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