Investments (Tables)
 3 Months Ended
Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization
During the three months ended March 31, 2015, the Company had the following real estate and loan activity, net of accumulated depreciation and amortization:
 
Number of Properties
 
Dollar Amount of Investments, net
 
Owned (3)
 
Financed
 
Total
 
Owned
 
Financed
 
Total
 
 
 
 
 
 
 
(In Thousands)
Gross balance, December 31, 2014
2,364

 
145

 
2,509

 
$
7,934,938

 
$
109,425

 
$
8,044,363

Acquisitions/improvements (1) (3)
53

 
—

 
53

 
265,740

 
—

 
265,740

Dispositions of real estate (2) (3)
(15
)
 
—

 
(15
)
 
(78,428
)
 
—

 
(78,428
)
Principal payments and payoffs
—

 
—

 
—

 
—

 
(1,403
)
 
(1,403
)
Impairments
—

 
—

 
—

 
(1,555
)
 
—

 
(1,555
)
Write off of gross lease intangibles
—

 
—

 
—

 
(1,844
)
 
—

 
(1,844
)
Loan premium amortization and other
—

 
—

 
—

 
(49
)
 
(619
)
 
(668
)
Gross balance, March 31, 2015
2,402

 
145

 
2,547

 
$
8,118,802

 
$
107,403

 
$
8,226,205

Accumulated depreciation and amortization
 
 
 
 
 
 
(981,784
)
 
—

 
(981,784
)
Other non-real estate assets held for sale
 
 
 
 
 
 
1,595

 
—

 
1,595

Net balance, March 31, 2015
 
 
 
 
 
 
$
7,138,613

 
$
107,403

 
$
7,246,016


(1) Includes investments of $0.2 million in revenue producing capitalized expenditures, as well as $0.2 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's gross investments in real estate disclosed elsewhere.
(2) The total accumulated depreciation and amortization associated with these dispositions of real estate was $12.5 million.
(3) During the three months ended March 31, 2015, the Company sold 6 properties for $39.4 million under 1031 Exchanges of which $32.5 million of this amount was used to partially fund 4 property acquisitions.
(4) At March 31, 2015 and December 31, 2014, 42 and 37, respectively, of the Company's properties were vacant, not subject to a lease and in the Company’s possession; of this amount 14 and 8, respectively, of these properties were held for sale.
Schedule of Minimum Future Contractual Rent to be Received
Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases at March 31, 2015 (in thousands):
Remainder of 2015
$
459,105

2016
600,209

2017
585,456

2018
570,474

2019
550,798

Thereafter
4,320,779

Total future minimum rentals
$
7,086,821
Schedule of Loans Receivable, Net of Premium
The following table details loans receivable, net of premium (in thousands):
 
March 31,
2015
 
December 31,
2014
Mortgage - principal
$
95,204

 
$
96,594

Mortgage - premium
11,833

 
12,452

Mortgages, net
107,037

 
109,046

Other note - principal
366

 
379

Total loans receivable, net
$
107,403

 
$
109,425
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,
2015
 
December 31,
2014
In-place leases
$
670,127

 
$
676,665

Above-market leases
100,125

 
100,568

Less: accumulated amortization
(196,327
)
 
(187,160
)
Intangible lease assets, net
$
573,925

 
$
590,073

 
 
 
 
Below-market leases
$
239,050

 
$
237,593

Less: accumulated amortization
(34,889
)
 
(31,625
)
Intangible lease liabilities, net
$
204,161

 
$
205,968
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases
The components of real estate investments held under direct financing leases were as follows (in thousands):
 
March 31,
2015
 
December 31,
2014
Minimum lease payments receivable
$
15,053

 
$
15,897

Estimated residual value of leased assets
52,195

 
55,858

Unearned income
(14,396
)
 
(15,191
)
Total
$
52,852

 
$
56,564
Schedule of Activity in Real Estate Assets Held for Sale
The following table shows the activity in real estate assets held for sale, for continuing and discontinued operations, for the three months ended March 31, 2015:
 
Number of Properties
 
Carrying Value
 
Continuing Operations
 
Discontinued Operations
 
Total
 
Continuing Operations
 
Discontinued Operations
 
Total
 
 
 
 
 
 
 
(In Thousands)
Balance, December 31, 2014
19

 
5

 
24

 
$
110,918

 
$
8,994

 
$
119,912

Transfers from real estate investments
23

 
—

 
23

 
105,976

 
(34
)
 
105,942

Sales
(10
)
 
—

 
(10
)
 
(48,617
)
 
—

 
(48,617
)
Balance, March 31, 2015
32

 
5

 
37

 
$
168,277

 
$
8,960

 
$
177,237
Schedule of Reconciliation of Major Classes of Assets and Liabilities from Discontinued Operations
The following table is a reconciliation of the major classes of assets and liabilities from discontinued operations included in real estate assets held for sale on the accompanying consolidated balance sheets (in thousands):
 
March 31,
2015
 
December 31,
2014
Assets
 
 
 
Land and improvements
$
5,335

 
$
5,351

Buildings and improvements
5,780

 
5,798

Total real estate investments
11,115

 
11,149

Less: accumulated depreciation
(2,167
)
 
(2,167
)
Intangible lease assets, net
460

 
460

Total assets
$
9,408

 
$
9,442

 
 
 
 
Liabilities
 
 
 
Intangible lease liabilities, net
$
448

 
$
448

Total liabilities
$
448

 
$
448

 
 
 
 
Net assets
$
8,960

 
$
8,994

The following sets forth the results of discontinued operations (dollars in thousands):
 
Three Months Ended 
 March 31,
 
2015
 
2014
Revenues:
 
 
 
Rent
$
310

 
$
308

Non-cash rent
—

 
(29
)
Other
13

 
2,917

Total revenues
323

 
3,196

Expenses:
 
 
 
General and administrative
1

 
3

Property costs
61

 
139

Impairments
34

 
—

Total expenses
96

 
142

Income from discontinued operations
227

 
3,054

Loss on dispositions of assets
—

 
(7
)
Total discontinued operations
$
227

 
$
3,047

Number of properties disposed of during period
—

 
2
Summary of Total Impairment Losses Recognized
The following table summarizes total impairment losses recognized in continuing and discontinued operations on the accompanying consolidated statements of operations (in thousands): 
 
Three Months Ended 
 March 31,
 
2015
 
2014
Real estate and intangible asset impairment
$
1,043

 
$
1,637

Write-off of lease intangibles due to lease terminations, net
512

 
70

Total impairments from real estate investment net assets
1,555

 
1,707

Other impairment
103

 
—

Total impairment loss in continuing and discontinued operations
$
1,658

 
$
1,707