Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
| Revenues: |
|
|
|
|
| Interest income on loans receivable |
$ 294
|
$ 754
|
$ 1,289
|
$ 1,527
|
| Earned income from direct financing leases |
465
|
518
|
930
|
1,130
|
| Related party fee income |
2,219
|
0
|
2,219
|
0
|
| Other income |
1,245
|
308
|
1,817
|
559
|
| Total revenues |
102,459
|
108,670
|
205,998
|
215,167
|
| Expenses: |
|
|
|
|
| General and administrative |
13,520
|
21,868
|
28,810
|
34,044
|
| Property costs (including reimbursable) |
4,806
|
7,780
|
10,357
|
14,013
|
| Real estate acquisition costs |
70
|
414
|
117
|
674
|
| Interest |
23,548
|
28,051
|
46,601
|
55,857
|
| Depreciation and amortization |
39,942
|
43,441
|
80,636
|
87,316
|
| Impairments |
1,478
|
10,074
|
4,975
|
37,957
|
| Total expenses |
83,364
|
111,628
|
171,496
|
229,861
|
| Income (loss) from continuing operations before other income and income tax expense |
19,095
|
(2,958)
|
34,502
|
(14,694)
|
| Other income: |
|
|
|
|
| Gain (loss) on debt extinguishment |
5,509
|
7
|
27,092
|
(23)
|
| (Loss) gain on disposition of assets |
(860)
|
6,884
|
391
|
11,897
|
| Preferred dividend income from SMTA |
1,250
|
0
|
1,250
|
0
|
| Total other income |
5,899
|
6,891
|
28,733
|
11,874
|
| Income (loss) from continuing operations before income tax expense |
24,994
|
3,933
|
63,235
|
(2,820)
|
| Income tax expense |
(177)
|
(160)
|
(340)
|
(277)
|
| Income (loss) from continuing operations |
24,817
|
3,773
|
62,895
|
(3,097)
|
| Discontinued operations: |
|
|
|
|
| (Loss) income from discontinued operations |
(7,653)
|
19,433
|
(15,013)
|
39,132
|
| Net income and total comprehensive income |
17,164
|
23,206
|
47,882
|
36,035
|
| Total comprehensive income |
17,164
|
23,206
|
47,882
|
36,035
|
| Dividends paid to preferred stockholders/ preferred distributions |
(2,588)
|
0
|
(5,176)
|
0
|
| Net income attributable to common stockholders used in basic and diluted income per share |
$ 14,576
|
$ 23,206
|
$ 42,706
|
$ 36,035
|
| Net income per share attributable to common stockholders - basic: |
|
|
|
|
| Continuing operations (in dollars per share) |
$ 0.05
|
$ 0.01
|
$ 0.13
|
$ (0.01)
|
| Discontinued operations (in USD per share) |
(0.02)
|
0.04
|
(0.03)
|
0.08
|
| Net income per share attributable to common stockholders—basic (in dollars per share) |
0.03
|
0.05
|
0.10
|
0.07
|
| Net income per share attributable to common stockholders - diluted |
|
|
|
|
| Continuing operations (in dollars per share) |
0.05
|
0.01
|
0.13
|
(0.01)
|
| Discontinued operations (in USD per share) |
(0.02)
|
0.04
|
(0.03)
|
0.08
|
| Net income per share attributable to common stockholders—diluted (in USD per share) |
$ 0.03
|
$ 0.05
|
$ 0.10
|
$ 0.07
|
| Weighted average shares of common stock outstanding: |
|
|
|
|
| Basic (in shares) |
428,134,240
|
479,102,268
|
436,458,588
|
480,845,051
|
| Diluted (in shares) |
429,018,934
|
479,102,268
|
437,016,151
|
480,845,051
|
| Weighted average partnership units outstanding: |
|
|
|
|
| Dividends declared per common share/distributions declared per partnership unit issued (in USD per share) |
$ 0.18
|
$ 0.18
|
$ 0.36
|
$ 0.36
|
| Spirit Realty, L.P. |
|
|
|
|
| Revenues: |
|
|
|
|
| Interest income on loans receivable |
$ 294
|
$ 754
|
$ 1,289
|
$ 1,527
|
| Earned income from direct financing leases |
465
|
518
|
930
|
1,130
|
| Related party fee income |
2,219
|
0
|
2,219
|
0
|
| Other income |
1,245
|
308
|
1,817
|
559
|
| Total revenues |
102,459
|
108,670
|
205,998
|
215,167
|
| Expenses: |
|
|
|
|
| General and administrative |
13,520
|
21,868
|
28,810
|
34,044
|
| Property costs (including reimbursable) |
4,806
|
7,780
|
10,357
|
14,013
|
| Real estate acquisition costs |
70
|
414
|
117
|
674
|
| Interest |
23,548
|
28,051
|
46,601
|
55,857
|
| Depreciation and amortization |
39,942
|
43,441
|
80,636
|
87,316
|
| Impairments |
1,478
|
10,074
|
4,975
|
37,957
|
| Total expenses |
83,364
|
111,628
|
171,496
|
229,861
|
| Income (loss) from continuing operations before other income and income tax expense |
19,095
|
(2,958)
|
34,502
|
(14,694)
|
| Other income: |
|
|
|
|
| Gain (loss) on debt extinguishment |
5,509
|
7
|
27,092
|
(23)
|
| (Loss) gain on disposition of assets |
(860)
|
6,884
|
391
|
11,897
|
| Preferred dividend income from SMTA |
1,250
|
0
|
1,250
|
0
|
| Total other income |
5,899
|
6,891
|
28,733
|
11,874
|
| Income (loss) from continuing operations before income tax expense |
24,994
|
3,933
|
63,235
|
(2,820)
|
| Income tax expense |
(177)
|
(160)
|
(340)
|
(277)
|
| Income (loss) from continuing operations |
24,817
|
3,773
|
62,895
|
(3,097)
|
| Discontinued operations: |
|
|
|
|
| (Loss) income from discontinued operations |
(7,653)
|
19,433
|
(15,013)
|
39,132
|
| Net income and total comprehensive income |
17,164
|
23,206
|
47,882
|
36,035
|
| Total comprehensive income |
17,164
|
23,206
|
47,882
|
36,035
|
| Dividends paid to preferred stockholders/ preferred distributions |
(2,588)
|
0
|
(5,176)
|
0
|
| Net income attributable to common stockholders used in basic and diluted income per share |
14,576
|
23,206
|
42,706
|
36,035
|
| Continuing operations net income attributable to the general partner |
192
|
31
|
476
|
(28)
|
| Discontinued operations net income attributable to the general partner |
(59)
|
157
|
(114)
|
325
|
| Net income attributable to the general partner |
133
|
188
|
362
|
297
|
| Continuing operations net income attributable to the limited partners |
24,625
|
3,742
|
62,419
|
(3,069)
|
| Discontinued operations net income attributable to the limited partners |
(7,594)
|
19,276
|
(14,899)
|
38,807
|
| Net income attributable to the limited partners |
$ 17,031
|
$ 23,018
|
$ 47,520
|
$ 35,738
|
| Net income per share attributable to common stockholders - basic: |
|
|
|
|
| Continuing operations net income per partnership unit - basic (in USD per share) |
$ 0.05
|
$ 0.01
|
$ 0.13
|
$ (0.01)
|
| Discontinued operations net income per partnership unit - basic (in USD per share) |
(0.02)
|
0.04
|
(0.03)
|
0.08
|
| Net income per partnership unit - basic (in USD per share) |
0.03
|
0.05
|
0.10
|
0.07
|
| Net income per share attributable to common stockholders - diluted |
|
|
|
|
| Continuing operations net income per partnership unit - diluted (in USD per share) |
0.05
|
0.01
|
0.13
|
(0.01)
|
| Discontinued operations net income per partnership unit - diluted (in USD per share) |
(0.02)
|
0.04
|
(0.03)
|
0.08
|
| Net income per partnership unit - diluted (in USD per share) |
$ 0.03
|
$ 0.05
|
$ 0.10
|
$ 0.07
|
| Weighted average partnership units outstanding: |
|
|
|
|
| Basic (in shares) |
428,134,240
|
479,102,268
|
436,458,588
|
480,845,051
|
| Diluted (in shares) |
429,018,934
|
479,102,268
|
437,016,151
|
480,845,051
|
| Dividends declared per common share/distributions declared per partnership unit issued (in USD per share) |
$ 0.18
|
$ 0.18
|
$ 0.36
|
$ 0.36
|
| Rentals |
|
|
|
|
| Revenues: |
|
|
|
|
| Revenue from leases |
$ 95,599
|
$ 102,918
|
$ 193,238
|
$ 204,299
|
| Rentals | Spirit Realty, L.P. |
|
|
|
|
| Revenues: |
|
|
|
|
| Revenue from leases |
95,599
|
102,918
|
193,238
|
204,299
|
| Tenant reimbursement income |
|
|
|
|
| Revenues: |
|
|
|
|
| Revenue from leases |
2,637
|
4,172
|
6,505
|
7,652
|
| Tenant reimbursement income | Spirit Realty, L.P. |
|
|
|
|
| Revenues: |
|
|
|
|
| Revenue from leases |
$ 2,637
|
$ 4,172
|
$ 6,505
|
$ 7,652
|