Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
| Revenues: |
|
|
|
| Rental income |
$ 402,321,000
|
$ 424,260,000
|
$ 420,003,000
|
| Interest income on loans receivable |
3,447,000
|
3,346,000
|
3,399,000
|
| Earned income from direct financing leases |
1,814,000
|
2,078,000
|
2,742,000
|
| Related party fee income |
15,838,000
|
0
|
0
|
| Other income |
21,705,000
|
1,574,000
|
9,196,000
|
| Total revenues |
445,125,000
|
431,258,000
|
435,340,000
|
| Expenses: |
|
|
|
| General and administrative |
52,993,000
|
54,998,000
|
48,651,000
|
| Restructuring charges |
0
|
0
|
6,341,000
|
| Property costs (including reimbursable) |
21,066,000
|
28,487,000
|
26,045,000
|
| Real estate acquisition costs |
210,000
|
1,434,000
|
2,904,000
|
| Interest |
97,548,000
|
113,394,000
|
118,690,000
|
| Depreciation and amortization |
162,452,000
|
173,686,000
|
173,036,000
|
| Impairments |
6,725,000
|
61,597,000
|
61,395,000
|
| Total expenses |
340,994,000
|
433,596,000
|
437,062,000
|
| Other income: |
|
|
|
| Gain on debt extinguishment |
27,092,000
|
579,000
|
1,605,000
|
| Gain on disposition of assets |
14,629,000
|
42,698,000
|
29,623,000
|
| Preferred dividend income from SMTA |
8,750,000
|
0
|
0
|
| Other expense |
(5,319,000)
|
0
|
0
|
| Total other income |
45,152,000
|
43,277,000
|
31,228,000
|
| Income from continuing operations before income tax expense |
149,283,000
|
40,939,000
|
29,506,000
|
| Income tax expense |
(792,000)
|
(511,000)
|
(868,000)
|
| Income from continuing operations |
148,491,000
|
40,428,000
|
28,638,000
|
| Income (loss) from discontinued operations |
(16,439,000)
|
36,720,000
|
68,808,000
|
| Net Income |
132,052,000
|
77,148,000
|
97,446,000
|
| Dividends paid to preferred stockholders |
(10,352,000)
|
(2,530,000)
|
0
|
| Net income attributable to common stockholders/ after preferred distributions |
$ 121,700,000
|
$ 74,618,000
|
$ 97,446,000
|
| Net income per share attributable to common stockholders - basic: |
|
|
|
| Continuing operations (in dollars per share) |
$ 1.59
|
$ 0.40
|
$ 0.30
|
| Discontinued operations (in dollars per share) |
(0.19)
|
0.39
|
0.73
|
| Net income per share attributable to common stockholders—basic (in dollars per share) |
1.40
|
0.79
|
1.03
|
| Net income per share attributable to common stockholders - diluted: |
|
|
|
| Continuing operations (in dollars per share) |
1.58
|
0.40
|
0.30
|
| Discontinued operations (in dollars per share) |
(0.19)
|
0.39
|
0.73
|
| Net income per share attributable to common stockholders and partners—diluted (in dollars per share) |
$ 1.39
|
$ 0.79
|
$ 1.03
|
| Weighted average shares of common stock outstanding: |
|
|
|
| Basic (in shares) |
86,321,268
|
93,586,991
|
93,843,552
|
| Diluted (in shares) |
86,476,449
|
93,588,560
|
93,849,250
|
| Spirit Realty, L.P. |
|
|
|
| Revenues: |
|
|
|
| Rental income |
$ 402,321,000
|
$ 424,260,000
|
$ 420,003,000
|
| Interest income on loans receivable |
3,447,000
|
3,346,000
|
3,399,000
|
| Earned income from direct financing leases |
1,814,000
|
2,078,000
|
2,742,000
|
| Related party fee income |
15,838,000
|
0
|
0
|
| Other income |
21,705,000
|
1,574,000
|
9,196,000
|
| Total revenues |
445,125,000
|
431,258,000
|
435,340,000
|
| Expenses: |
|
|
|
| General and administrative |
52,993,000
|
54,998,000
|
48,651,000
|
| Restructuring charges |
0
|
0
|
6,341,000
|
| Property costs (including reimbursable) |
21,066,000
|
28,487,000
|
26,045,000
|
| Real estate acquisition costs |
210,000
|
1,434,000
|
2,904,000
|
| Interest |
97,548,000
|
113,394,000
|
118,690,000
|
| Depreciation and amortization |
162,452,000
|
173,686,000
|
173,036,000
|
| Impairments |
6,725,000
|
61,597,000
|
61,395,000
|
| Total expenses |
340,994,000
|
433,596,000
|
437,062,000
|
| Other income: |
|
|
|
| Gain on debt extinguishment |
27,092,000
|
579,000
|
1,605,000
|
| Gain on disposition of assets |
14,629,000
|
42,698,000
|
29,623,000
|
| Preferred dividend income from SMTA |
8,750,000
|
0
|
0
|
| Other expense |
(5,319,000)
|
0
|
0
|
| Total other income |
45,152,000
|
43,277,000
|
31,228,000
|
| Income from continuing operations before income tax expense |
149,283,000
|
40,939,000
|
29,506,000
|
| Income tax expense |
(792,000)
|
(511,000)
|
(868,000)
|
| Income from continuing operations |
148,491,000
|
40,428,000
|
28,638,000
|
| Income (loss) from discontinued operations |
(16,439,000)
|
36,720,000
|
68,808,000
|
| Net Income |
132,052,000
|
77,148,000
|
97,446,000
|
| Dividends paid to preferred stockholders |
(10,352,000)
|
(2,530,000)
|
0
|
| Net income attributable to common stockholders/ after preferred distributions |
121,700,000
|
74,618,000
|
97,446,000
|
| Net income attributable to general partners - Continuing operations |
1,270,000
|
353,000
|
243,000
|
| Net income attributable to general partners - Discontinued operations |
(151,000)
|
304,000
|
582,000
|
| Net income attributable to general partners |
1,119,000
|
657,000
|
825,000
|
| Net income attributable to limited partners - Continuing operations |
147,221,000
|
40,075,000
|
28,395,000
|
| Net income attributable to limited partners - Discontinued operations |
(16,288,000)
|
36,416,000
|
68,226,000
|
| Net income attributable to limited partners |
$ 130,933,000
|
$ 76,491,000
|
$ 96,621,000
|
| Net income per share attributable to common stockholders - basic: |
|
|
|
| Net income per common partnership unit - basic - Continued operations (in dollars per share) |
$ 1.59
|
$ 0.40
|
$ 0.30
|
| Net income per common partnership unit - basic - Discontinued operations (in dollars per share) |
(0.19)
|
0.39
|
0.73
|
| Net income per common partnership unit - basic (in dollars per share) |
1.40
|
0.79
|
1.03
|
| Net income per share attributable to common stockholders - diluted: |
|
|
|
| Net income per common partnership unit - diluted - Continued operations (in dollars per share) |
1.58
|
0.40
|
0.30
|
| Net income per common partnership unit - diluted - Discontinued operations (in dollars per share) |
(0.19)
|
0.39
|
0.73
|
| Net income per common partnership unit —diluted (in dollars per share) |
$ 1.39
|
$ 0.79
|
$ 1.03
|
| Weighted average common partnership units outstanding: |
|
|
|
| Basic (in shares) |
86,321,268
|
93,586,991
|
93,843,552
|
| Diluted (in shares) |
86,476,449
|
93,588,560
|
93,849,250
|