Investments (Tables)
 9 Months Ended
Sep. 30, 2016
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 nine months ended September 30, 2016, the Company had the following real estate and loan activity, net of accumulated depreciation and amortization:
 
Number of Properties
 
Dollar Amount of Investments
 
Owned (4)
 
Financed
 
Total
 
Owned
 
Financed
 
Total
 
 
 
 
 
 
 
(In Thousands)
Gross balance, December 31, 2015
2,485

 
144

 
2,629

 
$
8,198,685

 
$
104,003

 
$
8,302,688

Acquisitions/improvements (1) (3) (5)
227

 
—

 
227

 
459,384

 
—

 
459,384

Dispositions of real estate (2) (3)
(82
)
 
—

 
(82
)
 
(281,474
)
 
—

 
(281,474
)
Principal payments and payoffs (5)
—

 
(69
)
 
(69
)
 
—

 
(32,875
)
 
(32,875
)
(Impairments)/recoveries
—

 
—

 
—

 
(41,699
)
 
324

 
(41,375
)
Write-off of gross assets
—

 
—

 
—

 
(15,556
)
 
—

 
(15,556
)
Loan premium amortization and other
—

 
—

 
—

 
(64
)
 
(2,234
)
 
(2,298
)
Gross balance, September 30, 2016
2,630

 
75

 
2,705

 
8,319,276

 
69,218

 
8,388,494

Accumulated depreciation and amortization
 
 
 
 
 
 
(1,197,104
)
 
—

 
(1,197,104
)
Other non-real estate assets held for sale
 
 
 
 
 
 
2,072

 
—

 
2,072

Net balance, September 30, 2016
 
 
 
 
 
 
$
7,124,244

 
$
69,218

 
$
7,193,462


(1) Includes investments of $5.4 million in revenue producing capitalized expenditures, as well as $2.9 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's investment in real estate disclosed elsewhere.
(2) The total accumulated depreciation and amortization associated with dispositions of real estate was $48.6 million.
(3) During the nine months ended September 30, 2016, pursuant to 1031 Exchanges, the Company sold 6 properties for $43.7 million. This amount, along with $39.9 million of 2015 proceeds, was used to partially fund 33 property acquisitions.
(4) At September 30, 2016 and December 31, 2015, 43 and 36, of the Company's properties, respectively, were vacant and in the Company’s possession; of these vacant properties, 11 and 12, respectively, were held for sale.
(5) During the nine months ended September 30, 2016, the Company transferred cash and mortgage notes receivable secured by 69 properties to acquire the fee simple interest of those properties.
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 September 30, 2016 (in thousands):
Remainder of 2016
$
151,256

2017
607,742

2018
594,423

2019
577,854

2020
557,730

Thereafter
4,535,935

Total future minimum rentals
$
7,024,940
Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses
The following table details loans receivable, net of premium and allowance for loan losses (in thousands):
 
September 30,
2016
 
December 31,
2015
Mortgage loans - principal
$
57,422

 
$
90,096

Mortgage loans - premium
7,752

 
9,986

Mortgages loans, net
65,174

 
100,082

Other note receivables - principal
4,044

 
4,245

Allowance for loan losses
—

 
(324
)
Other note receivables, net
4,044

 
3,921

Total loans receivable, net
$
69,218

 
$
104,003
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization
The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):
 
September 30,
2016
 
December 31,
2015
In-place leases
$
640,108

 
$
649,182

Above-market leases
90,645

 
98,056

Less: accumulated amortization
(246,153
)
 
(220,520
)
Intangible lease assets, net
$
484,600

 
$
526,718

 
 
 
 
Below-market leases
$
237,667

 
$
238,039

Less: accumulated amortization
(50,732
)
 
(44,136
)
Intangible lease liabilities, net
$
186,935

 
$
193,903
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases
The components of real estate investments held under direct financing leases were as follows (in thousands):
 
September 30,
2016
 
December 31,
2015
Minimum lease payments receivable
$
10,124

 
$
12,702

Estimated residual value of leased assets
35,640

 
43,789

Unearned income
(9,751
)
 
(12,167
)
Real estate assets under direct financing leases, net
$
36,013

 
$
44,324
Schedule of Activity in Real Estate Assets Held for Sale
The following table shows the activity in real estate assets held for sale for the nine months ended September 30, 2016 (dollars in thousands):
 
Number of Properties
 
Carrying
Value
Balance, December 31, 2015
36

 
$
84,259

Transfers from real estate investments
47

 
146,107

Sales
(44
)
 
(106,317
)
Transfers to real estate investments
(3
)
 
(5,624
)
Balance, September 30, 2016
36

 
$
118,425
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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2016
 
2015
 
2016
 
2015
Real estate and intangible asset impairment
$
13,894

 
$
19,919

 
$
35,236

 
$
55,273

Write-off of lease intangibles, net
1,491

 
713

 
6,463

 
1,268

Loans receivable impairment (recovery)
—

 
338

 
(324
)
 
338

Total impairments from real estate investment net assets
15,385

 
20,970

 
41,375

 
56,879

Other impairment
22

 
57

 
21

 
153

Total impairment loss in continuing and discontinued operations
$
15,407

 
$
21,027

 
$
41,396

 
$
57,032



The following table provides information about the weighted average sales price per square foot of comparable properties used to estimate fair value (price per square foot in dollars):
 
September 30, 2016
 
December 31, 2015
 
Range
 
Weighted Average
 
Square Footage
 
Range
 
Weighted Average
 
Square Footage
Long-lived assets held and used by asset type
 
 
 
 
 
 
 
 
 
 
Retail
$62.84 - $214.29
 
$
110.54

 
91,817

 
$41.21 - $168.30
 
$
79.90

 
153,008

Industrial
$2.50 - $38.15
 
$
21.59

 
160,477

 
$17.77 - $22.00
 
$
19.40

 
375,076

Office
N/A
 
N/A
 
N/A
 
$58.17 - $133.61
 
$
104.53

 
204,936