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
|