital Improvement Commitments As of September 30, 2019, the Company had commitments totaling $75.0 million, of which $38.1 million relates to future acquisitions, with the remainder to fund improvements on properties the Company currently owns. Commitments related to acquisitions contain standard cancellation clauses contingent on the results of due diligence. $44.9 million of these commitments are expected to be funded during fiscal year 2019, with the remainder to be funded by 2021. Lessee Contracts The Company leases its corporate office space and certain office equipment, which are classified as operating leases. The Company's lease of its corporate office space has an initial term that expires on January 31, 2027 and is renewable at the Company's option for two additional periods of five years each after the initial term. The lease can be early terminated by the Company on July 31, 2023 for a fee based on rent at time of termination. The corporate office lease contains a variable lease cost related to the lease of parking spaces and a non-lease component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. The Company is also a lessee under four long-term, non-cancelable ground leases under which it is obligated to pay monthly rent as of September 30, 2019. For all four of the ground leases, rental expenses are reimbursed by unrelated third parties, and the corresponding rental revenue is recorded in rental income on the accompanying consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 7.9 years . The following table summarizes total rental expenses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Office Base Rental Expense $ 194 $ 194 $ 597 $ 582 Office Variable Rental Expense 171 299 616 624 Total Office Rental Expense $ 365 $ 493 $ 1,213 $ 1,206 Total Ground Lease Rental Expense $ 62 $ 102 $ 239 $ 796 The Company’s recorded lease liabilities under all of these operating leases as of September 30, 2019, based on minimum rental commitments less imputed interest, are as follows (in thousands): Ground Leases Office Leases Total Remainder of 2019 $ 63 $ 249 $ 312 2020 253 1,009 1,262 2021 250 1,024 1,274 2022 166 1,040 1,206 2023 142 1,055 1,197 Thereafter 675 3,349 4,024 Total 1,549 7,726 9,275 Less: imputed interest (278 ) (1,322 ) (1,600 ) Total operating lease liabilities $ 1,271 $ 6,404 $ 7,675 Imputed interest was calculated using a weighted-average discount rate of 4.26%. The discount rate is based on our estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including the Company's credit rating and REIT industry performance. The evaluation of the Company's right-of-use lease asset associated with the corporate office included the unamortized portion of a $1.7 million cash lease incentive paid at inception of the lease. As of September 30, 2019, the Company had a right-of-use lease asset balance of $5.6 million for these lessee contracts.

Derivative and Hedging Activiti

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	Note 7. Derivative and Hedging Activities The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCL and the change is reflected as derivative changes in fair value in the supplemental disclosures of non-cash activities in the consolidated statement of cash flows. Amounts will subsequently be reclassified to income or expense when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes. The Company does not have netting arrangements related to its derivatives. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. In December 2018, the Company entered into interest rate swap agreements. The following table summarizes the notional amount and fair value of these instruments (dollars in thousands), which are recorded in accounts payable, accrued expenses and other liabilities on the Company's consolidated balance sheets (dollars in thousands): Fair Value of Liability Derivatives Designated as Hedging Instruments Notional Amount Fixed Interest Rate Effective Date Maturity Date September 30, 2019 December 31, 2018 Interest Rate Swap $ 200,000 2.8140 % 02/01/19 02/01/24 $ — $ 3,559 Interest Rate Swap $ 100,000 2.8174 % 02/01/19 02/01/24 $ — $ 1,801 Interest Rate Swap $ 100,000 2.8180 % 02/01/19 02/01/24 $ — $ 1,799 $ — $ 7,159 In three months ended September 30, 2019, the Company terminated its interest rate swaps and accelerated the reclassification of a loss of $12.5 million from AOCL to Termination of interest rate swaps on the accompanying Consolidated Statements of Operations as a result of a portion of the hedged forecasted transactions becoming probable not to occur. Given that a proportion of the hedged transactions remained probable to occur, $12.3 million of loss that has been deferred in other comprehensive loss will be amortized over the remaining initial term of the interest rate swaps through March 31, 2024. The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL, for the three and nine months ended September 30, 2019 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Gross amount of loss recognized in AOCL on derivatives $ 4,267 $ 18,593 Amount of loss reclassified from AOCL to termination of interest rate swaps $ (12,462 ) $ (12,462 ) Amount of loss reclassified from AOCL to interest (1) $ (577 ) $ (1,128 ) (1) Interest expense for the three and nine months ended September 30, 2019 was $24.7 million and $76.5 million, respectively. During the next 12 months, we estimate that approximately

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements Recurring Fair Value Measurements The Company’s liabilities that are required to be measured at fair value in the accompanying consolidated financial statements are summarized below. The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 September 30, 2019 Derivatives: Interest rate swaps financial liabilities $ — $ — $ — $ — December 31, 2018 Derivatives: Interest rate swaps financial liabilities $ 7,159 $ — $ 7,159 $ — The interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. These measurements are classified as Level 2 of the fair value hierarchy. Nonrecurring Fair Value Measurements Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of September 30, 2019 and December 31, 2018 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 September 30, 2019 Long-lived assets held and used $ 11,214 $ — $ — $ 11,214 Long-lived assets held for sale $ 992 $ — $ — $ 992 December 31, 2018 Long-lived assets held and used $ 14,866 $ — $ — $ 14,866 Long-lived assets held for sale $ 7,695 $ — $ — $ 7,695 Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant or non-operating, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. The fair values of impaired real estate and intangible assets were determined by using the following information, depending on availability, in order of preference: signed purchase and sale agreements or letters of intent; recently quoted bid or ask prices, or market prices for comparable properties; estimates of cash flow, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, and expenses based upon market conditions; and expectations for the use of the real estate. Based on these inputs, the Company determined that its valuation of the impaired real estate and intangible assets falls within Level 3 of the fair value hierarchy. As of September 30, 2019 and December 31, 2018, 11 and eight long-lived assets held and used, respectively, were accounted for at fair value. For three of the held and used properties accounted for at fair value as of December 31, 2018, the buildings were fully impaired due to our non-payment on the related ground leases. For four of the held and used property accounted for at fair value as of September 30, 2019, the Company estimated property fair value using price per square foot of comparable properties. The following tables provides information about the price per square foot of comparable properties input used: September 30, 2019 December 31, 2018 By Asset Type Range Weighted Average Square Footage Range Weighted Average Square Footage Retail $34.45 - $740.74 $ 76.17 74,891 $ — $ — — For the remaining September 30, 2019 December 31, 2018 By Asset Type Range Weighted Average Square Footage Range Weighted Average Square Footage Retail $28.51 - $286.14 $ 44.90 118,858 $185.42 - $638.72 $ 507.11 27,302 Office $ 99.37 $ 99.37 4,310 $ 225.04 $ 225.04 5,999 As of September 30, 2019 and December 31, 2018, two and one long-lived assets held for sale were accounted for at fair value. The Company estimated fair value of held for sale properties using price per square foot from the signed purchase and sale agreements as follows (price per square foot in dollars): September 30, 2019 December 31, 2018 By Asset Type Range Weighted Average Square Footage Range Weighted Average Square Footage Retail $168.64 - $223.60 $ 197.41 5,025 $ 126.73 $ 126.73 63,128 Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the accompanying consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at September 30, 2019 and December 31, 2018. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of these financial instruments have been derived based on market quotes for identical or similar instruments in markets that are not active or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands): September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 36,570 $ 36,879 $ 47,044 $ 48,740 Investment in Master Trust 2014 — — 33,535 33,811 Revolving credit facilities — — 146,300 146,731 Term loans, net (1) — — 419,560 424,670 Senior Unsecured Notes, net (1) 1,483,491 1,532,065 295,767 291,696 Mortgages and notes payable, net (1) 259,113 281,432 463,196 487,548 Convertible Notes, net (1) 334,904 354,826 729,814 740,330 (1)

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 30, 2019
Compensation Related Costs [Abstract]
Incentive Award Plan	Note 9. Incentive Award Plan Restricted Shares of Common Stock During the nine months ended September 30, 2019, the Company granted 173 thousand restricted shares under the Amended Incentive Award Plan to certain executive officers, members of the Board of Directors and employees. The Company recorded $6.6 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of September 30, 2019, there were approximately 322 thousand unvested restricted shares outstanding. Market-Based Awards During the nine months ended September 30, 2019, the Board of Directors, or committee thereof, approved target grants of 97 thousand market-based awards to executive officers of the Company. The performance period of these grants runs primarily through December 31, 2021. Potential shares of the Company's common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0% and 250%. Grant date fair value was calculated using the Monte Carlo simulation model, which incorporated stock price correlation, projected dividend yields and other variables over the time horizons matching the performance periods. Significant inputs for the calculation were expected volatility of the Company of 25.4% and expected volatility of the Company's peers, ranging from 15.3% to 30.8%. Stock-based compensation expense associated with unvested market-based awards is recognized on a straight-line basis over the minimum required service period, which is generally three years. Approximately $2.2 million and $1.7 million in dividend rights have been accrued for non-vested market-based awards outstanding as of September 30, 2019 and December 31, 2018, respectively. For outstanding non-vested awards at September 30, 2019, 0.6 million shares would have been released based on the Company's TSR relative to the specified peer groups through that date. Stock-based Compensation Expense For the three months ended September 30, 2019 and 2018, the Company recognized $3.5 million and $3.1 million, respectively, in stock-based compensation expense, and for the nine months ended September 30, 2019 and 2018, the Company recognized $11.0 million and $12.2 million, respectively. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2019, the remaining unamortized stock-based compensation expense totaled $15.9 million, including $8.3 million related to restricted stock awards and $7.6 million related to market-based awards. As of December 31, 2018, the unamortized stock-based compensation expense totaled $15.5 million, including $8.1 million related to restricted stock awards and $7.4 million related to market-based awards. Amortization is recognized on a straight-line basis over the service period of each applicable award.

Income Per Share and Partnershi

Income Per Share and Partnership Unit	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Income Per Share and Partnership Unit	Note 10. Income Per Share and Partnership Unit Income per share and unit has been computed using the two-class method, which is computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both shares of common stock and participating securities based on the weighted average shares outstanding during the period. Classification of the Company's unvested restricted stock, which contain rights to receive non-forfeitable dividends, are deemed participating securities under the two-class method. Under the two-class method, earnings attributable to unvested restricted shares are deducted from income from continuing operations in the computation of net income attributable to common stockholders. The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic and diluted income: Income from continuing operations $ 81,294 $ 31,022 $ 170,609 $ 93,917 Less: dividends paid to preferred stockholders (2,587 ) (2,588 ) (7,763 ) (7,764 ) Less: income attributable to unvested restricted stock (260 ) (204 ) (714 ) (932 ) Income used in basic and diluted income per share from continuing operations 78,447 28,230 162,132 85,221 Loss used in basic and diluted loss per share from discontinued operations — (966 ) — (15,979 ) Net income attributable to common stockholders used in basic and diluted income per share $ 78,447 $ 27,264 $ 162,132 $ 69,242 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 90,416,248 85,708,723 87,934,906 86,997,886 Less: Unvested weighted average shares of restricted stock (375,895 ) (372,530 ) (405,120 ) (365,334 ) Weighted average shares of common stock outstanding used in basic income per share 90,040,353 85,336,193 87,529,786 86,632,552 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.87 $ 0.33 $ 1.85 $ 0.98 Discontinued operations — (0.01 ) — (0.18 ) Net income per share attributable to common stockholders - basic $ 0.87 $ 0.32 $ 1.85 $ 0.80 Dilutive weighted average shares of common stock outstanding: (1) Unvested market-based awards 356,444 242,302 254,691 155,588 Stock options — 12 — — Weighted average shares of common stock outstanding used in diluted income per share 90,396,797 85,578,507 87,784,477 86,788,140 Net income per share attributable to common stockholders - diluted Continuing operations $ 0.87 $ 0.33 $ 1.85 $ 0.98 Discontinued operations — (0.01 ) — (0.18 ) Net income per share attributable to common stockholders - diluted $ 0.87 $ 0.32 $ 1.85 $ 0.80 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 172,686 105,543 210,729 80,536 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive. The Company intends to satisfy its exchange obligation for the principal amount of the

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11. Related Party Transactions and Arrangements Cost Sharing Arrangements In conjunction with the Spin-Off, the Company and SMTA entered into certain agreements, including the Separation and Distribution Agreement, Tax Matters Agreement, Registration Rights Agreement and Insurance Sharing Agreement. These agreements provide a framework for the relationship between the Company and SMTA after the Spin-Off, by which Spirit may incur certain expenses on behalf of SMTA that must be reimbursed in a timely manner. These agreements, except for the Tax Matters Agreement, were terminated in conjunction with the termination of the Asset Management Agreement. In connection with these arrangements, the Company had $1.6 million and $0.1 million accrued receivable balances as of September 30, 2019 and December 31, 2018. Additionally, the Company had accrued payable balances of $0.1 million and $1.8 million as of September 30, 2019 and December 31, 2018, respectively, in connection with these arrangements. Asset Management Agreement and Interim Management Agreement In conjunction with the Spin-Off, the Company entered into the Asset Management Agreement pursuant to which the Operating Partnership will provide various services subject to the supervision of SMTA's Board of Trustees, including, but not limited to: (i) performing all of SMTA's day-to-day functions, (ii) sourcing, analyzing and executing on investments and dispositions, (iii) determining investment criteria, (iv) performing investment and liability management duties, including financing and hedging, and (v) performing financial and accounting management. On June 2, 2019, concurrently with SMTA’s entry into an agreement to sell Master Trust 2014, the Company entered into a termination agreement of the Asset Management Agreement, which became effective on September 20, 2019. Pursuant to the termination agreement, SMTA paid the Company a termination fee of $48.2 million and the Company waived its right to receive any promote as otherwise provided for under the Asset Management Agreement. On June 2, 2019, the Company and SMTA also entered into an Interim Management Agreement, which became effective September 20, 2019, and which provides that the Company is entitled to an annual management fee of $1 million for the initial one-year term thereof and $4 million per annum for any renewal term, in each case plus certain cost reimbursements. The Interim Management Agreement is terminable at any time by SMTA and may be terminated at any time after September 20, 2020 by the Company, in each case without payment of a termination fee. Property Management and Servicing Agreement Prior to September 20, 2019, the Operating Partnership provided property management services and special services for Master Trust 2014. The property management fees accrued daily at 0.25% per annum of the collateral value of the Master Trust 2014 collateral pool less any specially serviced assets, and the special servicing fees accrued daily at 0.75% per annum of the collateral value of any assets deemed to be specially serviced per the terms of the Property Management and Servicing Agreement. Management fees of $1.3 million and $4.3 million were earned during the three and nine months ended September 30, 2019, respectively, compared to $1.6 million and $2.1 million earned during the three and nine months ended September 30, 2018. Special servicing fees of $0.4 million and $1.2 million were earned during the three and nine months ended September 30, 2019 compared to $190 thousand and $242 thousand during both the three and nine months ended September 30, 2018. These fees are included in related party fee income in the consolidated statements of operations. As of December 31, 2018, the Company had an accrued receivable balance of $0.5 million related to the Property Management and Servicing Agreement. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the notes were retired, the Company’s accrued receivable balance was paid in full and the Property Management and Servicing Agreement was terminated. Related Party Loans Payable Prior to September 20, 2019, wholly-owned subsidiaries of the Company were the borrower on four mortgage loans payable to SMTA and secured by six single-tenant commercial properties owned by the Company. These mortgage notes had an outstanding principal balance of $27.9 million at December 31, 2018, which was included in mortgages and notes payable, net on the consolidated balance sheet. The notes incurred interest expense of $58 thousand and $0.2 million for the three and nine months ended September 30, 2019 , respectively, compared to $ 72 thousand and $ 96 thousand for the both the three and nine months ended September 30, 2018, respectively, which is included in interest expense in the consolidated statements of operations September 30, 2019 . In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the Company repaid the related party loans in full. Related Party Notes Receivable In conjunction with the Master Trust 2014 Series 2017-1 notes issuance completed in December 2017, the Operating Partnership, as sponsor of the issuance, retained a 5.0% economic interest in the Master Trust 2014 Series 2017-1 notes as required by the risk retention rules issued under 17 CFR Part 246. The principal amount receivable under the notes was $33.5 million as of December 31, 2018, which is reflected as Investment in Master Trust 2014 on the consolidated balance sheet. The notes generated interest income of $0.3 million and $1.1 million for the three and nine months ended September 30, 2019, respectively, compared to $0.4 million and 0.5 million for the three and nine months ended September 30, 2018, which is included in interest income on loans receivable in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the Master Trust 2014 notes were redeemed, resulting in the Company receiving the full outstanding principal balance of $33.5 million, plus an early repayment premium of $0.9 million. Investments in In conjunction with the Spin-Off, SMTA issued to the Operating Partnership and one of its affiliates, both wholly-owned subsidiaries of Spirit, a total of 6.0 million shares of Series A preferred stock with an aggregate liquidation preference of $150.0 million (the "SMTA Preferred Stock"). The SMTA Preferred Stock pays cash dividends at the rate of 10.0% per annum on the liquidation preference of $25.00 per share (equivalent to $0.625 per share on a quarterly basis and $2.50 per share on an annual basis). Spirit recognized $3.3 million and $10.8 million in dividend income during the three and nine months ended September 30, 2019, respectively, compared to $3.8 million and $5.0 million for the three and nine months ended September 30, 2018, which is reflected as preferred dividend income from SMTA in the consolidated statements of operations. Preferred dividend income is recognized when dividends are declared. As of December 31, 2018, the Company had an accrued receivable balance of $3.8 million related to the preferred dividends and a carrying value of $150.0 million, which is reflected in the consolidated balance sheet and accounted for at cost, less impairments, if any. On September 20, 2019, in conjunction with SMTA’s sale of Master Trust 2014, the SMTA Preferred Stock was repurchased by SMTA and all accrued but unpaid dividends were collected.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	Note 12. Discontinued Operations On May 31, 2018, the Company completed the Spin-Off of SMTA by means of a pro rata distribution of one share of SMTA common stock for every ten shares of Spirit common stock held by each of Spirit's stockholders of record as of May 18, 2018. The Company determined that the Spin-Off represented a strategic shift that has a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. Accordingly, for periods prior to the Spin-Off, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations for all periods presented. The discontinued operations have been classified as loss from discontinued operations on the consolidated statement of operations for the three and nine months ended September 30, 2018. The consolidated statement of cash flows for the nine months ended September 30, 2018 and all other notes herein include the results of both continuing operations and discontinued operations. The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenues: Rental income $ — $ 100,672 Interest income on loans receivable — 1,495 Other income — 776 Total revenues — 102,943 Expenses: General and administrative — 707 Transaction costs 966 20,931 Property costs (including reimbursable) — 3,268 Deal pursuit costs — 339 Interest — 46,521 Depreciation and amortization — 35,461 Impairments — 10,943 Total expenses 966 118,170 Other gain (loss): Loss on debt extinguishment — (363 ) Gain (loss) on disposition of assets — (274 ) Total other gain (loss) — (637 ) Loss from discontinued operations before income tax expense (966 ) (15,864 ) Income tax expense — (115 ) Loss from discontinued operations $ (966 ) $ (15,979 ) There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three and nine months ended September 30, 2019 and as of September 30, 2019, respectively. The table below provides information about operating and investing cash flows related to the Company's discontinued operations reported in its consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2018 Net cash provided by operating activities $ 36,924 Net cash used in investing activities (31,452 ) Continuing Involvement Subsequent to the Spin-Off, the Company has continuing involvement with SMTA through related party agreements. See Note 11 for further detail. The Company had cash inflows from SMTA of $271.2 million and cash outflows to SMTA of $49.8 million for the nine months ended September 30, 2019. Subsequent to the Spin-Off, the Company had cash inflows from SMTA of $13.0 million and cash outflows to SMTA of $28.8 million for the nine months ended September 30, 2018.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the year ended December 31, 2018.
Consolidation	The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company also consolidates a variable interest entity ("VIE") when the Company is determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company's determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA under ASC 810 Consolidation All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity.
Discontinued Operations	A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. The Company determined that the Spin-Off represented a strategic shift that had a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. See Note 12 for further discussion on discontinued operations.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Segment Reporting	The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments.
Revenue Recognition	Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. For the majority of our operating leases at September 30, 2019, the lease includes one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company's operating leases at September 30, 2019 include an option to terminate. Walgreen Co. leases are generally for fifty years or more with several five-year termination periods after an initial non-cancelable term. For less than 6% of operating leases at September 30, 2019, the lease includes an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. The Company does not include any of these options in its evaluation for lease classification purposes or for recognizing rental income unless the Company is reasonably certain the tenant will exercise the option. Another component of lease classification which requires significant assumptions and judgment is the amount expected to be derived from the property at the end of the lease term. Generally, the Company assumes a value that is equal to net book value of the property at the date of the assessment, as the Company generally expects fair value to be equal to or greater than net book value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting any damage to the property. To further protect residual value, the Company supplements the tenant insurance policy with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value. Some of the Company’s leases provide for contingent rent based on a percentage of the tenant’s gross sales. For contingent rentals that are based on a percentage of the tenant’s gross sales, the Company recognizes contingent rental revenue when the change in the factor on which the contingent lease payment is based actually occurs. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that have contingent rent escalators indexed to future changes in the CPI, they may adjust over a one-year period or over multiple-year periods. Typically, these CPI-based escalators increase rent at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty with respect to future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases, increases in rental revenue from leases with this type of escalator are recognized when the changes in the rental rates have occurred. For leases that provide for fixed contractual escalations, rental revenue is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the initial term of the leases. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant's payment history and financial condition. The Company records a provision for losses against rental income for amounts that are not probable of collection. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, which are non-lease components. The Company has elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized as revenue in the period in which the related expenses are incurred, with the related expense included in property costs (including reimbursable). Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are carried net of any allowances for amounts that are not probable of collection. Rental Income: Intangible Amortization Initial direct costs associated with the origination of a lease are deferred and amortized over the related lease term as an adjustment to rental revenue. In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company believes it is reasonably certain a lease will terminate early, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations.
Allowance for Doubtful Accounts	The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. If the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. The Company provided for reserves for uncollectible amounts totaling $3.7 million and $4.9 million at September 30, 2019 and December 31, 2018, respectively, against accounts receivable balances of $10.0 million and $12.4 million, respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Receivables are written off against the reserves for uncollectible amounts when all possible means of collection have been exhausted. For receivable balances related to the straight-line method of reporting rental revenue, the collectability is assessed in conjunction with the evaluation of rental income as described above. The Company has a reserve for losses of $0.7 million and $1.1 million at September 30, 2019 and December 31, 2018, respectively, against straight-line receivables of $79.7 million and $69.4 million, respectively. These receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Goodwill	Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value.
Income Taxes	The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT. 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. The Company transferred its Asset Management Agreement to SRAM, a wholly-owned taxable REIT subsidiary of Spirit on April 1, 2019. Accordingly, commencing from April 1, 2019, all of the asset management fees, including the termination fee income, were considered non-REIT activities and are subject to income tax. The components of income taxes are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 US Federal Income Tax $ 10,402 $ 51 $ 10,500 $ 64 State Income Tax 788 84 1,230 411 Total Income Tax $ 11,190 $ 135 $ 11,730 $ 475 The federal income tax related to SRAM for the three and nine months ended September 30, 2019 is $10.4 and $10.5 million, respectively and the state income tax for both the three and nine months ended September 30, 2019 is $0.7 million. Income tax expense for SRAM attributable to income before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate of 21 % to income before income taxes. The difference between the statutory rate and reported amount for SRAM is caused by non-deductible expense executive compensation totaling $ 0.7 million and the impact of state income taxes, net of federal income tax benefit totaling $ 0.2 million. SRAM has no material deferred income taxes and liabilities as of September 30, 2019. The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations.
New Accounting Pronouncements	In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. Leases pursuant to which the Company is the lessee consist of its corporate office, ground leases and equipment leases. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, and as such, the Company adopted ASU 2016-02 effective January 1, 2019. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief as follows: • The Company elected to use the package of practical expedients, which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. • The Company elected to use the comparative period expedient, which permits the Company to recognize any cumulative adjustments as of the date of initial application and not record adjustments to prior reported periods. As a result of this election, bad debt expense is being presented in "rental income" on a prospective basis, compared to "property costs (including reimbursable)" for periods prior to January 1, 2019. There was no bad debt expense for the three months ended September 30, 2019 and there was $0.3 million for the nine months ended September 30, 2019. The adoption of the lease standard did not result in a cumulative catch-up adjustment to opening equity. • The Company elected to use the land easements expedient, which permits the Company to not reassess land easements for potential lease classification. • The Company elected to use the components expedient, which permits the Company to not separate non-lease components from lease components if timing and pattern of transfer is the same. The Company elected this expedient for all lessee and lessor operating leases, where certain leases contain non-lease components related to tenant reimbursement, and concluded that the leasing component is the predominant component. • The Company elected not to use the hindsight expedient, which would require the re-evaluation of the lease term on all leases using current facts and circumstances. As a lessee, the Company recognized the right-of-use lease assets and lease liabilities for our operating leases of $6.4 million and $8.6 million, respectively, on January 1, 2019, which are included in deferred costs and other assets, net and accounts payable, accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheet. As a lessor, our recognition of rental income remained materially consistent with previous guidance, apart from expanded disclosure requirements. As such, the Company concludes that the overall impact of the ASU had no material impact on the Company's reported revenues, results of operations or financial position. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 Cash and cash equivalents $ 358,440 $ 14,493 $ 7,578 Restricted cash: Collateral deposits (1) 469 351 423 Tenant improvements, repairs, and leasing commissions (2) 10,431 9,093 8,898 Master Trust Release (3) — 7,412 7,410 1031 Exchange proceeds, net — 45,042 — Other (4) 326 1,030 990 Total cash, cash equivalents and restricted cash $ 369,666 $ 77,421 $ 25,299 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) (3) Proceeds from the sale of assets pledged as collateral under the Master Trust 2013 notes, which were held on deposit until a qualifying substitution was made or the funds were applied as prepayment of principal. The Master Trust 2013 notes were extinguished in June 2019. See Note 4 for further detail. (4) Funds held in lender-controlled accounts released after scheduled debt service requirements are met.
Schedule of Components of Income Taxes	The components of income taxes are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 US Federal Income Tax $ 10,402 $ 51 $ 10,500 $ 64 State Income Tax 788 84 1,230 411 Total Income Tax $ 11,190 $ 135 $ 11,730 $ 475

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Summary of Real Estate and Loan Activity	During the nine months ended September 30, 2019, the Company had the following owned real estate activity, net of accumulated depreciation and amortization (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2018 1,459 3 1,462 $ 5,054,524 $ 22,064 $ 5,076,588 Acquisitions/improvements (1)(2) 195 — 195 753,076 — 753,076 Dispositions of real estate (3)(4) (11 ) (23 ) (34 ) (61,285 ) (134,699 ) (195,984 ) Transfers to Held for Sale (25 ) 25 — (126,883 ) 126,883 — Transfers from Held for Sale — — — — — — Impairments — — — (8,302 ) (4,929 ) (13,231 ) Write-off of intangibles — — — (7,267 ) (2,945 ) (10,212 ) Other — — — — — — Gross balance, September 30, 2019 1,618 5 1,623 5,603,863 6,374 5,610,237 Accumulated depreciation (689,346 ) (778 ) (690,124 ) Accumulated amortization (112,788 ) (78 ) (112,866 ) Net balance, September 30, 2019 (5) $ 4,801,729 $ 5,518 $ 4,807,247 (1) Includes investments of $30.2 million in revenue producing capitalized expenditures, as well as $4.9 million of non-revenue producing capitalized expenditures during the nine months ended September 30, 2019. (2) 62 properties were acquired through sale-lease back transactions, representing $418.5 million of investment, during the nine months ended September 30, 2019. (3) For the nine months ended September 30, 2019, the total gain on disposal of assets for properties held in use and held for sale was $38.8 million and $32.0 million, respectively. (4) Includes one deed-in-lieu property with a real estate investment of $0.8 million that was transferred to the lender during the nine months ended September 30, 2019. (5) Held in Use land and buildings, net of accumulated depreciation $ 4,592,169 Intangible lease assets, net 311,597 Real estate assets under direct financing leases, net 14,478 Real estate assets held for sale, net 5,518 Intangible lease liabilities, net (116,515 ) Net balance $ 4,807,247 Mortgage Loans Other Notes Total Properties Investment Investment Investment Principal, December 31, 2018 52 $ 42,660 $ 2,082 $ 44,742 Acquisitions — — — — Dispositions — — — — Principal payments and payoffs (9 ) (9,220 ) (83 ) (9,303 ) Allowance for loan losses — — — — Principal, September 30, 2019 43 $ 33,440 $ 1,999 $ 35,439
Schedule of Operating Lease Income	The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Base cash rent $ 100,962 $ 92,292 $ 296,179 $ 372,126 Variable cash rent (including reimbursables) 2,823 3,641 9,403 12,762 Straight-line rent, net of bad debt expense (1) 4,770 3,582 12,162 12,670 Amortization of above- and below- market lease intangibles, net (2) 956 1,312 2,340 3,684 Total rental income $ 109,511 $ 100,827 $ 320,084 $ 401,242 (1) As a result of the Company's adoption of ASU 2016-02 on January 1, 2019, the Company reclassified bad debt expense to rental income on a prospective basis. See Note 2 for additional detail. (2) Excludes amortization of in-place leases of $7.2 million and $7.0 million for the three months ended September 30, 2019 and 2018, respectively, and $20.4 million and $21.2 million for the nine months ended September 30, 2019 and 2018, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations.
Schedule of Minimum Future Contractual Rent to be Received from Operating Lease	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of these operating leases (including contractual fixed rent increases occurring on or after October 1, 2019) at September 30, 2019 are as follows (in thousands): September 30, 2019 Remainder of 2019 $ 102,482 2020 406,783 2021 390,425 2022 371,402 2023 350,929 Thereafter 2,736,420 Total future minimum rentals $ 4,358,441
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): September 30, 2019 December 31, 2018 In-place leases $ 402,902 $ 381,143 Above-market leases 68,970 62,902 Less: accumulated amortization (160,275 ) (149,582 ) Intangible lease assets, net $ 311,597 $ 294,463 Below-market leases $ 164,001 $ 167,527 Less: accumulated amortization (47,486 ) (47,365 ) Intangible lease liabilities, net $ 116,515 $ 120,162
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The components of real estate investments held under direct financing leases were as follows (in thousands): September 30, 2019 December 31, 2018 Minimum lease payments receivable $ 4,448 $ 5,390 Estimated residual value of leased assets 14,256 20,097 Unearned income (4,226 ) (5,198 ) Real estate assets under direct financing leases, net $ 14,478 $ 20,289
Schedule of Minimum Future Contractual Rent to be Received from Direct Financing Leases	Scheduled minimum future payments to be received under the remaining non-cancelable term of these direct financing leases at September 30, 2019 are as follows (in thousands): September 30, 2019 Remainder of 2019 $ 280 2020 577 2021 527 2022 541 2023 554 Thereafter 1,969 Total future minimum rentals $ 4,448
Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses	The following table details loans receivable, net of premiums, discounts and allowance for loan losses (dollars in thousands): September 30, 2019 December 31, 2018 Mortgage loans - principal $ 33,440 $ 42,660 Mortgage loans - premiums, net of amortization 1,308 2,527 Allowance for loan losses — — Mortgage loans, net 34,748 45,187 Other notes receivable - principal 1,999 2,082 Other notes receivable - discounts, net of amortization (177 ) (225 ) Allowance for loan losses — — Other notes receivable, net 1,822 1,857 Total loans receivable, net $ 36,570 $ 47,044
Summary of Total Impairment Losses Recognized	The following table summarizes total impairment losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Real estate and intangible asset impairment $ 5,932 $ 1,279 $ 13,231 $ 17,214 Recovery of loans receivable, previously impaired — — — (17 ) Total impairment loss $ 5,932 $ 1,279 $ 13,231 $ 17,197

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of Debt	The Company's debt is summarized below: Weighted Average Effective Interest Rates (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) September 30, 2019 December 31, 2018 (in Years) (In Thousands) Revolving credit facilities 6.40 % — 3.5 $ — $ 146,300 Term loans 3.87 % — — — 420,000 Senior Unsecured Notes 3.74 % 3.73 % 8.9 1,500,000 300,000 Master Trust Notes 5.53 % — — — 167,854 CMBS 5.73 % 5.35 % 3.9 261,741 274,758 Related party notes payable 0.96 % — — — 27,890 Convertible Notes 5.18 % 3.75 % 1.6 345,000 747,500 Total debt 4.56 % 3.93 % 7.1 2,106,741 2,084,302 Debt discount, net (10,664 ) (14,733 ) Deferred financing costs, net (4) (18,569 ) (14,932 ) Total debt, net $ 2,077,508 $ 2,054,637 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the nine months ended September 30, 2019 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2019. (3) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2019. (4) The Company records deferred financing costs for its revolving credit facilities in deferred costs and other assets, net on its consolidated balance sheets.
Schedule of Debt Maturities	As of September 30, 2019, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2019 $ 1,004 $ — $ 1,004 2020 4,100 — 4,100 2021 4,365 345,000 349,365 2022 4,617 42,400 47,017 2023 3,074 197,912 200,986 Thereafter 4,269 1,500,000 1,504,269 Total $ 21,429 $ 2,085,312 $ 2,106,741
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest expense – revolving credit facilities (1) $ 473 $ 1,933 $ 4,449 $ 6,134 Interest expense – term loans 5,779 2,677 15,448 2,677 Interest expense – Senior Unsecured Notes 8,446 3,338 15,299 10,013 Interest expense – mortgages and notes payable 3,637 6,183 15,168 62,370 Interest expense – Convertible Notes (2) 3,234 6,127 14,010 18,382 Interest expense – interest rate swaps/other 421 — 972 — Non-cash interest expense: Amortization of deferred financing costs 1,350 1,890 5,155 7,442 Amortization of net losses related to interest rate swaps 156 — 156 — Amortization of debt discount, net 1,179 2,636 5,805 10,888 Total interest expense $ 24,675 $ 24,784 $ 76,462 $ 117,906 (1) Includes facility fees of approximately $0.4 million and $0.5 million (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations are amounts paid to the Company by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.

Stockholders' Equity and Part_2

Stockholders' Equity and Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Summary of Dividends Declared	For the nine months ended September 30, 2019, the Company's Board of Directors declared the following preferred and common stock dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Preferred Stock February 28, 2019 $ 0.375 March 15, 2019 $ 2,588 March 29, 2019 May 30, 2019 $ 0.375 June 14, 2019 $ 2,588 June 28, 2019 August 13, 2019 $ 0.375 September 13, 2019 $ 2,587 September 30, 2019 Common Stock February 28, 2019 $ 0.625 March 29, 2019 $ 54,254 April 15, 2019 May 30, 2019 $ 0.625 June 28, 2019 $ 56,318 July 15, 2019 August 13, 2019 $ 0.625 September 30, 2019 $ 62,322 October 15, 2019

Commitments and Contingencies

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Rental Expenses	The following table summarizes total rental expenses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Office Base Rental Expense $ 194 $ 194 $ 597 $ 582 Office Variable Rental Expense 171 299 616 624 Total Office Rental Expense $ 365 $ 493 $ 1,213 $ 1,206 Total Ground Lease Rental Expense $ 62 $ 102 $ 239 $ 796
Minimum Rental Commitments Less Imputed Interest	The Company’s recorded lease liabilities under all of these operating leases as of September 30, 2019, based on minimum rental commitments less imputed interest, are as follows (in thousands): Ground Leases Office Leases Total Remainder of 2019 $ 63 $ 249 $ 312 2020 253 1,009 1,262 2021 250 1,024 1,274 2022 166 1,040 1,206 2023 142 1,055 1,197 Thereafter 675 3,349 4,024 Total 1,549 7,726 9,275 Less: imputed interest (278 ) (1,322 ) (1,600 ) Total operating lease liabilities $ 1,271 $ 6,404 $ 7,675

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Agreements	The following table summarizes the notional amount and fair value of these instruments (dollars in thousands), which are recorded in accounts payable, accrued expenses and other liabilities on the Company's consolidated balance sheets (dollars in thousands): Fair Value of Liability Derivatives Designated as Hedging Instruments Notional Amount Fixed Interest Rate Effective Date Maturity Date September 30, 2019 December 31, 2018 Interest Rate Swap $ 200,000 2.8140 % 02/01/19 02/01/24 $ — $ 3,559 Interest Rate Swap $ 100,000 2.8174 % 02/01/19 02/01/24 $ — $ 1,801 Interest Rate Swap $ 100,000 2.8180 % 02/01/19 02/01/24 $ — $ 1,799 $ — $ 7,159
Summary of Amounts Recorded in AOCL	The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL, for the three and nine months ended September 30, 2019 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Gross amount of loss recognized in AOCL on derivatives $ 4,267 $ 18,593 Amount of loss reclassified from AOCL to termination of interest rate swaps $ (12,462 ) $ (12,462 ) Amount of loss reclassified from AOCL to interest (1) $ (577 ) $ (1,128 ) (1) Interest expense for the three and nine months ended September 30, 2019 was $24.7 million and $76.5 million, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Liabilities at Fair Value on Recurring Basis	The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 September 30, 2019 Derivatives: Interest rate swaps financial liabilities $ — $ — $ — $ — December 31, 2018 Derivatives: Interest rate swaps financial liabilities $ 7,159 $ — $ 7,159 $ —
Schedule of Assets at Fair Value on Nonrecurring Basis	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of September 30, 2019 and December 31, 2018 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 September 30, 2019 Long-lived assets held and used $ 11,214 $ — $ — $ 11,214 Long-lived assets held for sale $ 992 $ — $ — $ 992 December 31, 2018 Long-lived assets held and used $ 14,866 $ — $ — $ 14,866 Long-lived assets held for sale $ 7,695 $ — $ — $ 7,695
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	The following tables provides information about the price per square foot of comparable properties input used: September 30, 2019 December 31, 2018 By Asset Type Range Weighted Average Square Footage Range Weighted Average Square Footage Retail $34.45 - $740.74 $ 76.17 74,891 $ — $ — — September 30, 2019 December 31, 2018 By Asset Type Range Weighted Average Square Footage Range Weighted Average Square Footage Retail $28.51 - $286.14 $ 44.90 118,858 $185.42 - $638.72 $ 507.11 27,302 Office $ 99.37 $ 99.37 4,310 $ 225.04 $ 225.04 5,999 September 30, 2019 December 31, 2018 By Asset Type Range Weighted Average Square Footage Range Weighted Average Square Footage Retail $168.64 - $223.60 $ 197.41 5,025 $ 126.73 $ 126.73 63,128
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 36,570 $ 36,879 $ 47,044 $ 48,740 Investment in Master Trust 2014 — — 33,535 33,811 Revolving credit facilities — — 146,300 146,731 Term loans, net (1) — — 419,560 424,670 Senior Unsecured Notes, net (1) 1,483,491 1,532,065 295,767 291,696 Mortgages and notes payable, net (1) 259,113 281,432 463,196 487,548 Convertible Notes, net (1) 334,904 354,826 729,814 740,330 (1)

Income Per Share and Partners_2

Income Per Share and Partnership Unit (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic and diluted income: Income from continuing operations $ 81,294 $ 31,022 $ 170,609 $ 93,917 Less: dividends paid to preferred stockholders (2,587 ) (2,588 ) (7,763 ) (7,764 ) Less: income attributable to unvested restricted stock (260 ) (204 ) (714 ) (932 ) Income used in basic and diluted income per share from continuing operations 78,447 28,230 162,132 85,221 Loss used in basic and diluted loss per share from discontinued operations — (966 ) — (15,979 ) Net income attributable to common stockholders used in basic and diluted income per share $ 78,447 $ 27,264 $ 162,132 $ 69,242 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 90,416,248 85,708,723 87,934,906 86,997,886 Less: Unvested weighted average shares of restricted stock (375,895 ) (372,530 ) (405,120 ) (365,334 ) Weighted average shares of common stock outstanding used in basic income per share 90,040,353 85,336,193 87,529,786 86,632,552 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.87 $ 0.33 $ 1.85 $ 0.98 Discontinued operations — (0.01 ) — (0.18 ) Net income per share attributable to common stockholders - basic $ 0.87 $ 0.32 $ 1.85 $ 0.80 Dilutive weighted average shares of common stock outstanding: (1) Unvested market-based awards 356,444 242,302 254,691 155,588 Stock options — 12 — — Weighted average shares of common stock outstanding used in diluted income per share 90,396,797 85,578,507 87,784,477 86,788,140 Net income per share attributable to common stockholders - diluted Continuing operations $ 0.87 $ 0.33 $ 1.85 $ 0.98 Discontinued operations — (0.01 ) — (0.18 ) Net income per share attributable to common stockholders - diluted $ 0.87 $ 0.32 $ 1.85 $ 0.80 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 172,686 105,543 210,729 80,536 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Schedule of Financial Statements of Discontinued Operations	The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenues: Rental income $ — $ 100,672 Interest income on loans receivable — 1,495 Other income — 776 Total revenues — 102,943 Expenses: General and administrative — 707 Transaction costs 966 20,931 Property costs (including reimbursable) — 3,268 Deal pursuit costs — 339 Interest — 46,521 Depreciation and amortization — 35,461 Impairments — 10,943 Total expenses 966 118,170 Other gain (loss): Loss on debt extinguishment — (363 ) Gain (loss) on disposition of assets — (274 ) Total other gain (loss) — (637 ) Loss from discontinued operations before income tax expense (966 ) (15,864 ) Income tax expense — (115 ) Loss from discontinued operations $ (966 ) $ (15,979 ) There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three and nine months ended September 30, 2019 and as of September 30, 2019, respectively. The table below provides information about operating and investing cash flows related to the Company's discontinued operations reported in its consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2018 Net cash provided by operating activities $ 36,924 Net cash used in investing activities (31,452 )

Organization - Narrative (Detai

Organization - Narrative (Details)	9 Months Ended
	Sep. 30, 2019
General Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership of operating partnership	1.00%
Limited Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership of operating partnership	99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)renewal_option	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segmentrenewal_option	Sep. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 5,663,584,000		$ 5,663,584,000			$ 5,096,316,000
Net liabilities	$ 2,330,804,000		$ 2,330,804,000			2,294,567,000
Number of segments | segment			1
Number of renewal options (or more) | renewal_option	1		1
Option to terminate, percentage (less than)	1.00%		1.00%
Option to purchase, percentage (less than)	6.00%		6.00%
Rent escalators adjustment period			1 year
Reserves for uncollectible amounts	$ 3,700,000		$ 3,700,000			4,900,000
Accounts receivable	10,000,000		10,000,000			12,400,000
Reserve for losses	700,000		700,000			1,100,000
Deferred rental revenue receivables	79,700,000		79,700,000			69,400,000
Goodwill impairment			0
Federal income tax	11,190,000	$ 135,000	11,730,000	$ 475,000
Provision for income taxes			0
Bad debt expense	0		300,000
Operating lease, right-of-use assets	5,600,000		5,600,000
Operating lease, liabilities	7,675,000		7,675,000
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use assets					$ 6,400,000
Operating lease, liabilities					$ 8,600,000
US Federal Income Tax
Summary Of Significant Accounting Policies [Line Items]
Federal income tax	10,402,000	51,000	10,500,000	64,000
State Income Tax
Summary Of Significant Accounting Policies [Line Items]
Federal income tax	$ 788,000	$ 84,000	$ 1,230,000	$ 411,000
Walgreen Co.
Summary Of Significant Accounting Policies [Line Items]
Lease term	50 years		50 years
Termination period			5 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	5 years		5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	10 years		10 years
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 450,000,000		$ 450,000,000			900,000,000
Net liabilities	280,000,000		$ 280,000,000			$ 480,000,000
SRAM
Summary Of Significant Accounting Policies [Line Items]
U.S. statutory federal income tax rate			21.00%
Non-deductible expense executive compensation			$ 700,000
Net of federal income tax benefit			200,000
Deferred income taxes and liabilities	0		0
SRAM | US Federal Income Tax
Summary Of Significant Accounting Policies [Line Items]
Federal income tax	10,400,000		10,500,000
SRAM | State Income Tax
Summary Of Significant Accounting Policies [Line Items]
Federal income tax	$ 700,000		$ 700,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 358,440	$ 14,493	$ 7,578
Total cash, cash equivalents and restricted cash	369,666	77,421	25,299	$ 114,707
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	469	351	423
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	10,431	9,093	8,898
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	7,412	7,410
1031 Exchange proceeds, net
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	45,042	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 326	$ 1,030	$ 990

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Components of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax [Line Items]
Total Income Tax	$ 11,190	$ 135	$ 11,730	$ 475
US Federal Income Tax
Income Tax [Line Items]
Total Income Tax	10,402	51	10,500	64
State Income Tax
Income Tax [Line Items]
Total Income Tax	$ 788	$ 84	$ 1,230	$ 411

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Sep. 30, 2019USD ($)PropertyStateNote	Dec. 31, 2018Property
Real Estate Properties [Line Items]
Gross investment in real estate properties and loans | $	$ 5,600
Number of real estate properties | Property	1,666
Portfolio disbursement, number of states | State	48
Minimum of investment in real estate properties	10.00%
Number of properties under operating leases | Property	1,621	1,458
Number of other notes receivable | Note	2
Number of other notes receivable, secured | Note	1
Secured Debt
Real Estate Properties [Line Items]
Other notes receivable | $	$ 0.1
Unsecured Debt
Real Estate Properties [Line Items]
Other notes receivable | $	$ 1.9
Financed Real Estate
Real Estate Properties [Line Items]
Number of real estate properties | Property	43
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	12.20%

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Property	Dec. 31, 2018USD ($)
Number of Properties
Ending balance (in properties) | Property	1,666
Dollar Amount of Investments
Ending balance	$ 5,600,000
Less: accumulated depreciation	(689,346)	$ (621,456)
Net balance	$ 4,807,247
Held in Use
Number of Properties
Beginning balance (in properties) | Property	1,459
Acquisitions/improvements (in properties) | Property	195
Dispositions of real estate (in properties) | Property	(11)
Transfers to Held for Sale (in properties) | Property	(25)
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of intangibles (in properties) | Property	0
Other (in properties) | Property	0
Ending balance (in properties) | Property	1,618
Dollar Amount of Investments
Beginning Balance	$ 5,054,524
Acquisitions	753,076
Dispositions	(61,285)
Transfers to Held for Sale	(126,883)
Transfers from Held for Sale	0
Impairments	(8,302)
Write-off of intangibles	(7,267)
Other	0
Ending balance	5,603,863
Less: accumulated depreciation	(689,346)
Real Estate Investment Property, Accumulated Amortization	(112,788)
Net balance	$ 4,801,729
Held for Sale
Number of Properties
Beginning balance (in properties) | Property	3
Acquisitions/improvements (in properties) | Property	0
Dispositions of real estate (in properties) | Property	(23)
Transfers to Held for Sale (in properties) | Property	25
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of intangibles (in properties) | Property	0
Other (in properties) | Property	0
Ending balance (in properties) | Property	5
Dollar Amount of Investments
Beginning Balance	$ 22,064
Acquisitions	0
Dispositions	(134,699)
Transfers to Held for Sale	126,883
Transfers from Held for Sale	0
Impairments	(4,929)
Write-off of intangibles	(2,945)
Other	0
Ending balance	6,374
Less: accumulated depreciation	(778)
Real Estate Investment Property, Accumulated Amortization	(78)
Net balance	$ 5,518
Total
Number of Properties
Beginning balance (in properties) | Property	1,462
Acquisitions/improvements (in properties) | Property	195
Dispositions of real estate (in properties) | Property	(34)
Transfers to Held for Sale (in properties) | Property	0
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of intangibles (in properties) | Property	0
Other (in properties) | Property	0
Ending balance (in properties) | Property	1,623
Dollar Amount of Investments
Beginning Balance	$ 5,076,588
Acquisitions	753,076
Dispositions	(195,984)
Transfers to Held for Sale	0
Transfers from Held for Sale	0
Impairments	(13,231)
Write-off of intangibles	(10,212)
Other	0
Ending balance	5,610,237
Less: accumulated depreciation	(690,124)
Real Estate Investment Property, Accumulated Amortization	(112,866)
Net balance	$ 4,807,247

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Property	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 30,200
Capitalized maintenance expenditures	$ 4,900
Number of properties acquired through sales-leaseback transactions | Property	62
Investment amount from sale-leaseback transaction	$ 418,500
Held in Use land and buildings, net of accumulated depreciation	4,592,169	$ 4,136,261
Intangible lease assets, net	311,597	294,463
Real estate assets under direct financing leases, net	14,478
Real estate assets held for sale, net	5,518	18,203
Intangible lease liabilities, net	(116,515)	$ (120,162)
Net balance	4,807,247
Held-in-use
Real Estate [Line Items]
Gain on disposal of assets for properties	38,800
Held-for-sale
Real Estate [Line Items]
Gain on disposal of assets for properties	$ 32,000
Deed-In-Lieu Properties
Real Estate [Line Items]
Number of properties disposed | Property	1
Amount of disposition of real estate	$ 800

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessor, Lease, Description [Line Items]
Base cash rent	$ 100,962		$ 296,179	$ 372,126
Variable cash rent (including reimbursables)	2,823		9,403	12,762
Straight-line rent, net of bad debt expense	4,770		12,162	12,670
Amortization of above- and below- market lease intangibles, net	956		2,340	3,684
Total rental income	109,511	$ 100,827	320,084	401,242
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 7,200	7,000	$ 20,400	$ 21,200
Continuing and discontinuing operations
Lessor, Lease, Description [Line Items]
Base cash rent		92,292
Variable cash rent (including reimbursables)		3,641
Straight-line rent, net of bad debt expense		3,582
Amortization of above- and below- market lease intangibles, net		1,312
Total rental income		$ 100,827

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received from Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2019	$ 102,482
2020	406,783
2021	390,425
2022	371,402
2023	350,929
Thereafter	2,736,420
Total future minimum rentals	$ 4,358,441

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (160,275)	$ (149,582)
Intangible lease assets, net	311,597	294,463
Below-market leases	164,001	167,527
Less: accumulated amortization	(47,486)	(47,365)
Intangible lease liabilities, net	116,515	120,162
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	402,902	381,143
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 68,970	$ 62,902

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Minimum lease payments receivable	$ 4,448
Estimated residual value of leased assets	14,256
Unearned income	(4,226)
Real estate assets under direct financing leases, net	$ 14,478
Minimum lease payments receivable		$ 5,390
Estimated residual value of leased assets		20,097
Unearned income		(5,198)
Real estate assets under direct financing leases, net		$ 20,289

Investments - Schedule of Min_2

Investments - Schedule of Minimum Future Contractual Rent to be Received from Direct Financing Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Real Estate [Abstract]
Remainder of 2019	$ 280
2020	577
2021	527
2022	541
2023	554
Thereafter	1,969
Total future minimum rentals	$ 4,448

Investments - Schedule of Loan

Investments - Schedule of Loan Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Property
Number of Properties
Ending balance (in properties) | Property	1,666
Loans Receivable
Beginning Balance	$ 44,742
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(9,303)
Allowance for loan losses	0
Ending Balance	$ 35,439
Mortgage Loans
Number of Properties
Beginning balance (in properties) | Property	52
Acquisitions (in properties) | Property	0
Dispositions of real estate (in properties) | Property	0
Principal payments and payoffs (in properties) | Property	(9)
Allowance for loan losses (in properties) | Property	0
Ending balance (in properties) | Property	43
Loans Receivable
Beginning Balance	$ 42,660
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(9,220)
Allowance for loan losses	0
Ending Balance	33,440
Other Notes
Loans Receivable
Beginning Balance	2,082
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(83)
Allowance for loan losses	0
Ending Balance	$ 1,999

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	$ 35,439	$ 44,742
Total loans receivable, net	36,570	47,044
Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	33,440	42,660
Mortgage loans - premiums, net of amortization	1,308	2,527
Allowance for loan losses	0	0
Total loans receivable, net	34,748	45,187
Other Notes Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	1,999	2,082
Mortgage loans - premiums, net of amortization	(177)	(225)
Allowance for loan losses	0	0
Total loans receivable, net	$ 1,822	$ 1,857

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Real Estate [Abstract]
Real estate and intangible asset impairment	$ 5,932	$ 1,279	$ 13,231	$ 17,214
Recovery of loans receivable, previously impaired	0	0	0	(17)
Total impairment loss	$ 5,932	$ 1,279	$ 13,231	$ 17,197

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	May 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 2,106,741	$ 2,084,302
Debt discount, net	(10,664)	(14,733)
Deferred financing costs, net	(18,569)	(14,932)
Total debt, net	$ 2,077,508	2,054,637
Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	4.56%
Stated Interest Rate	3.93%
Remaining Term to Maturity	7 years 1 month 6 days
Revolving credit facilities
Debt Instrument [Line Items]
Total debt, gross		146,300
Revolving credit facilities | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	6.40%
Remaining Term to Maturity	3 years 6 months
Term loans
Debt Instrument [Line Items]
Total debt, gross		420,000
Term loans | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	3.87%
Senior Unsecured Notes
Debt Instrument [Line Items]
Total debt, gross	$ 1,500,000	300,000
Deferred financing costs, net	$ (13,400)	(2,700)
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	3.74%
Stated Interest Rate	3.73%
Remaining Term to Maturity	8 years 10 months 24 days
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross		167,854
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.53%
CMBS
Debt Instrument [Line Items]
Total debt, gross	$ 261,741	274,758
Deferred financing costs, net	$ (2,700)	(3,200)
CMBS | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.73%
Stated Interest Rate	5.35%
Remaining Term to Maturity	3 years 10 months 24 days
CMBS | Minimum
Debt Instrument [Line Items]
Stated Interest Rate	4.67%
CMBS | Maximum
Debt Instrument [Line Items]
Stated Interest Rate	6.00%
Related party notes payable | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Total debt, gross		$ 27,890
Related party notes payable | Weighted Average | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Effective Interest Rates	0.96%	1.00%
Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 345,000	$ 747,500
Deferred financing costs, net	$ (2,400)	$ (4,300)	$ (19,600)
Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.18%
Stated Interest Rate	3.75%
Remaining Term to Maturity	1 year 7 months 6 days

Debt - Revolving Credit Facilit

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

Debt - Term Loans - Narrative (

Debt - Term Loans - Narrative (Details) - USD ($)	Sep. 16, 2019	Jan. 14, 2019	Sep. 30, 2019	Apr. 30, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Unamortized deferred financing costs			$ 18,569,000		$ 18,569,000	$ 18,569,000		$ 14,932,000
(Loss) gain on debt extinguishment			$ (5,580,000)			$ (11,473,000)	$ 27,092,000
Convertible Senior Notes Due 2019 | Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate			2.875%		2.875%	2.875%
Term loans | 2015 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity								420,000,000
Unamortized deferred financing costs								$ 400,000
Term loans | A-1 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 420,000,000
Increased borrowing capacity under accordion feature		$ 200,000,000
Credit facility maturity date		Mar. 31, 2024
Term loans | A-1 Term Loan | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%	1.00%
Term loans | A-2 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000
Increased borrowing capacity under accordion feature		$ 200,000,000
Ticking fee percentage		0.20%
Term loans | A-2 Term Loan | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Term loans | A-1 Term Loans and A-2 Term Loans | Unsecured Debt
Debt Instrument [Line Items]
(Loss) gain on debt extinguishment	$ 5,300,000

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($)	Sep. 16, 2019	Jun. 27, 2019	Aug. 18, 2016	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 820,000,000	$ 420,000,000
Unamortized deferred financing costs				18,569,000		$ 14,932,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 800,000,000
Unamortized discount				3,100,000		1,500,000
Unamortized deferred financing costs				$ 13,400,000		$ 2,700,000
Senior Notes | 2016 Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt			$ 300,000,000
Principal amount issued			99.378%
Proceeds from issuance of debt			$ 296,200,000
Stated interest rate			4.45%
Debt instrument, maturity date			Sep. 15, 2026
Redemption price, percent of principal amount				100.00%
Deferred financing costs			$ 3,400,000
Unamortized discount			$ 1,900,000
Senior Notes | 2019 Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 400,000,000
Principal amount issued		99.274%
Proceeds from issuance of debt		$ 395,900,000
Stated interest rate		4.00%
Debt instrument, maturity date		Jul. 15, 2029
Redemption price, percent of principal amount				100.00%
Deferred financing costs	7,300,000	$ 3,800,000
Unamortized discount	1,500,000	$ 300,000
Senior Notes | 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 300,000,000
Principal amount issued	99.281%
Proceeds from issuance of debt	$ 297,000,000
Stated interest rate	3.20%
Debt instrument, maturity date	Jan. 15, 2027
Senior Notes | 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 500,000,000
Principal amount issued	99.12%
Proceeds from issuance of debt	$ 494,200,000
Stated interest rate	3.40%
Debt instrument, maturity date	Jan. 15, 2030

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details) $ in Thousands	Jun. 20, 2019USD ($)Propertydebt_series	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (5,580)	$ (11,473)	$ 27,092
Master Trust Notes | Series 2013-2, Class A
Debt Instrument [Line Items]
Number of debt series outstanding | debt_series	1
Stated interest rate	5.27%
Number of properties securing borrowings | Property	267
Loss on extinguishment of debt	$ (15,000)

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	Sep. 30, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 18,569	$ 14,932
Weighted Average
Debt Instrument [Line Items]
Stated interest rate	3.93%
CMBS
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	6
Number of properties securing borrowings | Property	100
Unamortized deferred financing costs	$ 2,700	3,200
Unamortized premium	$ 100	$ 100
CMBS | Weighted Average
Debt Instrument [Line Items]
Stated interest rate	5.35%
CMBS | Minimum
Debt Instrument [Line Items]
Stated interest rate	4.67%
CMBS | Maximum
Debt Instrument [Line Items]
Stated interest rate	6.00%

Debt - Related Party Mortgage L

Debt - Related Party Mortgage Loans Payable (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)Propertyloan	Sep. 30, 2019USD ($)Propertyloan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 2,106,741,000	$ 2,106,741,000		$ 2,084,302,000
Gain (Loss) on extinguishment of debt	$ (5,580,000)	$ (11,473,000)	$ 27,092,000
Related party notes payable | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Number of mortgage loans with related party | loan	4	4
Number of properties with related party | Property	6	6
Outstanding principal				$ 27,890,000
Number of properties sold | Property	3	3
Number of mortgage loans repaid with related party | loan	4	4
Gain (Loss) on extinguishment of debt		$ 0
Gross proceeds from sale of properties		$ 55,000,000
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	4.56%	4.56%
Weighted Average | Related party notes payable | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Weighted average effective interest rate	0.96%	0.96%		1.00%

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details)	May 31, 2014USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 18,569,000	$ 14,932,000
Convertible Senior Notes
Debt Instrument [Line Items]
Debt discount, value of the embedded conversion premium	$ 56,700,000	7,700,000	13,300,000
Unamortized deferred financing costs	19,600,000	$ 2,400,000	$ 4,300,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000
Stated interest rate	2.875%
Debt instrument, maturity date	May 15, 2019
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated interest rate	3.75%
Debt instrument, maturity date	May 15, 2021
Debt conversion ratio	15.2727	17.4458
Conversion price (in USD per share) | $ / shares	$ 65.48
Premium above public offering price	22.50%
Anti-dilutive cash dividends, exceeding (in USD per share) | $ / shares		$ 0.73026

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	Jun. 20, 2019USD ($)	Sep. 30, 2019USD ($)Propertyloan	Sep. 30, 2019USD ($)Propertyloan	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Debt extinguished			$ 2,000,000
Gain (Loss) on extinguishment of debt		$ (5,580)	(11,473)	$ 27,092
Secured Debt | A-1 Term Loans and A-2 Term Loans
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt			(5,300)
Secured Debt | Master Trust 2013 Notes
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt			$ (15,000)
Secured Debt | Series 2013-2, Class A
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt	$ (15,000)
Mortgages
Debt Instrument [Line Items]
Debt extinguished				179,300
Gain (Loss) on extinguishment of debt				$ 26,700
Number of loans paid off | loan		1	1
Number of real estate properties, securing debt | Property		1	1
Weighted average contractual interest rate		9.85%	9.85%	5.69%
Mortgages | CMBS
Debt Instrument [Line Items]
Debt extinguished			$ 10,400	$ 56,200
Gain (Loss) on extinguishment of debt			9,500
Mortgages | Secured Debt | Series 2013-2, Class A
Debt Instrument [Line Items]
Debt extinguished				$ 123,100
Revolving Credit Facility And Term Loan
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt			$ (700)

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Scheduled Debt Maturities
Remainder of 2019	$ 1,004
2020	4,100
2021	349,365
2022	47,017
2023	200,986
Thereafter	1,504,269
Total debt, net	2,106,741	$ 2,084,302
Scheduled Principal
Scheduled Debt Maturities
Remainder of 2019	1,004
2020	4,100
2021	4,365
2022	4,617
2023	3,074
Thereafter	4,269
Total debt, net	21,429
Balloon Payment
Scheduled Debt Maturities
2020	0
2021	345,000
2022	42,400
2023	197,912
Thereafter	1,500,000
Total debt, net	$ 2,085,312

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Non-cash interest expense:
Amortization of deferred financing costs			$ 5,155	$ 7,442
Amortization of debt discount, net			5,805	10,888
Total interest expense	$ 24,675	$ 24,784	76,462	71,385
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees	400	500	1,600	1,600
Continuing and discontinuing operations
Non-cash interest expense:
Amortization of deferred financing costs	1,350	1,890	5,155	7,442
Amortization of net losses related to interest rate swaps	156		156
Amortization of debt discount, net	1,179	2,636	5,805	10,888
Total interest expense	24,675	24,784	76,462	117,906
Continuing and discontinuing operations | Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	473	1,933	4,449	6,134
Continuing and discontinuing operations | Term loans
Schedule Of Interest Expenses [Line Items]
Interest expense	5,779	2,677	15,448	2,677
Continuing and discontinuing operations | Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	8,446	3,338	15,299	10,013
Continuing and discontinuing operations | Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	3,637	6,183	15,168	62,370
Continuing and discontinuing operations | Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	3,234	$ 6,127	14,010	$ 18,382
Continuing and discontinuing operations | Interest Rate Swaps/Other
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 421		$ 972

Stockholders' Equity and Part_3

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		35 Months Ended
	May 31, 2019	May 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Shares withheld for taxes					58,000
Shares withheld for taxes, value					$ 2,500,000
Forward sale agreements, shares of common stock	11,500,000
Forward sale agreements, price per share	$ 41
Gross proceeds from issuance of common stock					$ 538,003,000	$ 0
Preferred stock, shares outstanding			6,900,000		6,900,000		6,900,000	6,900,000
Dividend rate					6.00%
Liquidation value (in USD per share)			$ 25		$ 25		$ 25
Dividend rate, quarterly basis (in USD per share)					0.375
Dividend rate, annual basis (in USD per share)					$ 1.50
Less: dividends paid to preferred stockholders			$ 2,587,000	$ 2,588,000	$ 7,763,000	$ 7,764,000
Common stock, par value per share (in USD per share)			$ 0.05		$ 0.05		$ 0.05	$ 0.05
May 2018
Class Of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 250,000,000	$ 250,000,000		$ 250,000,000		$ 250,000,000
Stock repurchase program, period in force		18 months
Stock repurchase program, repurchase of common shares (in shares)					0
Forward Sale Agreements
Class Of Stock [Line Items]
Issuance of common shares (in shares)					11,500,000
Gross proceeds from issuance of common stock					$ 471,500,000
ATM Program, November 2016
Class Of Stock [Line Items]
Issuance of common shares (in shares)					2,300,000		2,400,000
Gross proceeds from issuance of common stock					$ 91,400,000
Common stock, par value per share (in USD per share)			$ 0.05		$ 0.05		$ 0.05
Common stock authorized					$ 500,000,000
Gross proceeds capacity remaining			$ 404,900,000		$ 404,900,000		$ 404,900,000
Share issued during the period (in USD per share)					$ 39.19
ATM Program, Forward Sales
Class Of Stock [Line Items]
Issuance of common shares (in shares)					1,800,000

Stockholders' Equity and Part_4

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 13, 2019	May 30, 2019	Feb. 28, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Preferred stock, dividend per share (in USD per share)	$ 0.375	$ 0.375	$ 0.375
Preferred stock, total amount	$ 2,587	$ 2,588	$ 2,588	$ 2,587	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Common stock, dividend per share (in USD per share)	$ 0.625	$ 0.625	$ 0.625	$ 0.6250			$ 0.6250			$ 1.8750	$ 2.4250
Common stock, total amount	$ 62,322	$ 56,318	$ 54,254	$ 62,322	$ 56,318	$ 54,254	$ 53,546	$ 77,143	$ 78,581

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	9 Months Ended
	Sep. 30, 2019USD ($)tenantclaimground_lease	Dec. 31, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
Contingently liable amount of debt owed by tenant	$ 5,700,000	$ 5,700,000
Number of tenants indemnified by | tenant	1
Accruals made for environmental remediation	$ 0
Outstanding claims | claim	0
Total commitments	$ 75,000,000
Total commitments relating to future acquisitions	38,100,000
Commitments to purchase capital assets within one year expected to be funded within one year	$ 44,900,000
Operating lease renewal option	two
Operating lease renewal term	5 years
Number of long-term non-cancelable ground leases | ground_lease	4
Operating lease, weighted average remaining lease term	7 years 10 months 24 days
Operating lease, weighted average discount rate	4.26%
Incentive to lessee	$ 1,700,000
Operating lease, right-of-use assets	$ 5,600,000

Commitments and Contingencies_2

Commitments and Contingencies - Rent Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Office Base Rental Expense
Lessee, Lease, Description [Line Items]
Office Base Rental Expense	$ 194	$ 194	$ 597	$ 582
Rental Expense	365	493	1,213	1,206
Office Variable Rental Expense
Lessee, Lease, Description [Line Items]
Office Variable Rental Expense	171	299	616	624
Total Ground Lease Rental Expense
Lessee, Lease, Description [Line Items]
Rental Expense	$ 62	$ 102	$ 239	$ 796

Commitments and Contingencies_3

Commitments and Contingencies - Minimum Rental Commitments Less Imputed Interest (Details) $ in Thousands	Sep. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Remainder of 2019	$ 312
2020	1,262
2021	1,274
2022	1,206
2023	1,197
Thereafter	4,024
Total	9,275
Less: imputed interest	(1,600)
Total operating lease liabilities	7,675
Ground Leases
Lessee, Lease, Description [Line Items]
Remainder of 2019	63
2020	253
2021	250
2022	166
2023	142
Thereafter	675
Total	1,549
Less: imputed interest	(278)
Total operating lease liabilities	1,271
Office Leases
Lessee, Lease, Description [Line Items]
Remainder of 2019	249
2020	1,009
2021	1,024
2022	1,040
2023	1,055
Thereafter	3,349
Total	7,726
Less: imputed interest	(1,322)
Total operating lease liabilities	$ 6,404

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Schedule of Interest Rate Swap Agreements (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Interest rate swaps financial liabilities			$ 7,159,000
Termination of interest rate swaps	$ 12,461,000	$ 12,461,000
Designated as Hedging Instrument | Interest Rate Swap At 2.8140% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 200,000,000	$ 200,000,000
Fixed Interest Rate	2.814%	2.814%
Designated as Hedging Instrument | Interest Rate Swap At 2.8174% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 100,000,000	$ 100,000,000
Fixed Interest Rate	2.8174%	2.8174%
Designated as Hedging Instrument | Interest Rate Swap At 2.8180% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 100,000,000	$ 100,000,000
Fixed Interest Rate	2.818%	2.818%
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps	$ 12,500,000
Deferred loss on termination of interest rate swaps		$ 12,300,000
Accounts Payable and Accrued Liabilities | Designated as Hedging Instrument | Interest Rate Swap At 2.8140% Fixed Interest Rate
Derivative [Line Items]
Interest rate swaps financial liabilities			3,559,000
Accounts Payable and Accrued Liabilities | Designated as Hedging Instrument | Interest Rate Swap At 2.8174% Fixed Interest Rate
Derivative [Line Items]
Interest rate swaps financial liabilities			1,801,000
Accounts Payable and Accrued Liabilities | Designated as Hedging Instrument | Interest Rate Swap At 2.8180% Fixed Interest Rate
Derivative [Line Items]
Interest rate swaps financial liabilities			$ 1,799,000

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL and Gain (Loss) Recorded in Operations when Reclassified out of AOCL or Recognized in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 24,675	$ 24,784	$ 76,462	$ 71,385
Amount reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt within the next 12 months			2,800
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gross amount of loss recognized in AOCL on derivatives	4,267		18,593
Amount of loss reclassified from AOCL to termination of interest rate swaps	(12,462)		(12,462)
Interest Expense | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL to Interest	$ (577)		$ (1,128)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities		$ 7,159
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ 0	7,159
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	0	0
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	0	7,159
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 11,214	$ 14,866
Long-lived assets held for sale	992	7,695
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0	0
Long-lived assets held for sale	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0	0
Long-lived assets held for sale	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	11,214	14,866
Long-lived assets held for sale	$ 992	$ 7,695

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Number of long-lived assets held and used accounted for at fair value	11	8
Number of long-lived assets held for sale accounted for fair value	2	1
Fair Value Estimated Using Ground Lease
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of long-lived assets held and used accounted for at fair value		3
Fair Value Estimated Using Comparable Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of held and used property accounted for at fair value	4
Fair Value Estimated Using Listing Price or Broker Opinion of Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of held and used property accounted for at fair value	7	5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	Sep. 30, 2019ft²$ / ft²	Dec. 31, 2018ft²$ / ft²
Fair Value Estimated Using Comparable Properties | Measurement Input, Price Per Square Foot | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input		0
Fair Value Estimated Using Comparable Properties | Measurement Input, Price Per Square Foot | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	34.45
Fair Value Estimated Using Comparable Properties | Measurement Input, Price Per Square Foot | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	740.74
Fair Value Estimated Using Comparable Properties | Measurement Input, Price Per Square Foot | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	76.17	0
Fair Value Estimated Using Comparable Properties | Measurement Input, Square Footage | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input | ft²	74,891	0
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Price Per Square Foot | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	30.14	185.42
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Price Per Square Foot | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	286.14	638.72
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Price Per Square Foot | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	44.90	507.11
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Price Per Square Foot | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	99.37	225.04
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Price Per Square Foot | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input	99.37	225.04
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Square Footage | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input | ft²	118,858	27,302
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Square Footage | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Assets,measurement input | ft²	4,310	5,999

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held for Sale (Details) - Fair Value Estimated Using Signed Purchase and Sale Agreement - Retail	Sep. 30, 2019ft²$ / ft²	Dec. 31, 2018ft²$ / ft²
Measurement Input, Price Per Square Foot
Long Lived Assets Held-for-sale [Line Items]
Assets,measurement input		126.73
Measurement Input, Price Per Square Foot | Minimum
Long Lived Assets Held-for-sale [Line Items]
Assets,measurement input	168.64
Measurement Input, Price Per Square Foot | Maximum
Long Lived Assets Held-for-sale [Line Items]
Assets,measurement input	223.60
Measurement Input, Price Per Square Foot | Weighted Average
Long Lived Assets Held-for-sale [Line Items]
Assets,measurement input	197.41	126.73
Measurement Input, Square Footage
Long Lived Assets Held-for-sale [Line Items]
Assets,measurement input | ft²	5,025	63,128

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 36,570	$ 47,044
Investment in Master Trust 2014		33,535
Revolving credit facilities		146,300
Convertible Notes, net	334,904	729,814
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	36,879	48,740
Investment in Master Trust 2014		33,811
Revolving credit facilities		146,731
Convertible Notes, net	354,826	740,330
Term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net		419,560
Term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net		424,670
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	1,483,491	295,767
Senior Unsecured Notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	1,532,065	291,696
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	259,113	463,196
Mortgages and Notes Payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	$ 281,432	$ 487,548

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 15.9		$ 15.9		$ 15.5
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.5	$ 3.1	11	$ 12.2
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense			$ 6.6
Outstanding unvested shares	322		322
Unamortized stock-based compensation expense	$ 8.3		$ 8.3		8.1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested shares	600		600
Number of shares available for grant	97		97
Volatility rate			25.40%
Minimum required service period			3 years
Dividend rights accrued	$ 2.2		$ 2.2		1.7
Unamortized stock-based compensation expense	$ 7.6		$ 7.6		$ 7.4
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted			0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted			250.00%
Performance Shares | Group of Industry Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum			15.30%
Volatility rate, maximum			30.80%
Executives Officers and Employees | Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			173

Income Per Share and Partners_3

Income Per Share and Partnership Unit - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic and diluted income:
Income from continuing operations	$ 81,294	$ 31,022	$ 170,609	$ 93,917
Less: dividends paid to preferred stockholders	(2,587)	(2,588)	(7,763)	(7,764)
Less: income attributable to unvested restricted stock	(260)	(204)	(714)	(932)
Income used in basic and diluted income per share from continuing operations	78,447	28,230	162,132	85,221
Loss used in basic and diluted loss per share from discontinued operations	0	(966)	0	(15,979)
Net income attributable to common stockholders used in basic and diluted income per share	$ 78,447	$ 27,264	$ 162,132	$ 69,242
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	90,416,248	85,708,723	87,934,906	86,997,886
Less: Unvested weighted average shares of restricted stock	(375,895)	(372,530)	(405,120)	(365,334)
Weighted average shares of common stock outstanding used in basic income per share	90,040,353	85,336,193	87,529,786	86,632,552
Net income per share attributable to common stockholders - basic:
Continuing operations (in USD per share)	$ 0.87	$ 0.33	$ 1.85	$ 0.98
Discontinued operations (in USD per share)		(0.01)		(0.18)
Net income per share attributable to common stockholders - basic (in USD per share)	$ 0.87	$ 0.32	$ 1.85	$ 0.80
Dilutive weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding used in diluted income per share	90,396,797	85,578,507	87,784,477	86,788,140
Net income per share attributable to common stockholders - diluted:
Continuing operations (in USD per share)	$ 0.87	$ 0.33	$ 1.85	$ 0.98
Discontinued operations (in USD per share)		(0.01)		(0.18)
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.87	$ 0.32	$ 1.85	$ 0.80
Unvested shares of restricted stock, less shares assumed repurchased at market
Potentially dilutive shares of common stock
Potentially dilutive shares	172,686	105,543	210,729	80,536
Unvested market-based awards
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average shares of common stock outstanding	356,444	242,302	254,691	155,588
Stock Options
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average shares of common stock outstanding		12

Income Per Share and Partners_4

Income Per Share and Partnership Unit - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt	0	0	0	0

Related Party Transactions an_2

Related Party Transactions and Arrangements - Cost Sharing Arrangements (Details) - Spirit MTA REIT - Affiliated Entity - Cost Sharing Arrangements - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties	$ 1.6	$ 0.1
Due to related parties	$ 0.1	$ 1.8

Related Party Transactions an_3

Related Party Transactions and Arrangements - Asset Management Agreement and Interim Management Agreement (Details) - USD ($) $ in Thousands	Sep. 20, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party fee income		$ 54,795	$ 6,750	$ 68,971	$ 8,969
Interim Management Agreement | Spirit MTA REIT
Related Party Transaction [Line Items]
Agreement termination date				Sep. 20, 2020
Asset Management Agreement
Related Party Transaction [Line Items]
Receive termination fee	$ 48,200
Asset Management Agreement | General and administrative expense
Related Party Transaction [Line Items]
Related party fee income		500		$ 900
Initial one-year term | Interim Management Agreement | Spirit MTA REIT
Related Party Transaction [Line Items]
Due from related parties	1,000
Renewal Term | Interim Management Agreement | Spirit MTA REIT
Related Party Transaction [Line Items]
Due from related parties	$ 4,000
Affiliated Entity | Asset Management Agreement
Related Party Transaction [Line Items]
Due from related parties		31		31		$ 1,700
Affiliated Entity | Asset Management Agreement, Asset Management Fees
Related Party Transaction [Line Items]
Related party fee income		$ 4,400	$ 5,000	$ 14,400	$ 6,700

Related Party Transactions an_4

Related Party Transactions and Arrangements - Property Management and Servicing Agreement (Details) - USD ($) $ in Thousands	May 20, 2014	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party fee income		$ 54,795	$ 6,750	$ 68,971	$ 8,969
Affiliated Entity | Property Management
Related Party Transaction [Line Items]
Annual management fees rate	0.25%
Related party fee income		1,300	1,600	4,300	2,100
Affiliated Entity | Special Servicing Fees
Related Party Transaction [Line Items]
Annual management fees rate	0.75%
Related party fee income		$ 400	$ 190	$ 1,200	$ 242
Affiliated Entity | Property Management and Servicing Agreement
Related Party Transaction [Line Items]
Due from related parties						$ 500

Related Party Transactions an_5

Related Party Transactions and Arrangements - Related Party Loans Payable (Details) - Affiliated Entity - Mortgage loans payable $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Propertyloan	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Propertyloan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Interest expense on note payable	$ 58	$ 72	$ 200	$ 96
Related party notes payable
Related Party Transaction [Line Items]
Number of mortgage loans with related party | loan	4		4
Number of properties with related party | Property	6		6
Outstanding principal of related parties notes payable					$ 27,900

Related Party Transactions an_6

Related Party Transactions and Arrangements - Related Party Notes Receivable (Details) - Affiliated Entity - Master Trust 2014 Series 2017-1 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Percentage of economic interest	5.00%		5.00%
Notes receivable from related parties					$ 33.5
Outstanding principal balance	$ 33.5		$ 33.5
Repayment premium related parties			0.9
Interest income earned from related parties note	$ 0.3	$ 0.4	$ 1.1	$ 0.5

Related Party Transactions an_7

Related Party Transactions and Arrangements - Investments in SMTA (Details) - USD ($)	May 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Preferred stock, shares issued		6,900,000		6,900,000		6,900,000
Dividend rate				6.00%
Preferred stock, liquidation preference (in USD per share)		$ 25		$ 25
Preferred dividend income from SMTA		$ 3,302,000	$ 3,750,000	$ 10,802,000	$ 5,000,000
Preferred equity investment in SMTA						$ 150,000,000
Spirit MTA REIT | Affiliated Entity
Related Party Transaction [Line Items]
Preferred stock, shares issued	6,000,000
Aggregate liquidation preference amount	$ 150,000,000
Dividend rate	10.00%
Preferred stock, liquidation preference (in USD per share)	$ 25
Liquidation value on a quarterly basis (in USD per share)	0.625
Liquidation value on an annual basis (in USD per share)	$ 2.50
Preferred dividend income from SMTA		$ 3,300,000	$ 3,800,000	$ 10,800,000	$ 5,000,000
Dividends receivable						3,800,000
Preferred equity investment in SMTA						$ 150,000,000

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	May 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares converted			0.10
Spirit MTA REIT | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash inflows from continuing involvement subsequent to spin-off	$ 271.2	$ 13
Cash outflows from continuing involvement subsequent to spin-off	$ 49.8	$ 28.8

Discontinued Operations - State

Discontinued Operations - Statements of Operations Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Expenses:
Deal pursuit costs	$ 330	$ 26	$ 574	$ 143
Other gain (loss):
Loss from discontinued operations	$ 0	(966)	$ 0	(15,979)
Spirit MTA REIT | Spinoff
Revenues:
Rental income				100,672
Interest income on loans receivable				1,495
Other income				776
Total revenues				102,943
Expenses:
General and administrative				707
Transaction costs		966		20,931
Property costs (including reimbursable)				3,268
Deal pursuit costs				339
Interest				46,521
Depreciation and amortization				35,461
Impairments				10,943
Total expenses		966		118,170
Other gain (loss):
Loss on debt extinguishment				(363)
Gain (loss) on disposition of assets				(274)
Total other gain (loss)				(637)
Loss from discontinued operations before income tax expense		(966)		(15,864)
Income tax expense				(115)
Loss from discontinued operations		$ (966)		$ (15,979)

Discontinued Operations - Sta_2

Discontinued Operations - Statements of Cash Flows Disclosures (Details) - Spirit MTA REIT - Spinoff $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 36,924
Net cash used in investing activities	$ (31,452)