Spirit Realty 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
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	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		102,939,952
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	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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	Mar. 31, 2020	Dec. 31, 2019
Real estate investments:
Land and improvements	$ 1,929,589	$ 1,910,287
Buildings and improvements	3,953,335	3,840,220
Total real estate investments	5,882,924	5,750,507
Less: accumulated depreciation	(736,394)	(717,097)
Net real estate held for investment	5,146,530	5,033,410
Loans receivable, net	30,849	34,465
Intangible lease assets, net	381,398	385,079
Real estate assets under direct financing leases, net	7,300	14,465
Real estate assets held for sale, net	3,126	1,144
Net investments	5,569,203	5,468,563
Cash and cash equivalents	216,692	14,492
Deferred costs and other assets, net	123,674	124,006
Goodwill	225,600	225,600
Total assets	6,135,169	5,832,661
Liabilities:
Revolving credit facilities	500,000	116,500
Senior Unsecured Notes, net	1,484,473	1,484,066
Mortgages and notes payable, net	215,186	216,049
Convertible Notes, net	337,921	336,402
Total debt, net	2,537,580	2,153,017
Intangible lease liabilities, net	124,097	127,335
Accounts payable, accrued expenses and other liabilities	124,084	139,060
Total liabilities	2,785,761	2,419,412
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both March 31, 2020 and December 31, 2019	166,177	166,177
Common stock, $0.05 par value, 175,000,000 shares authorized: 102,942,162 and 102,476,152 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	5,147	5,124
Capital in excess of common stock par value	5,707,271	5,686,247
Accumulated deficit	(2,518,428)	(2,432,838)
Accumulated other comprehensive loss	(10,759)	(11,461)
Total stockholders’ equity	3,349,408	3,413,249
Partnership units
Total liabilities and stockholders’ equity/partners' capital	6,135,169	5,832,661
Spirit Realty, L.P.
Real estate investments:
Land and improvements	1,929,589	1,910,287
Buildings and improvements	3,953,335	3,840,220
Total real estate investments	5,882,924	5,750,507
Less: accumulated depreciation	(736,394)	(717,097)
Net real estate held for investment	5,146,530	5,033,410
Loans receivable, net	30,849	34,465
Intangible lease assets, net	381,398	385,079
Real estate assets under direct financing leases, net	7,300	14,465
Real estate assets held for sale, net	3,126	1,144
Net investments	5,569,203	5,468,563
Cash and cash equivalents	216,692	14,492
Deferred costs and other assets, net	123,674	124,006
Goodwill	225,600	225,600
Total assets	6,135,169	5,832,661
Liabilities:
Revolving credit facilities	500,000	116,500
Senior Unsecured Notes, net	1,484,473	1,484,066
Notes payable to Spirit Realty Capital, Inc., net	337,921	336,402
Mortgages and notes payable, net	215,186	216,049
Total debt, net	2,537,580	2,153,017
Intangible lease liabilities, net	124,097	127,335
Accounts payable, accrued expenses and other liabilities	124,084	139,060
Total liabilities	2,785,761	2,419,412
Commitments and contingencies (see Note 6)
Partnership units
General partner's capital: 797,644 units issued and outstanding as of both March 31, 2020 and December 31, 2019	21,752	22,389
Limited partners' preferred capital: 6,900,000 units issued and outstanding as of both March 31, 2020 and December 31, 2019	166,177	166,177
Limited partners' capital: 102,144,518 and 101,678,508 units issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	3,161,479	3,224,683
Total partners' capital	3,349,408	3,413,249
Total liabilities and stockholders’ equity/partners' capital	$ 6,135,169	$ 5,832,661

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares		Mar. 31, 2020	Dec. 31, 2019
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		102,942,162	102,476,152
Common stock, shares outstanding		102,942,162	102,476,152
Spirit Realty, L.P. | General Partner's Capital
Partnership units
General partners' capital, units issued		797,644	797,644
General partners' capital, units outstanding	[1]	797,644	797,644
Spirit Realty, L.P. | Limited Partners' Capital
Partnership units
Limited partners' capital, units issued		102,144,518	101,678,508
Limited partners' capital, units outstanding	[2]	102,144,518	101,678,508
Spirit Realty, L.P. | Limited Partners' Capital | Limited Partner Series A Preferred Units
Partnership units
Limited partners' preferred capital, units issued		6,900,000	6,900,000
Limited partners' preferred capital, units outstanding	[2]	6,900,000	6,900,000
[1]	Consists of general partnership interests held by OP Holdings.
[2]	Consists of limited partnership interests held by the Corporation and Spirit Notes Partner, LLC.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 121,363	$ 104,067
Interest income on loans receivable	419	986
Earned income from direct financing leases	177	396
Related party fee income	250	6,927
Other income	511	217
Total revenues	122,720	112,593
Expenses:
General and administrative	13,490	13,181
Property costs (including reimbursable)	5,936	5,154
Deal pursuit costs	1,019	71
Interest	25,359	26,611
Depreciation and amortization	52,236	41,349
Impairments	40,774	3,692
Total expenses	138,814	90,058
Other income:
Gain on debt extinguishment		8,783
Gain on disposition of assets	388	8,730
Preferred dividend income from SMTA		3,750
Total other income	388	21,263
(Loss) income before income tax expense	(15,706)	43,798
Income tax expense	(141)	(220)
Net (loss) income	(15,847)	43,578
Dividends paid to preferred shareholders	(2,588)	(2,588)
Net (loss) income attributable to common stockholders/after preferred distributions	$ (18,435)	$ 40,990
Net (loss) income per share attributable to common stockholders:
Basic (in USD per share)	$ (0.18)	$ 0.48
Diluted (in USD per share)	$ (0.18)	$ 0.48
Weighted average shares of common stock outstanding:
Basic (in shares)	102,230,147	85,497,093
Diluted (in shares)	102,230,147	85,504,897
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.6250
Spirit Realty, L.P.
Revenues:
Rental income	$ 121,363	$ 104,067
Interest income on loans receivable	419	986
Earned income from direct financing leases	177	396
Related party fee income	250	6,927
Other income	511	217
Total revenues	122,720	112,593
Expenses:
General and administrative	13,490	13,181
Property costs (including reimbursable)	5,936	5,154
Deal pursuit costs	1,019	71
Interest	25,359	26,611
Depreciation and amortization	52,236	41,349
Impairments	40,774	3,692
Total expenses	138,814	90,058
Other income:
Gain on debt extinguishment		8,783
Gain on disposition of assets	388	8,730
Preferred dividend income from SMTA		3,750
Total other income	388	21,263
(Loss) income before income tax expense	(15,706)	43,798
Income tax expense	(141)	(220)
Net (loss) income	(15,847)	43,578
Dividends paid to preferred shareholders	(2,588)	(2,588)
Net (loss) income attributable to common stockholders/after preferred distributions	$ (18,435)	$ 40,990
Weighted average shares of common stock outstanding:
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.6250
Net (loss) income attributable to the general partner	$ (143)	$ 380
Net (loss) income attributable to the limited partners	$ (15,704)	$ 43,198
Net (loss) income per partnership unit:
Basic	$ (0.18)	$ 0.48
Diluted	$ (0.18)	$ 0.48
Weighted average partnership units outstanding:
Basic	102,230,147	85,497,093
Diluted	102,230,147	85,504,897

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net (loss) income available to common stockholders	$ (18,435)	$ 40,990
Other comprehensive income (loss):
Net reclassification of amounts from (to) AOCL	702	(5,021)
Total comprehensive (loss) income	(17,733)	35,969
Spirit Realty, L.P.
Net (loss) income available to common stockholders	(18,435)	40,990
Other comprehensive income (loss):
Net reclassification of amounts from (to) AOCL	702	(5,021)
Total comprehensive (loss) income	$ (17,733)	$ 35,969

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, 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
Common shares outstanding, beginning balance at Dec. 31, 2018			85,787,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	43,578				43,578
Dividends declared on preferred stock	(2,588)				(2,588)
Net (loss) 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 stock	32,686		$ 45	32,641
Issuance of stock (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, 2019	$ 3,413,249	$ 166,177	$ 5,124	5,686,247	(2,432,838)	(11,461)
Preferred shares outstanding, beginning balance at Dec. 31, 2019	6,900,000	6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2019	102,476,152		102,476,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (15,847)				(15,847)
Dividends declared on preferred stock	(2,588)				(2,588)
Net (loss) income attributable to common stockholders/after preferred distributions	(18,435)				(18,435)
Other comprehensive income (loss)	702					702
Dividends declared on common stock	(64,338)				(64,338)
Tax withholdings related to net stock settlements	$ (2,349)		$ (2)		(2,347)
Tax withholdings related to net stock settlements (in shares)	(44,500)		(44,488)
Issuance of stock	$ 17,598		$ 18	17,580
Issuance of stock (in shares)			362,481
Stock-based compensation, net	2,981		$ 7	3,444	(470)
Stock-based compensation, net (in shares)			148,017
Ending balance, value at Mar. 31, 2020	$ 3,349,408	$ 166,177	$ 5,147	$ 5,707,271	$ (2,518,428)	$ (10,759)
Preferred shares outstanding, ending balance at Mar. 31, 2020	6,900,000	6,900,000
Common shares outstanding, ending balance at Mar. 31, 2020	102,942,162		102,942,162

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net (loss) income		$ (15,847)	$ 43,578
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		52,236	41,349
Impairments		40,774	3,692
Amortization of deferred financing costs		1,142	2,031
Amortization of debt discounts		1,224	2,706
Amortization of deferred losses on interest rate swaps		702
Stock-based compensation expense		3,451	3,578
Gain on debt extinguishment			(8,783)
Gain on dispositions of real estate and other assets		(388)	(8,730)
Non-cash revenue		(1,259)	(4,110)
Bad debt expense and other		233	799
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(136)	(700)
Accounts payable, accrued expenses and other liabilities		(14,954)	(4,057)
Net cash provided by operating activities		67,178	71,353
Investing activities
Acquisitions of real estate		(205,818)	(160,262)
Capitalized real estate expenditures		(7,810)	(19,612)
Collections of principal on loans receivable and real estate assets under direct financing leases		1,163	3,653
Proceeds from dispositions of real estate and other assets, net		16,800	34,848
Net cash used in investing activities		(195,665)	(141,373)
Financing activities
Borrowings under revolving credit facilities		759,000	372,700
Repayments under revolving credit facilities		(375,500)	(312,500)
Repayments under mortgages and notes payable		(1,017)	(2,906)
Borrowings under term loans			420,000
Repayments under term loans			(420,000)
Debt extinguishment costs			(1,009)
Deferred financing costs			(11,266)
Proceeds from issuance of common stock, net of offering costs		17,677	32,379
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(2,349)	(704)
Common stock dividends paid		(64,362)	(53,615)
Preferred stock dividends paid		(2,588)	(2,588)
Net cash provided by financing activities		330,861	20,491
Net increase (decrease) in cash, cash equivalents and restricted cash		202,374	(49,529)
Cash, cash equivalents and restricted cash, beginning of period		26,023	77,421
Cash, cash equivalents and restricted cash, end of period		228,397	27,892
Cash paid for interest		29,145	17,052
Cash paid for income taxes		86	262
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		64,338	54,254
Relief of debt through sale or foreclosure of real estate properties			10,368
Net real estate and other collateral assets sold or surrendered to lender			654
Cash flow hedge changes in fair value			5,021
Accrued interest capitalized to principal	[1]		251
Accrued market-based award dividend rights		470	308
Accrued capitalized costs		1,015	1,142
Right-of-use lease assets			6,143
Lease liabilities			6,143
Reclass of residual value from direct financing lease to operating lease		6,831
Spirit Realty, L.P.
Operating activities
Net (loss) income		(15,847)	43,578
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		52,236	41,349
Impairments		40,774	3,692
Amortization of deferred financing costs		1,142	2,031
Amortization of debt discounts		1,224	2,706
Amortization of deferred losses on interest rate swaps		702
Stock-based compensation expense		3,451	3,578
Gain on debt extinguishment			(8,783)
Gain on dispositions of real estate and other assets		(388)	(8,730)
Non-cash revenue		(1,259)	(4,110)
Bad debt expense and other		233	799
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(136)	(700)
Accounts payable, accrued expenses and other liabilities		(14,954)	(4,057)
Net cash provided by operating activities		67,178	71,353
Investing activities
Acquisitions of real estate		(205,818)	(160,262)
Capitalized real estate expenditures		(7,810)	(19,612)
Collections of principal on loans receivable and real estate assets under direct financing leases		1,163	3,653
Proceeds from dispositions of real estate and other assets, net		16,800	34,848
Net cash used in investing activities		(195,665)	(141,373)
Financing activities
Borrowings under revolving credit facilities		759,000	372,700
Repayments under revolving credit facilities		(375,500)	(312,500)
Repayments under mortgages and notes payable		(1,017)	(2,906)
Borrowings under term loans			420,000
Repayments under term loans			(420,000)
Debt extinguishment costs			(1,009)
Deferred financing costs			(11,266)
Proceeds from issuance of common stock, net of offering costs		17,677	32,379
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(2,349)	(704)
Common stock dividends paid		(64,362)	(53,615)
Preferred stock dividends paid		(2,588)	(2,588)
Net cash provided by financing activities		330,861	20,491
Net increase (decrease) in cash, cash equivalents and restricted cash		202,374	(49,529)
Cash, cash equivalents and restricted cash, beginning of period		26,023	77,421
Cash, cash equivalents and restricted cash, end of period		228,397	27,892
Cash paid for interest		29,145	17,052
Cash paid for income taxes		86	262
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		64,338	54,254
Relief of debt through sale or foreclosure of real estate properties			10,368
Net real estate and other collateral assets sold or surrendered to lender			654
Cash flow hedge changes in fair value			5,021
Accrued interest capitalized to principal	[1]		251
Accrued market-based award dividend rights		470	308
Accrued capitalized costs		1,015	1,142
Right-of-use lease assets			6,143
Lease liabilities			$ 6,143
Reclass of residual value from direct financing lease to operating lease		$ 6,831
[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		Limited Partner Series A Preferred UnitsSpirit Realty, L.P.Limited Partners' Capital
Beginning balance, value at Dec. 31, 2018			$ 2,801,749	$ 2,612,511	[1]	$ 23,061	[2]	$ 166,177	[1]
Limited partners' preferred units, beginning balance at Dec. 31, 2018	[1]							6,900,000
General partners' common units, beginning balance at Dec. 31, 2018	[2]					797,644
Limited partners' common units, beginning balance at Dec. 31, 2018	[1]			84,989,711
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income		$ 43,578	43,578	$ 43,198	[1]	$ 380	[2]
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net (loss) income attributable to common stockholders/after preferred distributions		40,990	40,990	40,610	[1]	380	[2]
Other comprehensive income (loss)		(5,021)	(5,021)	(4,974)	[1]	(47)	[2]
Dividends declared on common stock		(54,254)	(54,254)	(53,750)	[1]	(504)	[2]
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)	[2]
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	[2]	$ 166,177	[1]
Limited partners' preferred units, ending balance at Mar. 31, 2019	[1]							6,900,000
General partners' common units, ending balance at Mar. 31, 2019	[2]					797,644
Limited partners' common units, ending balance at Mar. 31, 2019	[1]			86,014,142
Beginning balance, value at Dec. 31, 2019			3,413,249	$ 3,224,683	[1]	$ 22,389	[2]	$ 166,177	[1]
Limited partners' preferred units, beginning balance at Dec. 31, 2019	[1]							6,900,000
General partners' common units, beginning balance at Dec. 31, 2019	[2]					797,644
Limited partners' common units, beginning balance at Dec. 31, 2019	[1]			101,678,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income		(15,847)	(15,847)	$ (15,704)	[1]	$ (143)	[2]
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net (loss) income attributable to common stockholders/after preferred distributions		(18,435)	(18,435)	(18,292)	[1]	(143)	[2]
Other comprehensive income (loss)		702	702	697	[1]	5	[2]
Dividends declared on common stock		(64,338)	(64,338)	(63,839)	[1]	(499)	[2]
Tax withholdings related to net stock settlements		$ (2,349)	(2,349)	$ (2,349)	[1]
Tax withholdings related to net stock settlements (in shares)		(44,500)		(44,488)	[1]
Issuance of common units, net			17,598	$ 17,598	[1]
Issuance of common units, net (in shares)	[1]			362,481
Stock-based compensation, net			2,981	$ 2,981	[1]
Stock-based compensation, net (in shares)	[1]			148,017
Ending balance, value at Mar. 31, 2020			$ 3,349,408	$ 3,161,479	[1]	$ 21,752	[2]	$ 166,177	[1]
Limited partners' preferred units, ending balance at Mar. 31, 2020	[1]							6,900,000
General partners' common units, ending balance at Mar. 31, 2020	[2]					797,644
Limited partners' common units, ending balance at Mar. 31, 2020	[1]			102,144,518
[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	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [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, one of the Corporation’s wholly-owned subsidiaries, is the sole general partner and owns approximately . On May 31, 2018, 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"). The Company formed Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary. The rights and obligations of the Asset Management Agreement were transferred to SRAM on April 1, 2019, which was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, effective as of September 20, 2019. The Company allocates personnel and other general and administrative costs to SRAM for management services provided to SMTA.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACOUNTING 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, 2019. The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity. 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 March 31, 2020 and December 31, 2019, net assets totaling $0.35 billion and $0.38 billion, respectively, were held, and net liabilities totaling $0.22 and $0.23 billion, respectively, were owed by these encumbered special purpose entities and are included in the accompanying consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments. 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. The Company does not include options to extend, terminate or purchase 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 that requires judgment is the residual value of the property at the end of the lease term. For acquisitions, the Company assumes a value that is equal to the tangible value of the property at the date of the assessment. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine fair value. The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed rent escalators, rental income 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. For leases with contingent rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period and may adjust over a one-year Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which the Company recognizes as rental income when the change in the factor on which the contingent lease payment is based actually occurs. 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 expenses included in property costs (including reimbursable) on the Company’s consolidated statements of operations. 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 the 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 term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease in rental revenue, and below-market lease intangibles are amortized as an increase to rental revenue over the remaining term of the respective leases. The remaining term includes the initial term of the lease but may also include the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal option , the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes the intangible balance is no longer recoverable, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2020 December 31, 2019 March 31, 2019 Cash and cash equivalents $ 216,692 $ 14,492 $ 9,376 Restricted cash: Collateral deposits (1) 381 347 401 Tenant improvements, repairs and leasing commissions (2) 11,324 10,877 9,539 Master Trust Release (3) — — 7,413 Other (4) — 307 1,163 Total cash, cash equivalents and restricted cash $ 228,397 $ 26,023 $ 27,892 (1) (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. (4) Funds held in lender-controlled accounts released after scheduled debt service requirements are met. 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 $1.8 million and $3.8 million at March 31, 2020 and December 31, 2019, respectively, against accounts receivable balances of $8.5 million and $11.4 million, respectively. Receivables are recorded within deferred cost 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 generally assessed in conjunction with the evaluation of rental income as described above. The Company has a reserve for losses of $4.4 million and $0.4 million at March 31, 2020 and December 31, 2019, respectively, against straight-line rent receivables of $89.1 million and $84.0 million, respectively. These receivables are recorded 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. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment Income Taxes The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation 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 the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Corporation 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 earned by any of the Company's taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. The rights and obligations of the Asset Management Agreement were transferred to SRAM, a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019, which was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, effective as of September 20, 2019. Accordingly, commencing from April 1, 2019, all asset management fees, including the termination fee income, were subject to income tax. 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 June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In April 2020, the FASB released a Staff Q&A regarding the accounting for lease concessions related to the effects of the COVID-19 pandemic. The FASB noted that the underlying premise in requiring a modified lease to be accounted for as if it were a new lease under ASC 842 is that the modified terms and conditions affect the economics of the lease for the remainder of the lease term. As such, the FASB staff clarified that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). The Company expects to make this election and account for rent deferrals by increasing the straight-line rent receivables as receivables accrue and continue to recognize income during the deferral period. Lease concessions other than rent deferrals will continue to be evaluated to determine if a substantive change to the consideration in the original contract lease contract has occurred and should be accounted for as a lease modification. Management will continue to evaluate any amounts recognized for collectability, regardless of whether accounted for as a lease modification or not, and will record a provision for losses against rental income for amounts that are not probable of collection.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Investments	NOTE 3. INVESTMENTS Owned Properties As of March 31, 2020, the Company's gross investment in owned real estate properties totaled approximately $6.3 billion. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 48 states with Texas, at 11.4%, as the only state with a gross investment greater than 10.0% of the total gross investment of the Company's entire portfolio. During the three months ended March 31, 2020, the Company had the following 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, 2019 1,750 2 1,752 $ 6,140,775 $ 1,223 $ 6,141,998 Acquisitions/improvements (1) 27 — 27 215,011 — 215,011 Dispositions of real estate (2) (5 ) (2 ) (7 ) (17,114 ) (1,223 ) (18,337 ) Transfers to Held for Sale (5 ) 5 — (3,362 ) 3,362 — Transfers from Held for Sale — — — — — — Impairments (3) — — — (40,468 ) — (40,468 ) Write-off of intangibles — — — (26,594 ) — (26,594 ) Other — — — (1,330 ) — (1,330 ) Gross balance, March 31, 2020 1,767 5 1,772 6,266,918 3,362 6,270,280 Accumulated depreciation and amortization (855,787 ) (236 ) (856,023 ) Net balance, March 31, 2020 (4) $ 5,411,131 $ 3,126 $ 5,414,257 (1) Includes investments of $7.6 million in revenue producing capitalized expenditures, as well as $1.6 million of non-revenue producing capitalized expenditures during the three months ended March 31, 2020. ( 2 ) For the three months ended March 31, 2020, the total gain on disposal of assets for properties held in use and held for sale was $0.6 million and $0.1 million, respectively. (3) ( 4 ) Operating lease held in use land and buildings, net $ 5,146,530 Intangible lease assets, net 381,398 Real estate assets under direct financing leases, net 7,300 Real estate assets held for sale, net 3,126 Intangible lease liabilities, net (124,097 ) Net balance $ 5,414,257 Operating Leases As of March 31, 2020 and December 31, 2019, the Company held 1,760 and 1,745 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 March 31, 2020 2019 Base cash rent $ 116,546 $ 96,799 Variable cash rent (including reimbursables) 3,389 3,638 Straight-line rent, net of bad debt expense 1,094 2,907 Amortization of above- and below- market lease intangibles, net (1) 334 723 Total rental income $ 121,363 $ 104,067 (1) Excludes amortization of in-place leases of $8.8 million and $6.7 million for the three months ended March 31, 2020 and 2019, 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-cancellable term of these operating leases (including contractual fixed rent increases occurring on or after April 1, 2020) at March 31, 2020 are as follows (in thousands): March 31, 2020 Remainder of 2020 $ 354,330 2021 461,791 2022 444,470 2023 423,969 2024 399,829 Thereafter 3,037,487 Total future minimum rentals $ 5,121,876 Because lease renewal periods 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 als 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): March 31, 2020 December 31, 2019 In-place leases $ 454,363 $ 457,616 Above-market leases 97,296 95,002 Less: accumulated amortization (170,261 ) (167,539 ) Intangible lease assets, net $ 381,398 $ 385,079 Below-market leases $ 174,965 $ 176,816 Less: accumulated amortization (50,868 ) (49,481 ) Intangible lease liabilities, net $ 124,097 $ 127,335 Direct Financing Leases As of March 31, 2020, the Company held one property under a direct financing lease, which was held in use. As of March 31, 2020, this property had $4.0 million in scheduled minimum future payments to be received under the remaining non-cancellable terms of its lease. The Company evaluated the collectability of the amounts receivable under the direct financing lease, and recorded a reserve for uncollectible amounts totaling $0.3 million against the net investment balance of $7.6 million as of March 31, 2020, primarily as a result of the borrower’s credit rating being non-investment grade and the initial term extending until 2027. Loans Receivable As of March 31, 2020, the Company held two first-priority mortgage loans. The mortgage loans are secured by single-tenant commercial properties and have fixed interest rates over the term of the loans. There was one other note receivable as of March 31, 2020, which is secured by tenant assets and stock. As of March 31, 2020, these loans had an outstanding principal balance of $30.6 million and an unamortized premium balance of $0.5 million. The Company evaluated the collectability of the amounts receivable under the loans receivable and recorded an allowance for loan losses of $0.3 million against the carrying value of $31.1 million. The amount of the allowance was primarily driven by the borrowers’ having investment grade credit ratings and maturities in 2020. Impairments and Allowance for Credit Losses The following table summarizes total impairments and allowance for credit losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2020 2019 Real estate and intangible asset impairment $ 40,164 $ 3,692 Allowance for credit losses on direct financing leases 304 — Allowance for credit losses on loans receivable 306 — Total impairment loss $ 40,774 $ 3,692

Debt

Debt	3 Months Ended
	Mar. 31, 2020
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 (dollars in thousands): Weighted Average Effective Interest Rates (1) Weighted Average Stated Interest Rates (2) Weighted Average Remaining Years to Maturity (3) March 31, 2020 December 31, 2019 Revolving credit facilities 3.17% 2.26% 3.0 $ 500,000 $ 116,500 Senior Unsecured Notes 3.85% 3.73% 8.4 1,500,000 1,500,000 CMBS 5.81% 5.47% 3.6 217,320 218,338 Convertible Notes 5.63% 3.75% 1.1 345,000 345,000 Total debt 4.20% 3.59% 6.0 2,562,320 2,179,838 Debt discount, net (8,047 ) (9,272 ) Deferred financing costs, net (4) (16,693 ) (17,549 ) Total debt, net $ 2,537,580 $ 2,153,017 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended March 31, 2020 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2020. (3) Represents the weighted average remaining years to maturity based on the outstanding principal balance as of March 31, 2020. (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 On January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, comprised of the 2019 Credit Facility and the A-1 Term Loans, which replaced the 2015 Credit Agreement and 2015 Term Loan Agreement, respectively. The 2019 Credit Facility is comprised of $800.0 million of aggregate revolving commitments and an accordion feature providing for an additional $400.0 million of revolving borrowing capacity, subject to satisfying certain requirements and obtaining additional lender commitments. The 2019 Credit Facility has an initial maturity date of March 31, 2023 and includes two six-month As of March 31, 2020, 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. Deferred financing costs incurred in connection with entering into the 2019 Credit Facility are being amortized to interest expense over its remaining initial term. The unamortized deferred financing costs were $3.4 million as of March 31, 2020, compared to $3.7 million as of December 31, 2019, and are recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of March 31, 2020, $300.0 million of borrowing capacity was available under the 2019 Credit Facility. No outstanding letters of credit existed under the agreement as of March 31, 2020. The Senior Unsecured Notes The Senior Unsecured Notes were issued by the Operating Partnership and guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Stated Interest Rate March 31, 2020 December 31, 2019 2026 Senior Notes September 15, 2026 4.45% $ 300,000 $ 300,000 2027 Senior Notes January 15, 2027 3.20% 300,000 300,000 2029 Senior Notes July 15, 2029 4.00% 400,000 400,000 2030 Senior Notes January 15, 2030 3.40% 500,000 500,000 Total Senior Unsecured Notes 3.73% $ 1,500,000 $ 1,500,000 The Senior Unsecured Notes are payable on January 15 and July 15 of each year, except for the 2026 Senior Notes, which are payable on March 15 and September 15 of each year. 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: 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. 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 Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium. Deferred financing costs and offering discounts incurred in connection with the issuance the Senior Unsecured Notes 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 March 31, 2020, the Company and the Operating Partnership were in compliance with these financial covenants. CMBS As of March 31, 2020, indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under five 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 as of March 31, 2020 for the loans ranged from 5.23% to 6.00%, with a weighted average stated rate of 5.47%. As of March 31, 2020, the loans were secured by 88 properties. As of March 31, 2020 and December 31, 2019, the unamortized deferred financing costs associated with the CMBS loans were $2.4 million and $2.6 million, respectively, and the unamortized net offering premium was $0.3 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. 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 semi-annually 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 Corporation’s common stock, or a combination thereof. The conversion rate is subject to adjustment for certain anti-dilution events, including special distributions and regular quarterly cash dividends exceeding a current threshold of $0.73026 per share. As of March 31, 2020, the conversion rate was 17.4458 per $1,000 principal note, which reflects the adjustment from the SMTA dividend distribution related to the Spin-Off, in addition to the other regular dividends declared during the life of the Convertible Notes. Earlier conversion may be triggered if shares of the Corporation’s common stock trade higher than the established thresholds, if the 2021 Notes trade below established thresholds, or certain corporate events occur. Offering discount and deferred financing costs incurred in connection with the issuance of the Convertible Notes are being amortized to interest expense over the term of the respective Convertible Notes and, as such, the amounts related to the 2019 Notes were fully amortized in May 2019 . As of March 31, 2020 and December 31, 2019 , the unamortized discount was $ 5.4 million and $ 6.5 million, respectively. As of March 31, 2020 and December 31, 2019 , the unamortized deferred financing costs were $ 1.7 million and $ 2.1 million, respectively . These amounts are 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 wa s $ 55.1 million as of both March 31, 2020 and December 31, 2019 and is recorded in capital in excess of par value in the accompanying consolidated balance sheets, net of financing transaction costs. Debt Extinguishment During the three months ended March 31, 2020, we did not extinguish any debt. During the three months ended March 31, 2019, the Company extinguished a total of $10.4 million aggregate principal amount of CMBS indebtedness on one defaulted loan, which was secured by one property. The loan had a default interest rate of 9.85% and resulted in a gain on debt extinguishment of $9.5 million. Additionally, as a result of the termination of the 2015 Credit Agreement and the 2015 Term Loan Agreement, the Company recognized a loss on debt extinguishment of $0.7 million. Debt Maturities As of March 31, 2020, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2020 $ 3,082 $ — $ 3,082 2021 4,365 345,000 349,365 2022 4,617 — 4,617 2023 3,074 697,912 700,986 2024 590 — 590 Thereafter 3,610 1,500,070 1,503,680 Total $ 19,338 $ 2,542,982 $ 2,562,320 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 March 31, 2020 2019 Interest expense – revolving credit facilities (1) $ 2,056 $ 2,178 Interest expense – term loans — 3,979 Interest expense – Senior Unsecured Notes 13,988 3,338 Interest expense – mortgages and notes payable 3,013 6,252 Interest expense – Convertible Notes (2) 3,234 6,127 Non-cash interest expense: Amortization of deferred financing costs 1,142 2,031 Amortization of debt discount, net 1,224 2,706 Amortization of net losses related to interest rate swaps 702 — Total interest expense $ 25,359 $ 26,611 (1) Includes facility fees of approximately $0.4 million and $0.7 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	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity and Partners' Capital	NOTE 5. STOCKHOLDERS’ EQUITY AND PARTNERS' CAPITAL Common Stock During the three months ended March 31, 2020, portions of awards of restricted common stock and market-based share awards granted to certain of the Company's officers and other employees vested. The vesting of these awards, granted pursuant to the Amended Incentive Award Plan, resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender 44.5 thousand shares of common stock valued at $2.3 million, solely to pay the associated statutory tax withholdings during the three months ended March 31, 2020. In November 2016, the Board of Directors approved a $500 million ATM Program. The agreement provides for the offer and sale of shares of the Corporation’s 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, or directly to the agents acting as principals. The Company may sell shares in amounts and at times to be determined by the Company but has no obligation to sell any shares in the ATM program. Since inception of the ATM Program through March 31, 2020, 5.6 million shares of the Corporation’s common stock have been sold, of which 0.4 million were sold during the three months ended March 31, 2020 at a weighted average price per share of $49.30, generating $17.9 million in gross proceeds. 3.8 million of these sales were through forward sales agreements, of which 0.4 million were physically settled in shares during the three months ended March 31, 2020. There were no open forward sales agreements under the ATM Program as of March 31, 2020. Aggregate gross proceeds capacity of $246.3 million remained available under the program as of March 31, 2020. Preferred Stock As of March 31, 2020, 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). Dividends Declared For the three months ended March 31, 2020, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Common Stock February 27, 2020 $ 0.625 March 31, 2020 $ 64,338 April 15, 2020 Preferred Stock February 27, 2020 $ 0.375 March 13, 2020 $ 2,588 March 31, 2020 The common stock dividend declared on February 27, 2020 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets as of March 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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. The Company has accrued the full $5.7 million liability in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of both March 31, 2020 and December 31, 2019. The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of March 31, 2020, no accruals have been made. As of March 31, 2020, 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 March 31, 2020, the Company had commitments totaling $20.4 million, of which $7.3 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. $18.9 million of these commitments are expected to be funded during fiscal year 2020, with the remainder to be funded by 2021. Lessee Contracts The Company leases its current 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 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 five long-term, non-cancellable ground leases under which it is obligated to pay monthly rent as of March 31, 2020. For all five 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 7.3 years. As of March 31, 2020, the Company had a right-of-use lease asset balance of $5.3 million and total operating lease liabilities of $7.2 million for these lessee contracts.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2020
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 cash flow hedge changes in fair value in the supplemental disclosures of non-cash investing and financing activities in the consolidated statement of cash flows. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements. 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. In the 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 as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a proportion of the hedged transactions remained probable to occur, $12.3 million of the loss was deferred in other comprehensive loss and will be amortized over the remaining initial term of the interest rate swaps, which ends March 31, 2024. As of March 31, 2020, the unamortized portion of loss in AOCL related to terminated interest rate swaps was $10.8 million. The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three months ended March 31, 2020 Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Gross amount of loss recognized in AOCL on derivatives $ — $ (5,229 ) Amount of loss reclassified from AOCL to termination of interest rate swaps — 208 Amount of loss reclassified from AOCL to interest (1) 702 — Net reclassification of amounts from (to) AOCL $ 702 $ (5,021 ) (1) Interest expense for the three months ended March 31, 2020 was $25.4 million. During the next 12 months, we estimate that approximately

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8. FAIR VALUE MEASUREMENTS 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. 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 (“PSA”) or letters of intent (“LOI”); broker opinions of value (“BOV”); recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates ; 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. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at March 31, 2020 Impaired at March 31, 2020 $ 54,688 $ — $ — $ 54,688 Assets held at December 31, 2019 Impaired at June 30, 2019 $ 1,893 $ — $ — $ 1,893 Impaired at September 30, 2019 $ 1,093 $ — $ — $ 1,093 Impaired at December 31, 2019 $ 11,594 $ — $ — $ 11,594 As of March 31, 2020, the Company held 22 properties that were impaired during 2020. As of December 31, 2019, the Company held 16 properties that were impaired during 2019. For one of the properties held at March 31, 2020, the Company estimated fair value using a capitalization rate of 10.06% based on comparative capitalization rates from market comparables. For one of the properties held at December 31, 2019, the Company estimated fair value using a capitalization rate of 9.62% based on comparative capitalization rates from market comparables. For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs and, for the properties valued using comparable properties at March 31, 2020, the price per square foot includes a discount of 0-10% to account for the market impact of COVID-19. The unobservable inputs are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square Footage March 31, 2020 Comparable Properties Retail 14 $4.35 - $740.74 $47.89 533,803 PSA, LOI or BOV Retail 5 $2.50 - $222.02 $33.27 338,484 PSA, LOI or BOV Industrial 1 $13.79 $13.79 35,551 PSA, LOI or BOV Office 1 $96.39 $96.39 4,310 December 31, 2019 Comparable Properties Retail 4 $34.45 - $740.74 $104.84 35,885 PSA, LOI or BOV Retail 10 $24.78 - $323.00 $50.71 165,773 PSA, LOI or BOV Office 1 $99.37 $99.37 4,310 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, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at March 31, 2020 and December 31, 2019. 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 either based on (i) market quotes for identical or similar instruments in markets that are not active or (ii) discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands): March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 30,849 $ 31,586 $ 34,465 $ 35,279 Revolving credit facilities 500,000 514,004 116,500 119,802 Senior Unsecured Notes, net (1) 1,484,473 1,383,947 1,484,066 1,543,919 Mortgages and notes payable, net (1) 215,186 230,834 216,049 235,253 Convertible Notes, net (1) 337,921 326,267 336,402 356,602 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2020
Compensation Related Costs [Abstract]
Incentive Award Plan	NOTE 9. INCENTIVE AWARD PLAN Restricted Shares of Common Stock During the three months ended March 31, 2020, the Company granted 116 thousand restricted shares under the Amended Incentive Award Plan to certain executive officers and employees. The Company recorded $5.7 million in deferred compensation associated with these grants. Deferred compensation for restricted shares will be recognized in expense over the requisite service period. As of March 31, 2020, there were approximately 334 thousand unvested restricted shares outstanding. Market-Based Awards During the three months ended March 31, 2020, the Board of Directors, or committee thereof, approved target grants of 88 thousand market-based awards to executive officers of the Company. The performance period of these grants runs primarily through December 31, 2022. Potential shares of the Corporation’s common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0% and 300%. Grant date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the time horizons matching the performance periods. Significant inputs for the calculation were expected volatility of the Company of 25.2% and expected volatility of the Company's peers, ranging from 18.1% to 27.3%, with an average volatility of 21.7% and a risk-free interest rate of 1.07%. The fair value of the market-based award per share was $67.30 as of the grant date. Stock-based compensation expense associated with unvested market-based share awards is recognized on a straight-line basis over the minimum required service period, which is generally three years. Approximately $2.8 million and $2.7 million in dividend rights have been accrued as of March 31, 2020 and December 31, 2019, respectively. For outstanding non-vested awards at March 31, 2020, 0.4 million shares would have been released based on the Corporation’s TSR relative to the specified peer groups through that date. Stock-based Compensation Expense For the three months ended March 31, 2020 and 2019, the Company recognized $3.5 million and $3.6 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of March 31, 2020, the remaining unamortized stock-based compensation expense totaled $20.6 million, comprised of $10.3 million related to both restricted stock awards and market-based awards. As of December 31, 2019, the unamortized stock-based compensation expense totaled $12.6 million, comprised of $6.6 million related to restricted stock awards and $6.0 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	3 Months Ended
	Mar. 31, 2020
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 nonforfeitable 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 March 31, 2020 2019 Basic and diluted (loss) income: (Loss) income from continuing operations $ (15,847 ) $ 43,578 Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) Less: dividends attributable to unvested restricted stock (207 ) (272 ) Net (loss) income attributable to common stockholders used in basic and diluted (loss) income per share $ (18,642 ) $ 40,718 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 102,551,315 85,916,656 Less: unvested weighted average shares of restricted stock (321,168 ) (419,563 ) Basic weighted average shares of common stock outstanding 102,230,147 85,497,093 Net (loss) income per share attributable to common stockholders - basic $ (0.18 ) $ 0.48 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards — 7,804 Diluted weighted average shares of common stock outstanding 102,230,147 85,504,897 Net (loss) income per share attributable to common stockholders - diluted $ (0.18 ) $ 0.48 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 133,839 132,744 Unvested shares of market-based awards 377,449 — (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive. The Corporation intends to satisfy its exchange obligation for the principal amount of the

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11. Related Party Transactions and Arrangements Continuing Involvement Subsequent to the Spin-Off, the Company has had continuing involvement with SMTA through related party agreements. The Company had cash inflows from SMTA of $0.3 million and cash outflows to SMTA of $4 thousand for the three months ended March 31, 2020. The Company had cash inflows from SMTA of $11.0 million and cash outflows to SMTA of $18.9 million for the three months ended March 31, 2019. 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 conjunction with these arrangements, the Company had an accrued receivable balance of $0.3 million and no accrued payable balance as of March 31, 2020. As of December 31, 2019, the Company did not have material accrued receivable or payable balances in conjunction 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 provided various management services to SMTA. 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. On June 2, 2019, the Company and SMTA also entered into an Interim Management Agreement, which became effective on 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 upon 180 days’ prior written notice by the Company , in each case without payment of a termination fee . On March 18, 2020, the Company notified SMTA of its intention to terminate the Interim Asset Management Agreement effective as of September 14, 2020. M anagement fees of $ 0.3 million and $ 5.0 million were earned during the three months ended March 31, 2020 and 2019 , and are included in related party fee income in the consolidated statements of operations. As of both March 31, 2020 and December 31, 2019 , the Company did not have material accrued receivable balances related to the Interim Management Agreement. 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 dated May 20, 2014. Property management fees of $1.5 million and special servicing fees of $0.4 million were earned during the three months ended March 31, 2019. These fees are included in related party fee income in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the notes were retired and the Property Management and Servicing Agreement was terminated.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events 2020 Term Loan Impact of COVID-19 Due to the onset of the COVID-19 pandemic later in the first quarter of 2020, certain of our tenants, especially those in industries considered “non-essential” under varying state “shelter-in-place” and “stay-at-home” orders and other restrictions on types of business that may continue to operate, may experience challenges or even closures. As such, we anticipate there to be an impact on their financial condition, results of operations, liquidity, ability to pay rent and creditworthiness. That impact may directly result in a reduction in our rental income and/or an increase in our property costs and impairments, as well as indirectly result in an increase in our general and administrative expenses, as we experience higher collectability issues and incur costs to negotiate rent deferrals, lease restructures, and/or lease terminations, as we deem appropriate on a case-by-case basis. Although we are and will continue to be actively engaged in rent collection efforts related to uncollected rent, as well as working with certain tenants who have requested rent deferrals, we can provide no assurance that such efforts or our efforts in future periods will be successful, particularly in the event that the COVID-19 pandemic and restrictions intended to prevent its spread continue for a prolonged period.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019.
Consolidation	The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity. 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 March 31, 2020 and December 31, 2019, net assets totaling $0.35 billion and $0.38 billion, respectively, were held, and net liabilities totaling $0.22 and $0.23 billion, respectively, were owed by these encumbered special purpose entities and are included in the accompanying consolidated balance sheets.
Use of Estimates	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	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	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. The Company does not include options to extend, terminate or purchase 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 that requires judgment is the residual value of the property at the end of the lease term. For acquisitions, the Company assumes a value that is equal to the tangible value of the property at the date of the assessment. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine fair value. The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed rent escalators, rental income 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. For leases with contingent rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period and may adjust over a one-year Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which the Company recognizes as rental income when the change in the factor on which the contingent lease payment is based actually occurs. 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 expenses included in property costs (including reimbursable) on the Company’s consolidated statements of operations. 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 the 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 term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease in rental revenue, and below-market lease intangibles are amortized as an increase to rental revenue over the remaining term of the respective leases. The remaining term includes the initial term of the lease but may also include the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal option , the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes the intangible balance is no longer recoverable, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2020 December 31, 2019 March 31, 2019 Cash and cash equivalents $ 216,692 $ 14,492 $ 9,376 Restricted cash: Collateral deposits (1) 381 347 401 Tenant improvements, repairs and leasing commissions (2) 11,324 10,877 9,539 Master Trust Release (3) — — 7,413 Other (4) — 307 1,163 Total cash, cash equivalents and restricted cash $ 228,397 $ 26,023 $ 27,892 (1) (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. (4) Funds held in lender-controlled accounts released after scheduled debt service requirements are met.
Allowance for Doubtful Accounts	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 $1.8 million and $3.8 million at March 31, 2020 and December 31, 2019, respectively, against accounts receivable balances of $8.5 million and $11.4 million, respectively. Receivables are recorded within deferred cost 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 generally assessed in conjunction with the evaluation of rental income as described above. The Company has a reserve for losses of $4.4 million and $0.4 million at March 31, 2020 and December 31, 2019, respectively, against straight-line rent receivables of $89.1 million and $84.0 million, respectively. These receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Goodwill	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. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment
Income Taxes	Income Taxes The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation 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 the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Corporation 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 earned by any of the Company's taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. The rights and obligations of the Asset Management Agreement were transferred to SRAM, a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019, which was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, effective as of September 20, 2019. Accordingly, commencing from April 1, 2019, all asset management fees, including the termination fee income, were subject to income tax. 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	New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In April 2020, the FASB released a Staff Q&A regarding the accounting for lease concessions related to the effects of the COVID-19 pandemic. The FASB noted that the underlying premise in requiring a modified lease to be accounted for as if it were a new lease under ASC 842 is that the modified terms and conditions affect the economics of the lease for the remainder of the lease term. As such, the FASB staff clarified that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). The Company expects to make this election and account for rent deferrals by increasing the straight-line rent receivables as receivables accrue and continue to recognize income during the deferral period. Lease concessions other than rent deferrals will continue to be evaluated to determine if a substantive change to the consideration in the original contract lease contract has occurred and should be accounted for as a lease modification. Management will continue to evaluate any amounts recognized for collectability, regardless of whether accounted for as a lease modification or not, and will record a provision for losses against rental income for amounts that are not probable of collection.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2020 December 31, 2019 March 31, 2019 Cash and cash equivalents $ 216,692 $ 14,492 $ 9,376 Restricted cash: Collateral deposits (1) 381 347 401 Tenant improvements, repairs and leasing commissions (2) 11,324 10,877 9,539 Master Trust Release (3) — — 7,413 Other (4) — 307 1,163 Total cash, cash equivalents and restricted cash $ 228,397 $ 26,023 $ 27,892 (1) (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. (4) Funds held in lender-controlled accounts released after scheduled debt service requirements are met.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Summary of Real Estate Activity	During the three months ended March 31, 2020, the Company had the following 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, 2019 1,750 2 1,752 $ 6,140,775 $ 1,223 $ 6,141,998 Acquisitions/improvements (1) 27 — 27 215,011 — 215,011 Dispositions of real estate (2) (5 ) (2 ) (7 ) (17,114 ) (1,223 ) (18,337 ) Transfers to Held for Sale (5 ) 5 — (3,362 ) 3,362 — Transfers from Held for Sale — — — — — — Impairments (3) — — — (40,468 ) — (40,468 ) Write-off of intangibles — — — (26,594 ) — (26,594 ) Other — — — (1,330 ) — (1,330 ) Gross balance, March 31, 2020 1,767 5 1,772 6,266,918 3,362 6,270,280 Accumulated depreciation and amortization (855,787 ) (236 ) (856,023 ) Net balance, March 31, 2020 (4) $ 5,411,131 $ 3,126 $ 5,414,257 (1) Includes investments of $7.6 million in revenue producing capitalized expenditures, as well as $1.6 million of non-revenue producing capitalized expenditures during the three months ended March 31, 2020. ( 2 ) For the three months ended March 31, 2020, the total gain on disposal of assets for properties held in use and held for sale was $0.6 million and $0.1 million, respectively. (3) ( 4 ) Operating lease held in use land and buildings, net $ 5,146,530 Intangible lease assets, net 381,398 Real estate assets under direct financing leases, net 7,300 Real estate assets held for sale, net 3,126 Intangible lease liabilities, net (124,097 ) Net balance $ 5,414,257
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 March 31, 2020 2019 Base cash rent $ 116,546 $ 96,799 Variable cash rent (including reimbursables) 3,389 3,638 Straight-line rent, net of bad debt expense 1,094 2,907 Amortization of above- and below- market lease intangibles, net (1) 334 723 Total rental income $ 121,363 $ 104,067 (1) Excludes amortization of in-place leases of $8.8 million and $6.7 million for the three months ended March 31, 2020 and 2019, 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-cancellable term of these operating leases (including contractual fixed rent increases occurring on or after April 1, 2020) at March 31, 2020 are as follows (in thousands): March 31, 2020 Remainder of 2020 $ 354,330 2021 461,791 2022 444,470 2023 423,969 2024 399,829 Thereafter 3,037,487 Total future minimum rentals $ 5,121,876
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, 2020 December 31, 2019 In-place leases $ 454,363 $ 457,616 Above-market leases 97,296 95,002 Less: accumulated amortization (170,261 ) (167,539 ) Intangible lease assets, net $ 381,398 $ 385,079 Below-market leases $ 174,965 $ 176,816 Less: accumulated amortization (50,868 ) (49,481 ) Intangible lease liabilities, net $ 124,097 $ 127,335
Summary of Impairment and Credit Losses Recognized	The following table summarizes total impairments and allowance for credit losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2020 2019 Real estate and intangible asset impairment $ 40,164 $ 3,692 Allowance for credit losses on direct financing leases 304 — Allowance for credit losses on loans receivable 306 — Total impairment loss $ 40,774 $ 3,692

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Debt	The Company's debt is summarized below (dollars in thousands): Weighted Average Effective Interest Rates (1) Weighted Average Stated Interest Rates (2) Weighted Average Remaining Years to Maturity (3) March 31, 2020 December 31, 2019 Revolving credit facilities 3.17% 2.26% 3.0 $ 500,000 $ 116,500 Senior Unsecured Notes 3.85% 3.73% 8.4 1,500,000 1,500,000 CMBS 5.81% 5.47% 3.6 217,320 218,338 Convertible Notes 5.63% 3.75% 1.1 345,000 345,000 Total debt 4.20% 3.59% 6.0 2,562,320 2,179,838 Debt discount, net (8,047 ) (9,272 ) Deferred financing costs, net (4) (16,693 ) (17,549 ) Total debt, net $ 2,537,580 $ 2,153,017 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended March 31, 2020 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2020. (3) Represents the weighted average remaining years to maturity based on the outstanding principal balance as of March 31, 2020. (4) The Company records deferred financing costs for its revolving credit facilities in deferred costs and other assets, net on its consolidated balance sheets.
Summary of Senior Unsecured Notes	The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Stated Interest Rate March 31, 2020 December 31, 2019 2026 Senior Notes September 15, 2026 4.45% $ 300,000 $ 300,000 2027 Senior Notes January 15, 2027 3.20% 300,000 300,000 2029 Senior Notes July 15, 2029 4.00% 400,000 400,000 2030 Senior Notes January 15, 2030 3.40% 500,000 500,000 Total Senior Unsecured Notes 3.73% $ 1,500,000 $ 1,500,000
Schedule of Debt Maturities	As of March 31, 2020, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2020 $ 3,082 $ — $ 3,082 2021 4,365 345,000 349,365 2022 4,617 — 4,617 2023 3,074 697,912 700,986 2024 590 — 590 Thereafter 3,610 1,500,070 1,503,680 Total $ 19,338 $ 2,542,982 $ 2,562,320
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 March 31, 2020 2019 Interest expense – revolving credit facilities (1) $ 2,056 $ 2,178 Interest expense – term loans — 3,979 Interest expense – Senior Unsecured Notes 13,988 3,338 Interest expense – mortgages and notes payable 3,013 6,252 Interest expense – Convertible Notes (2) 3,234 6,127 Non-cash interest expense: Amortization of deferred financing costs 1,142 2,031 Amortization of debt discount, net 1,224 2,706 Amortization of net losses related to interest rate swaps 702 — Total interest expense $ 25,359 $ 26,611 (1) Includes facility fees of approximately $0.4 million and $0.7 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)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2020, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Common Stock February 27, 2020 $ 0.625 March 31, 2020 $ 64,338 April 15, 2020 Preferred Stock February 27, 2020 $ 0.375 March 13, 2020 $ 2,588 March 31, 2020

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
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 or recognized in earnings immediately, for the three months ended March 31, 2020 Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Gross amount of loss recognized in AOCL on derivatives $ — $ (5,229 ) Amount of loss reclassified from AOCL to termination of interest rate swaps — 208 Amount of loss reclassified from AOCL to interest (1) 702 — Net reclassification of amounts from (to) AOCL $ 702 $ (5,021 ) (1) Interest expense for the three months ended March 31, 2020 was $25.4 million.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at March 31, 2020 Impaired at March 31, 2020 $ 54,688 $ — $ — $ 54,688 Assets held at December 31, 2019 Impaired at June 30, 2019 $ 1,893 $ — $ — $ 1,893 Impaired at September 30, 2019 $ 1,093 $ — $ — $ 1,093 Impaired at December 31, 2019 $ 11,594 $ — $ — $ 11,594
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs and, for the properties valued using comparable properties at March 31, 2020, the price per square foot includes a discount of 0-10% to account for the market impact of COVID-19. The unobservable inputs are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square Footage March 31, 2020 Comparable Properties Retail 14 $4.35 - $740.74 $47.89 533,803 PSA, LOI or BOV Retail 5 $2.50 - $222.02 $33.27 338,484 PSA, LOI or BOV Industrial 1 $13.79 $13.79 35,551 PSA, LOI or BOV Office 1 $96.39 $96.39 4,310 December 31, 2019 Comparable Properties Retail 4 $34.45 - $740.74 $104.84 35,885 PSA, LOI or BOV Retail 10 $24.78 - $323.00 $50.71 165,773 PSA, LOI or BOV Office 1 $99.37 $99.37 4,310
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 30,849 $ 31,586 $ 34,465 $ 35,279 Revolving credit facilities 500,000 514,004 116,500 119,802 Senior Unsecured Notes, net (1) 1,484,473 1,383,947 1,484,066 1,543,919 Mortgages and notes payable, net (1) 215,186 230,834 216,049 235,253 Convertible Notes, net (1) 337,921 326,267 336,402 356,602 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Income Per Share and Partners_2

Income Per Share and Partnership Unit (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Basic and diluted (loss) income: (Loss) income from continuing operations $ (15,847 ) $ 43,578 Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) Less: dividends attributable to unvested restricted stock (207 ) (272 ) Net (loss) income attributable to common stockholders used in basic and diluted (loss) income per share $ (18,642 ) $ 40,718 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 102,551,315 85,916,656 Less: unvested weighted average shares of restricted stock (321,168 ) (419,563 ) Basic weighted average shares of common stock outstanding 102,230,147 85,497,093 Net (loss) income per share attributable to common stockholders - basic $ (0.18 ) $ 0.48 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards — 7,804 Diluted weighted average shares of common stock outstanding 102,230,147 85,504,897 Net (loss) income per share attributable to common stockholders - diluted $ (0.18 ) $ 0.48 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 133,839 132,744 Unvested shares of market-based awards 377,449 — (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Organization - Narrative (Detai

Organization - Narrative (Details) - Operating Partnership	3 Months Ended
	Mar. 31, 2020
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership of operating partnership	1.00%
Limited partner ownership of operating partnership	99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	Jan. 01, 2020USD ($)	Mar. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets		$ 6,135,169,000	$ 5,832,661,000
Net liabilities		$ 2,785,761,000	2,419,412,000
Number of segments | segment		1
Rent escalators adjustment period		1 year
Reserves for uncollectible amounts		$ 1,800,000	3,800,000
Accounts receivable		8,500,000	11,400,000
Reserve for losses		4,400,000	400,000
Deferred rental revenue receivables		89,100,000	84,000,000
Goodwill impairment		0
Provision for income taxes		0
Accounting Standards Update 2016-13
Summary Of Significant Accounting Policies [Line Items]
Recognition of loss due to adoption of new guidance	$ 300,000
Loans receivable and real estate assets held under direct financing lease	$ 40,300,000
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets		350,000,000	380,000,000
Net liabilities		$ 220,000,000	$ 230,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 216,692	$ 14,492	$ 9,376
Total cash, cash equivalents and restricted cash	228,397	26,023	27,892	$ 77,421
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	381	347	401
Tenant improvements, repairs and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,324	10,877	9,539
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0	7,413
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0	$ 307	$ 1,163

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)StatePropertyloanNote	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Gross investment in owned real estate properties	$ 6,300
Portfolio disbursement, number of states | State	48
Minimum of investment in real estate properties	10.00%
Number of properties under operating leases | Property	1,760	1,745
Number of properties under direct financing lease | Property	1
Sales-type and direct financing leases minimum future payments to be received	$ 4
Direct financing leases, reserves for uncollectible amount	0.3
Direct financing leases, net investment balance	$ 7.6
Mortgage Receivables And Other Notes Receivable
Real Estate Properties [Line Items]
Number of other note receivable | Note	1
Loans outstanding principal balance	$ 30.6
Unamortized premium balance	0.5
Allowance for loan losses	0.3
Loans receivable carrying value	$ 31.1
Single-Tenant Commercial Properties | First Mortgage | Mortgage Receivables And Other Notes Receivable
Real Estate Properties [Line Items]
Number of first-priority mortgage loans | loan	2
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	11.40%

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)
Dollar Amount of Investments
Impairments	$ (40,164)	$ (3,692)
Ending balance	6,300,000
Net balance	$ 5,414,257
Held in Use
Number of Properties
Beginning balance (in properties) | Property	1,750
Acquisitions/improvements (in properties) | Property	27
Dispositions of real estate (in properties) | Property	(5)
Transfers to Held for Sale (in properties) | Property	(5)
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	1,767
Dollar Amount of Investments
Beginning balance	$ 6,140,775
Acquisitions	215,011
Dispositions	(17,114)
Transfers to Held for Sale	(3,362)
Transfers from Held for Sale	0
Impairments	(40,468)
Write-off of intangibles	(26,594)
Other	(1,330)
Ending balance	6,266,918
Accumulated depreciation and amortization	(855,787)
Net balance	$ 5,411,131
Held for Sale
Number of Properties
Beginning balance (in properties) | Property	2
Acquisitions/improvements (in properties) | Property	0
Dispositions of real estate (in properties) | Property	(2)
Transfers to Held for Sale (in properties) | Property	5
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	$ 1,223
Acquisitions	0
Dispositions	(1,223)
Transfers to Held for Sale	3,362
Transfers from Held for Sale	0
Impairments	0
Write-off of intangibles	0
Other	0
Ending balance	3,362
Accumulated depreciation and amortization	(236)
Net balance	$ 3,126
Total
Number of Properties
Beginning balance (in properties) | Property	1,752
Acquisitions/improvements (in properties) | Property	27
Dispositions of real estate (in properties) | Property	(7)
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	1,772
Dollar Amount of Investments
Beginning balance	$ 6,141,998
Acquisitions	215,011
Dispositions	(18,337)
Transfers to Held for Sale	0
Transfers from Held for Sale	0
Impairments	(40,468)
Write-off of intangibles	(26,594)
Other	(1,330)
Ending balance	6,270,280
Accumulated depreciation and amortization	(856,023)
Net balance	$ 5,414,257

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 7,600
Capitalized maintenance expenditures	1,600
Impairments on owned real estate	40,164	$ 3,692
Allowance for credit losses on direct financing leases	304	$ 0
Operating lease held in use land and buildings, net	5,146,530
Intangible lease assets, net	381,398		$ 385,079
Real estate assets under direct financing leases, net	7,300		14,465
Real estate assets held for sale, net	3,126		1,144
Intangible lease liabilities, net	(124,097)		$ (127,335)
Net balance	5,414,257
Held-in-use
Real Estate [Line Items]
Gain on disposal of assets for properties	600
Held-for-sale
Real Estate [Line Items]
Gain on disposal of assets for properties	$ 100

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessor, Lease, Description [Line Items]
Base cash rent	$ 116,546	$ 96,799
Variable cash rent (including reimbursables)	3,389	3,638
Straight-line rent, net of bad debt expense	1,094	2,907
Amortization of above- and below- market lease intangibles, net	334	723
Total rental income	121,363	104,067
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 8,800	$ 6,700

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received from Operating Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2020	$ 354,330
2021	461,791
2022	444,470
2023	423,969
2024	399,829
Thereafter	3,037,487
Total future minimum rentals	$ 5,121,876

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (170,261)	$ (167,539)
Intangible lease assets, net	381,398	385,079
Below-market leases	174,965	176,816
Less: accumulated amortization	(50,868)	(49,481)
Intangible lease liabilities, net	124,097	127,335
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	454,363	457,616
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 97,296	$ 95,002

Investments - Summary of Impair

Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Real estate and intangible asset impairment	$ 40,164	$ 3,692
Allowance for credit losses on direct financing leases	304	0
Allowance for credit losses on loans receivable	306	0
Total impairment loss	$ 40,774	$ 3,692

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt, gross	$ 2,562,320	$ 2,179,838
Debt discount, net	(8,047)	(9,272)
Deferred financing costs, net	(16,693)	(17,549)
Total debt, net	$ 2,537,580	2,153,017
Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	4.20%
Stated Interest Rate	3.59%
Remaining Years to Maturity	6 years
Revolving credit facilities
Debt Instrument [Line Items]
Total debt, gross	$ 500,000	116,500
Revolving credit facilities | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	3.17%
Stated Interest Rate	2.26%
Remaining Years to Maturity	3 years
Senior Unsecured Notes
Debt Instrument [Line Items]
Total debt, gross	$ 1,500,000	1,500,000
Deferred financing costs, net	$ (12,600)	(12,900)
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	3.85%
Stated Interest Rate	3.73%
Remaining Years to Maturity	8 years 4 months 24 days
CMBS
Debt Instrument [Line Items]
Total debt, gross	$ 217,320	218,338
Deferred financing costs, net	$ (2,400)	(2,600)
CMBS | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.81%
Stated Interest Rate	5.47%
Remaining Years to Maturity	3 years 7 months 6 days
CMBS | Minimum
Debt Instrument [Line Items]
Stated Interest Rate	5.23%
CMBS | Maximum
Debt Instrument [Line Items]
Stated Interest Rate	6.00%
Convertible Notes
Debt Instrument [Line Items]
Effective Interest Rates	5.63%
Stated Interest Rate	3.75%
Remaining Years to Maturity	1 year 1 month 6 days
Total debt, gross	$ 345,000	345,000
Deferred financing costs, net	$ (1,700)	$ (2,100)

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - Credit Facility 2019 - Revolving credit facilities - Unsecured Debt $ in Thousands	Jan. 14, 2019USD ($)ExtensionOption	Apr. 30, 2019	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 800,000
Number of extension options | ExtensionOption	2
Term of extension option	6 months
Increased borrowing capacity under accordion feature	$ 400,000
Credit facility maturity date	Mar. 31, 2023
Facility fee percentage		0.25%	0.20%
Line of credit facility remaining borrowing capacity			$ 300,000
Letters of credit outstanding			0
Deferred Costs and Other Assets
Line of Credit Facility [Line Items]
Unamortized deferred financing costs			$ 3,400	$ 3,700
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.10%	0.90%

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total Senior Unsecured Notes	$ 2,562,320	$ 2,179,838
Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.59%
Senior Notes
Debt Instrument [Line Items]
Total Senior Unsecured Notes	$ 1,500,000	1,500,000
Senior Notes | Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.73%
2026 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Sep. 15, 2026
Stated Interest Rate	4.45%
Total Senior Unsecured Notes	$ 300,000	300,000
2027 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2027
Stated Interest Rate	3.20%
Total Senior Unsecured Notes	$ 300,000	300,000
2029 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 15, 2029
Stated Interest Rate	4.00%
Total Senior Unsecured Notes	$ 400,000	400,000
2030 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2030
Stated Interest Rate	3.40%
Total Senior Unsecured Notes	$ 500,000	$ 500,000

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 16,693	$ 17,549
Senior Notes
Debt Instrument [Line Items]
Redemption price, percent of principal amount	100.00%
Unamortized discount	$ 2,900	3,000
Unamortized deferred financing costs	$ 12,600	$ 12,900

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)Propertyloan	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 16,693	$ 17,549
Weighted Average
Debt Instrument [Line Items]
Stated interest rate	3.59%
CMBS
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	5
Number of properties securing borrowings | Property	88
Unamortized deferred financing costs	$ 2,400	2,600
Unamortized net offering premium	$ 300	$ 300
CMBS | Weighted Average
Debt Instrument [Line Items]
Stated interest rate	5.47%
CMBS | Minimum
Debt Instrument [Line Items]
Stated interest rate	5.23%
CMBS | Maximum
Debt Instrument [Line Items]
Stated interest rate	6.00%

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details)	1 Months Ended	3 Months Ended
	May 31, 2014USD ($)	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 16,693,000	$ 17,549,000
Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate		3.75%
Unamortized discount		$ 5,400,000	6,500,000
Unamortized deferred financing costs		1,700,000	2,100,000
Equity component of the conversion feature		$ 55,100,000	$ 55,100,000
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		17.4458
Anti-dilutive cash dividends, exceeding (in USD per share) | $ / shares		$ 0.73026

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)Propertyloan
Debt Instrument [Line Items]
Debt extinguished	$ 0
Gain (Loss) on extinguishment of debt		$ 8,783,000
Two Thousand Fifteen Credit Agreement
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt		(700,000)
Mortgages | CMBS
Debt Instrument [Line Items]
Debt extinguished		$ 10,400,000
Number of loans paid off | loan		1
Number of real estate properties, securing debt | Property		1
Weighted average contractual interest rate		9.85%
Gain (Loss) on extinguishment of debt		$ 9,500,000

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Scheduled Debt Maturities
Remainder of 2020	$ 3,082
2021	349,365
2022	4,617
2023	700,986
2024	590
Thereafter	1,503,680
Total debt, net	2,562,320	$ 2,179,838
Scheduled Principal
Scheduled Debt Maturities
Remainder of 2020	3,082
2021	4,365
2022	4,617
2023	3,074
2024	590
Thereafter	3,610
Total debt, net	19,338
Balloon Payment
Scheduled Debt Maturities
2021	345,000
2023	697,912
Thereafter	1,500,070
Total debt, net	$ 2,542,982

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Non-cash interest expense:
Amortization of deferred financing costs	$ 1,142	$ 2,031
Amortization of debt discount, net	1,224	2,706
Amortization of net losses related to interest rate swaps	702
Total interest expense	25,359	26,611
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees	400	700
Interest expense	2,056	2,178
Term loans
Schedule Of Interest Expenses [Line Items]
Interest expense		3,979
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	13,988	3,338
Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	3,013	6,252
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 3,234	$ 6,127

Stockholders' Equity and Part_3

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	3 Months Ended		41 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Shares withheld for taxes	44,500
Shares withheld for taxes, value	$ 2,300,000
Gross proceeds from issuance of common stock	$ 17,677,000	$ 32,379,000
Preferred stock, shares outstanding	6,900,000		6,900,000	6,900,000
Dividend rate	6.00%
Liquidation value (in USD per share)	$ 25		$ 25
Dividend rate, quarterly basis (in USD per share)	0.375
Dividend rate, annual basis (in USD per share)	$ 1.50
ATM Program November2016
Class Of Stock [Line Items]
Common stock authorized	$ 500,000,000
Issuance of common shares	400,000		5,600,000
Gross proceeds from issuance of common stock	$ 17,900,000
Gross proceeds capacity remaining	$ 246,300,000		$ 246,300,000
ATM Program November2016 | Weighted Average
Class Of Stock [Line Items]
Share issued during the period (in dollars per share)	$ 49.30
ATM Program, Forward Sales
Class Of Stock [Line Items]
Issuance of common shares	400,000		3,800,000
Number of open forward sales agreements	0		0

Stockholders' Equity and Part_4

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 27, 2020	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Preferred stock, dividend per share (in USD per share)	$ 0.375
Preferred stock, total amount	$ 2,588	$ 2,588	$ 2,588
Common stock, dividend per share (in USD per share)	$ 0.625	$ 0.6250	$ 0.6250
Common stock, total amount	$ 64,338	$ 64,338	$ 54,254

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)tenantclaimground_lease	Dec. 31, 2019USD ($)
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	$ 20,400,000
Total commitments relating to future acquisitions	7,300,000
Commitments to purchase capital assets within one year expected to be funded within one year	$ 18,900,000
Operating lease renewal option	two
Operating lease renewal term	5 years
Number of long-term non-cancelable ground leases | ground_lease	5
Operating lease, weighted average remaining lease term	7 years 3 months 18 days
Operating lease, right-of-use assets	$ 5,300,000
Operating lease liabilities	$ 7,200,000

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Accumulated other comprehensive loss	$ (10,759)		$ (11,461)
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 [Line Items]
Accumulated other comprehensive loss	$ 10,800
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps		$ 12,500
Deferred loss on termination of interest rate swaps		$ 12,300

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
		Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net reclassification of amounts from (to) AOCL		$ 702	$ (5,021)
Interest expense		25,359	26,611
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gross amount of loss recognized in AOCL on derivatives			(5,229)
Amount of loss reclassified from AOCL to termination of interest rate swaps			$ 208
Interest Expense | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from AOCL to interest	[1]	$ 702
[1]	Interest expense for the three months ended March 31, 2020 was $25.4 million.

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Measurement Input, Price Per Square Foot | Minimum | Impact of COVID-19
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Price per square foot, discount rate	0.00%
Measurement Input, Price Per Square Foot | Maximum | Impact of COVID-19
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Price per square foot, discount rate	10.00%
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Number Of Properties Accounted For At Fair Value	22	16
Fair Value, Measurements, Nonrecurring | Fair Value Estimated Using Capitalization Rate | Measurement Input Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number Of Properties Accounted For At Fair Value	1	1
Long Lived Assets Estimated Capitalization Rate Fair Value Disclosure	10.06%	9.62%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Assets Held Impaired At March 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 54,688
Assets Held Impaired At June 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure				$ 1,893
Assets Held Impaired At September 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure			$ 1,093
Assets Held Impaired At December 31 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 11,594
Level 1 | Assets Held Impaired At March 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	0
Level 1 | Assets Held Impaired At June 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure				0
Level 1 | Assets Held Impaired At September 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure			0
Level 1 | Assets Held Impaired At December 31 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 2 | Assets Held Impaired At March 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	0
Level 2 | Assets Held Impaired At June 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure				0
Level 2 | Assets Held Impaired At September 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure			0
Level 2 | Assets Held Impaired At December 31 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 3 | Assets Held Impaired At March 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 54,688
Level 3 | Assets Held Impaired At June 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure				$ 1,893
Level 3 | Assets Held Impaired At September 30 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure			$ 1,093
Level 3 | Assets Held Impaired At December 31 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 11,594

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020ft²Property$ / ft²	Dec. 31, 2019ft²Property$ / ft²
Fair Value Estimated Using Comparable Properties | Retail
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Number Of Properties Accounted For At Fair Value | Property	14	4
Fair Value Estimated Using Comparable Properties | Retail | Weighted Average
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Weighted Average Price (in dollars per sq ft)	47.89	104.84
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Price per square foot range	4.35	34.45
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Price per square foot range	740.74	740.74
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Square Footage | ft²	533,803	35,885
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Number Of Properties Accounted For At Fair Value | Property	5	10
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Weighted Average
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Weighted Average Price (in dollars per sq ft)	33.27	50.71
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Price per square foot range	2.50	24.78
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Price per square foot range	222.02	323
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Square Footage | ft²	338,484	165,773
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Industrial
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Number Of Properties Accounted For At Fair Value | Property	1
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Industrial | Weighted Average
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Weighted Average Price (in dollars per sq ft)	13.79
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Industrial | Measurement Input, Price Per Square Foot
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Price per square foot range	13.79
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Industrial | Measurement Input Square Footage
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Square Footage | ft²	35,551
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Number Of Properties Accounted For At Fair Value | Property	1	1
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office | Weighted Average
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Weighted Average Price (in dollars per sq ft)	96.39	99.37
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office | Measurement Input, Price Per Square Foot
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Price per square foot range	96.39	99.37
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office | Measurement Input Square Footage
Impaired Long Lived Assets Held Used And Held For Sale Properties [Line Items]
Square Footage | ft²	4,310	4,310

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 30,849	$ 34,465
Revolving credit facilities	500,000	116,500
Senior Unsecured Notes, net	1,484,473	1,484,066
Mortgages and notes payable, net	215,186	216,049
Convertible Notes, net	337,921	336,402
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	31,586	35,279
Revolving credit facilities	514,004	119,802
Senior Unsecured Notes, net	1,383,947	1,543,919
Mortgages and notes payable, net	230,834	235,253
Convertible Notes, net	$ 326,267	$ 356,602

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 20.6		$ 12.6
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.5	$ 3.6
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	116
Deferred compensation expense	$ 5.7
Outstanding unvested shares	334
Unamortized stock-based compensation expense	$ 10.3		6.6
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	88
Expected volatility	25.20%
Minimum required service period	3 years
Average volatility rate	21.70%
Risk free interest rate	1.07%
Market-based award, grant date fair value	$ 67.30
Accrued dividend rights	$ 2.8		2.7
Shares released for awards	400
Unamortized stock-based compensation expense	$ 10.3		$ 6
Market-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	0.00%
Market-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	300.00%
Market-Based Awards | Group of Industry Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum	18.10%
Volatility rate, maximum	27.30%

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
	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted (loss) income:
(Loss) income from continuing operations	$ (15,847)	$ 43,578
Less: dividends paid to preferred stockholders	(2,588)	(2,588)
Less: dividends attributable to unvested restricted stock	(207)	(272)
Net (loss) income attributable to common stockholders used in basic and diluted (loss) income per share	$ (18,642)	$ 40,718
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	102,551,315	85,916,656
Less: unvested weighted average shares of restricted stock	(321,168)	(419,563)
Basic weighted average shares of common stock outstanding	102,230,147	85,497,093
Basic (in USD per share)	$ (0.18)	$ 0.48
Diluted weighted average shares of common stock outstanding:
Diluted weighted average shares of common stock outstanding	102,230,147	85,504,897
Diluted (in USD per share)	$ (0.18)	$ 0.48
Market-Based Awards
Basic weighted average shares of common stock outstanding:
Plus: unvested market-based awards		7,804
Potentially dilutive shares of common stock
Dilutive shares	377,449
Unvested shares of restricted stock, less shares assumed repurchased at market
Potentially dilutive shares of common stock
Dilutive shares	133,839	132,744

Income Per Share and Partners_4

Income Per Share and Partnership Unit - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt	0	0

Related Party Transactions an_2

Related Party Transactions and Arrangements - Continuing Involvement (Details) - Spirit MTA REIT - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Cash inflow from SMTA subsequent to spin-off	$ 300	$ 11,000
Cash outflow to SMTA subsequent to spin-off	$ 4	$ 18,900

Related Party Transactions - Co

Related Party Transactions - Cost Sharing Arrangements (Details) - Spirit MTA REIT - Affiliated Entity - Cost Sharing Arrangements	Mar. 31, 2020USD ($)
Related Party Transaction [Line Items]
Due from related parties	$ 300,000
Due to related parties	$ 0

Related Party Transactions an_3

Related Party Transactions and Arrangements - Asset Management Agreement and Interim Management Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 20, 2019
Related Party Transaction [Line Items]
Related party fee income	$ 250	$ 6,927
Asset Management Fees | Spirit MTA REIT
Related Party Transaction [Line Items]
Related party fee income	$ 300	$ 5,000
Asset Management Agreement | Spirit MTA REIT
Related Party Transaction [Line Items]
Agreement termination date	Sep. 20, 2019
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

Related Party Transactions - Pr

Related Party Transactions - Property Management and Servicing Agreement (Details) - USD ($) $ in Thousands	May 20, 2014	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Related party fee income		$ 250	$ 6,927
Affiliated Entity | Property Management
Related Party Transaction [Line Items]
Annual management fees rate	0.25%
Related party fee income			1,500
Affiliated Entity | Special Servicing Fees
Related Party Transaction [Line Items]
Annual management fees rate	0.75%
Related party fee income			$ 400

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Term loans - USD ($)	Apr. 10, 2020	Apr. 02, 2020	Apr. 02, 2021
Scenario Forecast
Subsequent Event [Line Items]
One-time fee payable on outstanding principal amount of loans			0.20%
Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 200,000,000
Credit facility maturity date		Apr. 2, 2022
Accordion feature partially exercised	$ 100,000,000
Subsequent Event | Maximum
Subsequent Event [Line Items]
Increased borrowing capacity under accordion feature		$ 400,000,000
LIBOR | Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate		1.50%