Consolidated Statements of Operation - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Rental income $ 109,511 $ 100,827 $ 320,084 $ 401,242
Rental income       300,570
Interest income on loans receivable 843 1,121 2,749 2,410
Earned income from direct financing leases 267   971  
Earned income from direct financing leases   465   1,395
Related party fee income 54,795 6,750 68,971 8,969
Other income 1,531 481 2,510 2,298
Total revenues 166,947 109,644 395,285 315,642
Expenses:        
General and administrative 12,727 11,033 39,741 39,843
Termination of interest rate swaps 12,461   12,461  
Property costs (including reimbursable) 4,407 5,172 13,968 15,529
Deal pursuit costs 330 26 574 143
Interest 24,675 24,784 76,462 71,385
Depreciation and amortization 43,907 40,379 126,598 121,015
Impairments 5,932 1,279 13,231 6,254
Total expenses 104,439 82,673 283,035 254,169
Other income:        
(Loss) gain on debt extinguishment (5,580)   (11,473) 27,092
Gain on disposition of assets 32,254 436 70,760 827
Preferred dividend income from SMTA 3,302 3,750 10,802 5,000
Total other income 29,976 4,186 70,089 32,919
Income from continuing operations before income tax expense 92,484 31,157 182,339 94,392
Income tax expense (11,190) (135) (11,730) (475)
Income from continuing operations 81,294 31,022 170,609 93,917
Loss from discontinued operations 0 (966) 0 (15,979)
Net income 81,294 30,056 170,609 77,938
Dividends paid to preferred shareholders (2,587) (2,588) (7,763) (7,764)
Net income attributable to common stockholders/after preferred distributions $ 78,707 $ 27,468 $ 162,846 $ 70,174
Net income per share attributable to common stockholders - basic:        
Continuing operations (in USD per share) $ 0.87 $ 0.33 $ 1.85 $ 0.98
Discontinued operations (in USD per share)   (0.01)   (0.18)
Net income per share attributable to common stockholders - basic (in USD per share) 0.87 0.32 1.85 0.80
Net income per share attributable to common stockholders - diluted:        
Continuing operations (in USD per share) 0.87 0.33 1.85 0.98
Discontinued operations (in USD per share)   (0.01)   (0.18)
Net income per share attributable to common stockholders - diluted (in USD per share) $ 0.87 $ 0.32 $ 1.85 $ 0.80
Weighted average shares of common stock outstanding:        
Basic (in shares) 90,040,353 85,336,193 87,529,786 86,632,552
Diluted (in shares) 90,396,797 85,578,507 87,784,477 86,788,140
Weighted average partnership units outstanding:        
Dividends declared per common share/per partnership unit issued (in USD per share) $ 0.6250 $ 0.6250 $ 1.8750 $ 2.4250
Spirit Realty, L.P.        
Revenues:        
Rental income $ 109,511 $ 100,827 $ 320,084  
Rental income       $ 300,570
Interest income on loans receivable 843 1,121 2,749 2,410
Earned income from direct financing leases 267   971  
Earned income from direct financing leases   465   1,395
Related party fee income 54,795 6,750 68,971 8,969
Other income 1,531 481 2,510 2,298
Total revenues 166,947 109,644 395,285 315,642
Expenses:        
General and administrative 12,727 11,033 39,741 39,843
Termination of interest rate swaps 12,461   12,461  
Property costs (including reimbursable) 4,407 5,172 13,968 15,529
Deal pursuit costs 330 26 574 143
Interest 24,675 24,784 76,462 71,385
Depreciation and amortization 43,907 40,379 126,598 121,015
Impairments 5,932 1,279 13,231 6,254
Total expenses 104,439 82,673 283,035 254,169
Other income:        
(Loss) gain on debt extinguishment (5,580)   (11,473) 27,092
Gain on disposition of assets 32,254 436 70,760 827
Preferred dividend income from SMTA 3,302 3,750 10,802 5,000
Total other income 29,976 4,186 70,089 32,919
Income from continuing operations before income tax expense 92,484 31,157 182,339 94,392
Income tax expense (11,190) (135) (11,730) (475)
Income from continuing operations 81,294 31,022 170,609 93,917
Loss from discontinued operations   (966)   (15,979)
Net income 81,294 30,056 170,609 77,938
Dividends paid to preferred shareholders (2,587) (2,588) (7,763) (7,764)
Net income attributable to common stockholders/after preferred distributions 78,707 27,468 162,846 70,174
Net income attributable to the general partner        
Continuing operations 703 313 1,477 789
Discontinued operations   (32)   (146)
Net income attributable to the general partner 703 281 1,477 643
Net income attributable to the limited partners        
Continuing operations 78,004 28,121 161,369 85,364
Discontinued operations   (934)   (15,833)
Net income attributable to the limited partners $ 78,004 $ 27,187 $ 161,369 $ 69,531
Weighted average partnership units outstanding:        
Dividends declared per common share/per partnership unit issued (in USD per share) $ 0.6250 $ 0.6250 $ 1.8750 $ 2.4250
Basic 90,040,353 85,336,193 87,529,786 86,632,552
Diluted 90,396,797 85,578,507 87,784,477 86,788,140
Net income per partnership unit - basic:        
Continuing operations $ 0.87 $ 0.33 $ 1.85 $ 0.98
Discontinued operations   (0.01)   (0.18)
Net income per partnership unit - basic 0.87 0.32 1.85 0.80
Net income per partnership unit - diluted:        
Continuing operations 0.87 0.33 1.85 0.98
Discontinued operations   (0.01)   (0.18)
Net income per partnership unit - diluted $ 0.87 $ 0.32 $ 1.85 $ 0.80