Real Estate Investments (As Restated) (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma information as if the acquisitions, including the CapLease Merger discussed in Note 6 — CapLease Acquisition (As Restated), during the year ended December 31, 2013 had been consummated on January 1, 2012. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of acquisitions to reflect the additional depreciation and amortization and interest expense that would have been charged had the acquisitions occurred on January 1, 2012. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $76.1 million (as restated) and $45.1 million for the years ended December 31, 2013 and 2012, respectively, and merger and other non-routine transaction related expenses of $210.5 million (as restated) and $2.6 million for the years ended December 31, 2013 and 2012, respectively (amounts in thousands).

	Year Ended December 31,
	2013			2012
	As Restated			As Restated
Pro forma revenues	$	573,503		$	467,434
Pro forma net loss attributable to stockholders	$	(91,891	)	$	(15,424	)

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (amounts in thousands):

	Future Minimum Operating Lease Base Rent Payments		Future Minimum Direct Financing Lease Payments (1)
2014	$	522,563	$	5,402
2015		512,833		5,028
2016		496,691		4,946
2017		460,070		4,545
2018		424,934		3,455
Thereafter		2,734,499		10,352
Total	$	5,151,590	$	33,728

(1) 50 properties are subject to direct financing leases and, therefore, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Schedule of Future Minimum Lease Payments for Capital Leases

The components of the Company’s net investment in direct financing leases as of December 31, 2013 are as follows (amounts in thousands):

	December 31, 2013
Future minimum lease payments receivable	$	33,729
Unguaranteed residual value of property		46,172
Unearned income		(13,789	)
Net investment in direct financing leases	$	66,112

Real Estate Projects

The Company’s disclosures regarding certain projections or estimates of completion dates may not reflect actual results (dollar amounts in thousands).

Location	Tenant	Property Type	Approximate Square Feet		Lease Term (years)			Percent Owned			Investment through 12/31/13		Estimated Remaining Investment		Estimated Total Investment		Estimated Completion Date
Columbia, South Carolina	Large private company	Warehouse		450,000		10.5	(1)		100	%	$	14,745	$	7,325	$	22,070	Q1 2014
The Woodlands, Texas	N/A - speculative development	Office building		150,000		N/A			90	%	$	7,257	$	26,775	$	34,032	Q3 2014

(1) The lease is in force and the 10.5 year lease term will commence upon substantial completion of the building.

Schedule of Annualized Rental Income by Major Tenants

There were no tenants exceeding 10% of consolidated annualized rental income on a straight-line basis at December 31, 2013.

	Year Ended December 31,
	2013		2012
Citizens Bank		*		13.8	%
Dollar General		*		12.3	%
FedEx		*		10.2	%

* The tenants’ annualized rental income was not greater than 10% of total consolidated annualized rental income for all portfolio properties as of the period specified.

Schedules of Concentration of Risk, by Risk Factor

The following table lists the states where the Company has concentrations of properties where annual rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2013 and 2012:

	Year Ended December 31,
	2013			2012
Texas		10.7	%			*
Illinois			*		11.2	%

* The geographical concentration’s annualized rental income was not greater than 10% of total consolidated annualized rental income for all portfolio properties as of the period specified.