Merger with Cole II (Tables)
 9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The preliminary allocation of the purchase price consideration of approximately $2.0 billion is calculated below as of the July 17, 2013 closing date (dollars in thousands, except per share amounts):
Cole II shares outstanding
208,570,007

Inverse of exchange ratio
0.525

 
109,499,254

Spirit Realty Capital share price
$
18.50

Consideration paid
$
2,025,737
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The Company has accounted for the Cole II merger in accordance with ASC 805, Business Combinations, and is in the process of completing the allocation of the purchase price for the Merger, which the Company expects to finalize later this year. The following table summarizes the preliminary purchase price allocation, which represents the current best estimate of acquisition date fair values of the assets acquired and liabilities assumed (in thousands):
Assets
 
Investments:
 
Real estate investments:
 
Land and improvements
$
944,060

Buildings and improvements
2,204,704

Real estate investments under direct financing leases, net
58,765

Loans receivable, net
81,433

Intangible lease assets
482,321

Net investments
3,771,283

Cash and cash equivalents
9,400

Deferred costs and other assets, net
12,278

 
 
Total assets
$
3,792,961

 
 
Liabilities
 
Revolving credit facilities
$
324,111

Mortgages and notes payable, net
1,512,029

Intangible lease liabilities
190,330

Accounts payable, accrued expenses and other liabilities
30,809

 
 
Total liabilities
$
2,057,279

 
 
Estimated fair value of net assets acquired
$
1,735,682
Business Acquisition, Pro Forma Information
The actual results for the three and nine months ended September 30, 2013 include total revenues and net income attributable to common stockholders from the acquired properties of $52.3 million and $8.3 million, respectively, from the close of the Merger (July 17, 2013) through September 30, 2013.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2013
 
2012
 
2013
 
2012
Total revenues
 
$
148,100

 
$
133,924

 
$
420,712

 
$
402,058

Income from continuing operations
 
26,280

 
16,264

 
57,799

 
38,976
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments
The Company incurred nonrecurring pro forma adjustments to operations directly attributable to the merger consisting primarily of legal, accounting and financial advisory services, debt financing related costs, and other third-party expenses, as follows:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2013
 
2012
 
2013
 
2012
Nonrecurring pro forma adjustments
 
$
44,952

 
$
(4,338
)
 
$
71,369

 
$
(14,888
)