10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 2)

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-35263

AMERICAN REALTY CAPITAL PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Maryland	45-2482685
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2325 E. Camelback Road, Suite 1100, Phoenix, AZ	85016
(Address of principal executive offices)	(Zip Code)

(800) 606-3610

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ¨    No  x

Indicate by check mark whether the registrant submitted electronically and posted on its corporate Web Site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of outstanding shares of the registrant’s common stock on July 28, 2014 was 907,924,095 shares.

Explanatory Note

This Amendment No. 2 on Form 10-Q/A (this “Amendment No. 2”) amends our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014 that was filed with the U.S. Securities and Exchange Commission (“SEC”) on July 29, 2014 and amended by Amendment No. 1 thereto on Form 10-Q/A filed with the SEC on March 2, 2015 (the “Amended Filing”). We are filing this Amendment No. 2 to update Part II, Item 6 and provide Exhibit 101 to the Amended Filing.

Except as set forth in Part II, Item 6 below and in any exhibits attached hereto, no other changes are made to the Amended Filing. The Amended Filing continues to speak as of the date of the Amended Filing. Unless expressly stated, this Amendment No. 2 does not reflect events occurring after the filing date of the Amended Filing, nor does it modify or update in any way the disclosures contained in the Amended Filing.

2

PART II

Item 6. Exhibits.

The exhibits listed under Exhibits (following the signatures section of this amended report) are included in, or incorporated by reference into, this Amendment No. 2 to Quarterly Report on Form 10-Q/A.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Amendment No. 2 to its Quarterly Report on Form 10-Q/A to be signed on its behalf by the undersigned thereunto duly authorized on this 12th day of March, 2015.

AMERICAN REALTY CAPITAL PROPERTIES, INC.
By:	/s/ Michael Sodo
Michael Sodo Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

Date: March 12, 2015

4

EXHIBITS

The following exhibits are included in, or incorporated by reference into, this Amendment No. 2 to Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2014 (and are numbered in accordance with Item 601 of Regulation S-K):

Exhibit No.	Description
10.48 (1)	Employment Offer Letter, dated as of October 21, 2013, by and between American Realty Capital Properties, Inc. and Lisa Pavelka McAlister
10.49 (1)	Employment Agreement, dated as of February 24, 2014, by and between American Realty Capital Properties, Inc. and Richard A. Silfen
10.50 (1)	Agreement of Purchase and Sale, dated as of June 11, 2014, among certain subsidiaries of American Realty Capital Properties, Inc. party thereto and BRE DDR Retail Holdings III LLC
10.51 (1)	Amended and Restated Credit Agreement, dated as of June 30, 2014, among ARC Properties Operating Partnership, L.P., American Realty Capital Properties, Inc., lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent
10.52 (1)	First Amendment to Agreement of Purchase and Sale, dated as of July 18, 2014, among certain subsidiaries of American Realty Capital Properties, Inc. party thereto and BRE DDR Retail Holdings III LLC.
31.1 (2)	Certification of the Chief Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 (2)	Certification of the Chief Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 (2)	Written statements of the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 (2)	Written statements of the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act and is deemed not filed for purposes of Section 18 of the Exchange Act, and otherwise is not subject to liability under these sections.

(1) Previously filed with the Registrant’s Quarterly Report on Form 10-Q for the three months ended June 30, 2014 filed with the SEC on July 29, 2014.

(2) Previously filed with the Registrant’s Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarterly period ended June 30, 2014 filed with the Securities and Exchange Commission on March 2, 2015.

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Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma information as if all of the 2014 Acquisitions and the Cole Merger, ARCT IV Merger and CCPT Merger, as discussed in Note 3 — Mergers and Acquisitions (As Restated), were completed on January 1, 2013 for each period presented below. 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, 2013. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $20.6 million and $47.6 million for the six months ended June 30, 2014 and 2013, respectively, and merger and other non-routine transaction related expenses of $167.7 million and $129.4 million for the six months ended June 30, 2014 and 2013, respectively (in thousands).

	Six Months Ended June 30,
	2014 As Restated			2013 As Restated
Pro forma revenues	$	828,299		$	155,269
Pro forma net income (loss) attributable to stockholders	$	(64,362	)	$	2,023

Schedule of Future Minimum Rental Payments Receivable for Operating And Capital 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 (in thousands):

	Future Minimum Operating Lease Base Rent Payments		Future Minimum Direct Financing Lease Payments(1)
July 1, 2014 - December 31, 2014	$	677,188	$	2,485
2015		1,214,297		4,757
2016		1,191,214		4,674
2017		1,142,109		4,273
2018		1,087,444		3,183
Thereafter		7,706,549		10,052
Total	$	13,018,801	$	29,424

(1) 47 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 Capital Leased Assets

The components of the Company’s net investment in direct financing leases as of June 30, 2014 and December 31, 2013 are as follows (in thousands):

	June 30, 2014			December 31, 2013
Future minimum lease payments receivable	$	29,685		$	33,729
Unguaranteed residual value of property		43,884			46,172
Unearned income		(11,475	)		(13,789	)
Net investment in direct financing leases	$	62,094		$	66,112

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Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to the Company	$ (54,720)	[1]	$ (69,603)	[1]	$ (346,164)	[1]	$ (213,483)	[1]
Less: dividends declared on preferred shares and participating securities	23,291		233		46,723		426
Net loss attributable to common stockholders	$ (78,011)		$ (69,836)		$ (392,887)		$ (213,909)
Basic	815,406,408		198,956,355		682,178,587		183,316,963
Net loss per common share: Basic and diluted net loss per share attributable to common stockholders	$ (0.10)	[1]	$ (0.35)	[1]	$ (0.58)	[1]	$ (1.17)	[1]
Member Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share					24,771,215				9,591,174
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share					5,649,968
Series D preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share					21,735,008

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Restated Consolidated Balance Sheets (Parenthetical) (Detail) (USD $)	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013	Nov. 08, 2013
Common stock, par value	$ 0.01	[1]	$ 0.01	[1]	$ 0.01
Common stock, shares authorized	1,500,000,000	[1]	1,500,000,000	[1]	1,500,000,000
Common stock, issued	907,918,821	[1]	239,234,725	[1]	221,690,474
Common stock, outstanding	907,918,821	[1]	239,234,725	[1]	221,690,474
Preferred stock (excluding Series D Preferred Stock) [Member]
Convertible preferred stock, par value	$ 0.01	[1]	$ 0.01	[1]	$ 0.01
Convertible preferred stock, shares authorized	100,000,000	[1]	100,000,000	[1]	100,000,000
Convertible preferred stock, issued	42,730,013	[1]	42,199,547	[1]	42,921,213
Convertible preferred stock, outstanding	42,730,013	[1]	42,199,547	[1]	42,921,213
Series D preferred stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	[1]	$ 0.01	[1]
Preferred stock, shares authorized	21,735,008	[1]	21,735,008	[1]
Preferred stock, issued	21,735,008	[1]	21,735,008	[1]		21,700,000
Preferred stock, outstanding (in shares)	21,735,008	[1]	21,735,008	[1]

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Equity-based Compensation (As Restated) (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Activity

The following table details the restricted shares activity within the Equity Plan and Director Stock Plan during the six months ended June 30, 2014:

	Equity Plan					Director Stock Plan
	Shares of Restricted Common Stock			Weighted-Average Issue Price		Shares of Restricted Common Stock			Weighted-Average Issue Price
Unvested, December 31, 2013		931,442		$	13.82		18,875		$	13.52
Granted		5,602,989			13.28		3,000			13.99
Vested		458,546			12.94		(21,875	)		13.58
Forfeited		(94,040	)		13.89		—			—
Unvested, June 30, 2014		5,981,845		$	13.38		—		$	—

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule

Subject to the New OPP Cap, the pool will equal an amount to be determined based on the Company’s level of achievement of total return to stockholders, including both share price appreciation and common stock distributions (“Total Return”), as measured against an absolute hurdle and against a peer group of companies for a three-year performance period that commenced on October 1, 2013 (the “Performance Period”), with valuation dates on which a portion of the LTIP Units up to a specified amount of the New OPP Cap could be earned on the last day of each 12-month period during the Performance Period (each an “Annual Period”) and the initial 24-month period of the Performance Period (the “Interim Period”), as follows:

		Performance Period	Annual Period	Interim Period
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:		21%	7%	14%
Relative Component: 4% of any excess Total Return attained above the median Total Return for the performance period of the Peer Group(1), subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period:
•	100% will be earned if cumulative Total Return achieved is at least:	18%	6%	12%
•	50% will be earned if a cumulative Total Return achieved is:	0%	0%	0%
•	0% will be earned if cumulative Total Return achieved is less than:	0%	0%	0%
•	a percentage from 50% to 100% calculated by linear interpolation will be earned if cumulative Total Return achieved is if between:	0% - 18%	0% - 6%	0% - 12%

(1) The “Peer Group” is comprised of the following companies: EPR Properties; Getty Realty Corporation; Lexington Realty Trust; National Retail Properties, Inc.; Realty Income Corporation; and Spirit Realty Capital, Inc.

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Real Estate Investments (Detail) (USD $)	3 Months Ended				6 Months Ended				36 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013		Jun. 27, 2013 Property	Sep. 30, 2013
Business Acquisition [Line Items]
Acquisition related	$ 7,201,000	[1],[2]	$ 37,266,000	[1],[2]	$ 20,618,000	[1],[2]	$ 47,593,000	[1],[2]
Merger and other transaction related	7,422,000	[1],[3],[4]	5,865,000	[1],[3],[4]	167,720,000	[1],[3],[5]	129,433,000	[1],[3],[5]
Future Minimum Operating Lease Base Rent Payments
Future Minimum Payments, July 1, 2014 - December 31, 2014	677,188,000				677,188,000
Future Minimum Payments, 2015	1,214,297,000				1,214,297,000
Future Minimum Payments, 2016	1,191,214,000				1,191,214,000
Future Minimum Payments, 2017	1,142,109,000				1,142,109,000
Future Minimum Payments, 2018	1,087,444,000				1,087,444,000
Future Minimum Payments, Thereafter	7,706,549,000				7,706,549,000
Future Minimum Payments, Total	13,018,801,000				13,018,801,000
Future Minimum Direct Financing Lease Payments
Future Minimum Direct Financing Lease Payments, July 1, 2014 - December 31, 2014	2,485,000	[6]			2,485,000	[6]
Future Minimum Direct Financing Lease Payments, 2015	4,757,000	[6]			4,757,000	[6]
Future Minimum Direct Financing Lease Payments, 2016	4,674,000	[6]			4,674,000	[6]
Future Minimum Direct Financing Lease Payments, 2017	4,273,000	[6]			4,273,000	[6]
Future Minimum Direct Financing Lease Payments, 2018	3,183,000	[6]			3,183,000	[6]
Future Minimum Direct Financing Lease Payments, Thereafter	10,052,000	[6]			10,052,000	[6]
Future Minimum Direct Financing Lease Payments, Total	29,424,000	[6]			29,424,000	[6]
Future minimum lease payments receivable	29,685,000				29,685,000				33,729,000
Unguaranteed residual value of property	43,884,000				43,884,000				46,172,000
Unearned income	(11,475,000)				(11,475,000)				(13,789,000)
Investment in direct financing leases, net	62,094,000	[1]	76,410,000		62,094,000	[1]	76,410,000		66,112,000	[1]
Land and construction in progress	62,594,000	[1]			62,594,000	[1]			21,839,000	[1]
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Number of land parcels acquired					18
Number of properties acquired	122		899		337		1,011
Land	109,075,000		416,887,000		239,663,000		493,029,000
Buildings, fixtures and improvements	482,074,000		1,129,906,000		1,185,641,000		1,424,900,000
Total tangible assets	591,149,000		1,546,793,000		1,425,304,000		1,917,929,000
In-place leases	30,801,000		165,576,000		128,581,000		211,748,000
Above-market leases	5,511,000		0		21,145,000		0
Below-market leases	(1,869,000)		0		(3,321,000)		0
Fair value adjustment of assumed notes payable	0		0		(23,589,000)		0
Total purchase price of assets acquired, net	625,592,000		1,712,369,000		1,548,120,000		2,129,677,000
Notes payable assumed	0		0		(301,532,000)		0
Cash paid for acquired real estate investments	625,592,000		1,712,369,000		1,246,588,000		2,129,677,000
Future Minimum Direct Financing Lease Payments
Estimated cost to complete construction					15,300,000
Land	8,200,000				8,200,000
Acquisitions, 2014, Cole Merger and American Realty Capital Trust IV [Member]
Business Acquisition [Line Items]
Acquisition related					20,600,000		47,600,000
Merger and other transaction related					167,700,000		129,400,000
Pro forma revenues					828,299,000		155,269,000
Pro forma net income (loss) attributable to stockholders					(64,362,000)		2,023,000
Acquisitions, 2014, Excluding Cole Merger, ARCT IV Merger And CCPT Merger [Member]
Business Acquisition [Line Items]
Number of land parcels acquired					18
Business combination, consideration transferred					1,500,000,000
Number of properties acquired					337
GE Capital Portfolio [Member]
Future Minimum Direct Financing Lease Payments
Capital Leased Assets, Number of Units											47
Geographic Concentration Risk [Member] | Lease Revenue [Member] | Texas
Future Minimum Direct Financing Lease Payments
Concentration risk, percentage					12.90%
Columbia, South Carolina [Member]
Future Minimum Direct Financing Lease Payments
Estimated cost to complete construction					1,700,000
Number of square feet	450,000				450,000
Investment amount, total					22,000,000
Land and construction in progress	20,400,000				20,400,000
Interest costs capitalized					37,000
The Woodlands, Texas [Member]
Future Minimum Direct Financing Lease Payments
Estimated cost to complete construction					14,000,000
Number of square feet	150,000				150,000
Investment amount, total					34,000,000
Land and construction in progress	20,000,000				20,000,000
Interest costs capitalized					68,000
Proceeds from senior corporate credit facility					$ 17,000,000
Equity contributions percentage									90.00%
Cost overruns percentage split					50.00%
Percentage of square footage leased												95.00%
The Woodlands, Texas [Member] | Developer Partner [Member]
Future Minimum Direct Financing Lease Payments
Equity contributions percentage									10.00%

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $113,000 and $19.9 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $26.8 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[3] Includes $40,000 and $255,000 to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $137.8 million and $107.0 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[4] This line item caption has been updated to "merger and other non-routine transactions" in the accompanying consolidated statements of operations.

[5] This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

[6] 47 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.

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Restated Consolidated Statements of Operations (Detail) (USD $)	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Revenues:
Rental income	$ 314,519,000	[1]	$ 52,664,000	[1]	$ 558,934,000	[1]	$ 93,651,000	[1]
Direct financing lease income	1,181,000	[1]	0	[1]	2,187,000	[1]	0	[1]
Operating expense reimbursements	29,256,000	[1]	2,281,000	[1]	50,732,000	[1]	4,191,000	[1]
Cole Capital revenue	37,222,000	[1]	0	[1]	91,479,000	[1]	0	[1]
Total revenues	382,178,000	[1]	54,945,000	[1]	703,332,000	[1]	97,842,000	[1]
Operating expenses:
Cole Capital reallowed fees and commissions	7,068,000	[1]	0	[1]	41,504,000	[1]	0	[1]
Acquisition related	7,201,000	[1],[2]	37,266,000	[1],[2]	20,618,000	[1],[2]	47,593,000	[1],[2]
Merger and other non-routine transactions	7,422,000	[1],[3],[4]	5,865,000	[1],[3],[4]	167,720,000	[1],[3],[5]	129,433,000	[1],[3],[5]
Property operating	39,286,000	[1]	3,086,000	[1]	69,041,000	[1]	5,635,000	[1]
Management fees to affiliate					13,888,000		12,493,000
General and administrative	40,012,000	[1],[6]	6,283,000	[1],[6]	96,504,000	[1],[6]	14,055,000	[1],[6]
Equity-based compensation	0	[7]	0	[7]	27,264,000	[1]	6,791,000	[1]
Depreciation and amortization	250,739,000	[1]	33,681,000	[1]	424,581,000	[1]	60,434,000	[1]
Impairment of real estate	1,556,000	[1],[8]	0	[1],[8]	1,556,000	[1],[8]	0	[1],[8]
Total operating expenses	353,284,000	[1]	86,181,000	[1]	835,412,000	[1]	269,643,000	[1]
Operating income (loss)	28,894,000	[1]	(31,236,000)	[1]	(132,080,000)	[1]	(171,801,000)	[1]
Other (expense) income:
Interest expense, net	(103,897,000)	[1]	(11,424,000)	[1]	(224,848,000)	[1]	(18,225,000)	[1]
Extinguishment of debt, net	(6,469,000)	[8]	0	[8]	16,985,000	[1]	0	[1]
Other income, net	11,936,000	[1]	1,523,000	[1]	22,146,000	[1]	2,522,000	[1]
Gain (loss) on derivative instruments, net	14,207,000	[1]	(31,174,000)	[1]	7,086,000	[1]	(31,179,000)	[1]
Loss on contingent value rights	0		0		0		0
Gain (loss) on disposition of properties and held for sale assets, net	(1,269,000)	[1]	0	[1]	(18,874,000)	[1]	0	[1]
Total other expenses, net	(85,492,000)	[1]	(41,075,000)	[1]	(230,358,000)	[1]	(46,431,000)	[1]
Gain on sale of investments	0	[1]	0	[1]	0	[1]	451,000	[1]
Net loss from continuing operations	(56,598,000)	[1]	(72,311,000)	[1]	(362,438,000)	[1]	(218,232,000)	[1]
Discontinued operations:
Income from operations of held for sale properties	0	[1]	36,000	[1]	0	[1]	20,000	[1]
Gain on held for sale properties					0		0
Net loss from discontinued operations	0	[1]	36,000	[1]	0	[1]	20,000	[1]
Net loss	(56,598,000)	[1],[9]	(72,275,000)	[1],[9]	(362,438,000)	[1]	(218,212,000)	[1]
Net loss attributable to non-controlling interests	1,878,000	[1]	2,672,000	[1]	16,274,000	[1]	4,729,000	[1]
Net loss attributable to the Company	(54,720,000)	[1]	(69,603,000)	[1]	(346,164,000)	[1]	(213,483,000)	[1]
Basic and diluted net loss per share attributable to common stockholders	$ (0.10)	[1]	$ (0.35)	[1]	$ (0.58)	[1]	$ (1.17)	[1]
Adjustments [Member]
Operating expenses:
Equity-based compensation					0	[7]
Other (expense) income:
Other income, net					22,146,000		2,522,000
Total other expenses, net					(230,358,000)		(46,431,000)
Adjustment [Member]
Other (expense) income:
Extinguishment of debt, net					(15,868,000)		0
As Previously Reported [Member]
Revenues:
Rental income	314,843,000		52,664,000		559,288,000		93,651,000
Direct financing lease income	1,181,000		0		2,187,000		0
Operating expense reimbursements	28,545,000		2,281,000		49,641,000		4,191,000
Cole Capital revenue	37,412,000		0		91,479,000		0
Total revenues	381,981,000		54,945,000		702,595,000		97,842,000
Operating expenses:
Cole Capital reallowed fees and commissions	7,068,000		0		41,504,000		0
Acquisition related	8,453,000		37,289,000		20,337,000		47,616,000
Merger and other non-routine transactions	13,286,000	[4]	6,393,000	[4]	235,478,000	[5]	144,162,000	[5]
Property operating	39,372,000		3,086,000		69,030,000		5,635,000
Management fees to affiliate							0
General and administrative	19,063,000		2,361,000		44,748,000		3,815,000
Equity-based compensation	9,338,000	[7]	3,458,000	[7]
Depreciation and amortization	258,993,000		33,752,000		424,356,000		60,505,000
Impairment of real estate			0	[8]	0	[8]	0	[8]
Total operating expenses	355,573,000		86,339,000		867,301,000		266,072,000
Operating income (loss)	26,408,000		(31,394,000)		(164,706,000)		(168,230,000)
Other (expense) income:
Interest expense, net	(99,635,000)		(11,068,000)		(216,347,000)		(17,124,000)
Extinguishment of debt, net	0	[8]	0	[8]
Other income, net	6,526,000		1,167,000
Gain (loss) on derivative instruments, net	21,926,000		(40,000)		1,729,000		(45,000)
Loss on contingent value rights	0		(31,134,000)		0		(31,134,000)
Gain (loss) on disposition of properties and held for sale assets, net	1,510,000		0		4,489,000		0
Total other expenses, net	(69,673,000)		(41,075,000)
Gain on sale of investments					0		451,000
Net loss from continuing operations	(43,265,000)		(72,469,000)		(363,920,000)		(214,062,000)
Discontinued operations:
Income from operations of held for sale properties	0		36,000		0		20,000
Gain on held for sale properties					0		14,000
Net loss from discontinued operations	0		36,000		0		34,000
Net loss	(43,265,000)	[9]	(72,433,000)	[9]	(363,920,000)		(214,028,000)
Net loss attributable to non-controlling interests	2,937,000		475,000		14,911,000		907,000
Net loss attributable to the Company	(40,328,000)		(71,958,000)		(349,009,000)		(213,121,000)
Basic and diluted net loss per share attributable to common stockholders	$ (0.08)		$ (0.36)		$ (0.58)		$ (1.16)
As Previously Reported [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation					31,848,000	[7]	4,339,000	[7]
Other (expense) income:
Other income, net					10,915,000		2,020,000
Total other expenses, net					(199,214,000)		(45,832,000)
As Previously Reported [Member] | Adjustment [Member]
Other (expense) income:
Extinguishment of debt, net					0		0
Reclassifications And Immaterial Adjustments [Member]
Revenues:
Rental income	0		0		0
Direct financing lease income	0		0		0
Operating expense reimbursements	0		0		0
Cole Capital revenue	(190,000)		0		0
Total revenues	(190,000)		0		0
Operating expenses:
Cole Capital reallowed fees and commissions	0		0		0
Acquisition related	0		0		0
Merger and other non-routine transactions	0	[4]	0	[4]	0	[5]
Property operating	0		0		0
Management fees to affiliate					0
General and administrative	2,788,000		23,000		3,911,000		23,000
Equity-based compensation	0	[7]	0	[7]
Depreciation and amortization	0		(23,000)		0		(23,000)
Impairment of real estate	0	[8]	0	[8]	0	[8]	0	[8]
Total operating expenses	2,788,000		0		3,911,000		0
Operating income (loss)	(2,978,000)		0		(3,911,000)		0
Other (expense) income:
Interest expense, net	(4,619,000)		(356,000)		(8,272,000)		(502,000)
Extinguishment of debt, net	0	[8]	0	[8]
Other income, net	7,597,000		356,000
Gain (loss) on derivative instruments, net	0		(31,134,000)		0		(31,134,000)
Loss on contingent value rights	0		31,134,000		0		31,134,000
Gain (loss) on disposition of properties and held for sale assets, net	0		0		0		0
Total other expenses, net	2,978,000		0
Gain on sale of investments					0		0
Net loss from continuing operations	0		0		0		0
Discontinued operations:
Income from operations of held for sale properties	0		0		0		0
Gain on held for sale properties					0		0
Net loss from discontinued operations	0		0		0		0
Net loss	0				0		0
Net loss attributable to non-controlling interests	0				0		0
Net loss attributable to the Company	0				0		0
Basic and diluted net loss per share attributable to common stockholders	$ 0.00				$ 0.00		$ 0.00
Reclassifications And Immaterial Adjustments [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation					0	[7]
Other (expense) income:
Other income, net					12,183,000		502,000
Total other expenses, net					3,911,000		0
Reclassifications And Immaterial Adjustments [Member] | Adjustment [Member]
Other (expense) income:
Extinguishment of debt, net					0		0
Error Corrections [Member]
Revenues:
Rental income	(324,000)		0		(354,000)
Direct financing lease income	0		0		0
Operating expense reimbursements	711,000		0		1,091,000
Cole Capital revenue	0		0		0
Total revenues	387,000		0		737,000
Operating expenses:
Cole Capital reallowed fees and commissions	0		0		0
Acquisition related	(1,252,000)		(23,000)		281,000		(23,000)
Merger and other non-routine transactions	(5,864,000)	[4]	(528,000)	[4]	(67,758,000)	[5]	(14,729,000)	[5]
Property operating	(86,000)		0		11,000
Management fees to affiliate					13,888,000		12,493,000
General and administrative	18,161,000		3,899,000		47,845,000		10,217,000
Equity-based compensation	(9,338,000)	[7]	(3,458,000)	[7]			(4,339,000)
Depreciation and amortization	(8,254,000)		(48,000)		225,000		(48,000)
Impairment of real estate	1,556,000	[8]	0	[8]	1,556,000	[8]	0	[8]	3,300,000
Total operating expenses	(5,077,000)		(158,000)		(35,800,000)		3,571,000
Operating income (loss)	5,464,000		158,000		36,537,000		(3,571,000)
Other (expense) income:
Interest expense, net	357,000		0		(229,000)		(599,000)
Extinguishment of debt, net	(6,469,000)	[8]	0	[8]
Other income, net	(2,187,000)		0
Gain (loss) on derivative instruments, net	(7,719,000)		0		5,357,000		0
Loss on contingent value rights	0		0		0		0
Gain (loss) on disposition of properties and held for sale assets, net	(2,779,000)		0		(23,363,000)		0
Total other expenses, net	(18,797,000)		0
Gain on sale of investments					0		0
Net loss from continuing operations	(13,333,000)		158,000		1,482,000		(4,170,000)
Discontinued operations:
Income from operations of held for sale properties	0		0		0		0
Gain on held for sale properties					0		(14,000)
Net loss from discontinued operations	0		0		0		(14,000)
Net loss	(13,333,000)	[9]	158,000	[9]	1,482,000		(4,184,000)
Net loss attributable to non-controlling interests	(1,059,000)		2,197,000		1,363,000		3,822,000
Net loss attributable to the Company	(14,392,000)		2,355,000		2,845,000		(362,000)
Basic and diluted net loss per share attributable to common stockholders	$ 0.00				$ 0.00		$ 0.00
Error Corrections [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation					(31,848,000)	[7]	(4,339,000)	[7]
Other (expense) income:
Other income, net					(952,000)		0
Total other expenses, net					(35,055,000)		(599,000)
Error Corrections [Member] | Adjustment [Member]
Other (expense) income:
Extinguishment of debt, net					$ (15,868,000)		$ 0

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $113,000 and $19.9 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $26.8 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[3] Includes $40,000 and $255,000 to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $137.8 million and $107.0 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[4] This line item caption has been updated to "merger and other non-routine transactions" in the accompanying consolidated statements of operations.

[5] This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

[6] Includes $437,000 and $4.1 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $16.0 million and $9.3 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[7] As disclosed above, this line item caption has been reclassified into "general and administrative" in the accompanying consolidated statements of operations.

[8] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

[9] The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

XML

Fair Value of Financial Instruments (Fair Value of Financial Instruments by Balance Sheet Location) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 9,790,744	$ 4,348,209
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment	97,587	26,279
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	4,227,494	1,301,114
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	150,000
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member] | Senior Unsecured Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	2,546,089	0
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member] | Trust Preferred Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	26,579	26,548
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member] | Convertible Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	975,003	972,490
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Secured Credit Facility [Member] | Credit Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	1,896,000	1,819,800
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Secured Debt [Member] | Secured Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	51,296	58,979
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	68,283	19,278
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	9,971,238	4,353,996
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment	98,902	26,435
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	4,328,230	1,305,823
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	150,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member] | Senior Unsecured Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	2,568,117	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member] | Trust Preferred Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	23,485	23,345
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member] | Convertible Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	1,035,581	976,629
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Secured Credit Facility [Member] | Credit Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	1,896,000	1,819,800
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Secured Debt [Member] | Secured Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	51,411	59,049
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 68,414	$ 19,350

XML

Related Party Transactions and Arrangements (Offering Related Costs) (Detail) (Affiliated Entity [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 43,809	$ 53,221	$ 267,471	$ 328,054
Commissions And Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	21,754	0	147,686
Offering Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,000	915	2,150	10,971
Offering Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 2,000	$ 22,669	$ 2,150	$ 158,657

XML

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accounts payable and accrued expenses consisted of the following as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014 (As Restated)		December 31, 2013 (As Restated)
Accrued other	$	64,669	$	34,407
Accrued interest		54,932		14,189
Accrued real estate taxes		49,966		24,658
Accounts payable		5,375		5,887
Accrued merger costs		—		651,430
	$	174,942	$	730,571

XML

Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Note 25 — Subsequent Events

Significant events that occurred subsequent to June 30, 2014 are detailed within the Amended 10-K. Please refer to Note 24 — Subsequent Events (As Restated) in the Amended 10-K.

XML

Mortgage Note Payable (Schedule of Mortgage Notes Payable) (Detail) (USD $)	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Debt Instrument [Line Items]
Outstanding Loan Amount	$ 4,227,494,000	[1]	$ 272,042,000		$ 4,227,494,000	[1]	$ 272,042,000		1,301,114,000	[1]
Gain (loss) on derivative instruments, net	14,207,000	[1]	(31,174,000)	[1]	7,086,000	[1]	(31,179,000)	[1]
Gain (loss) of deferred debt issuance cost	(6,469,000)	[2]	0	[2]	16,985,000	[1]	0	[1]
Mortgages [Member]
Debt Instrument [Line Items]
Encumbered Properties	757				757				177
Outstanding Loan Amount	4,125,621,000				4,125,621,000				1,258,661,000
Weighted Average Effective Interest Rate	4.90%	[3]			4.90%	[3]			3.42%	[3]
Debt instrument, unamortized discount (premium), net	101,900,000				101,900,000
Extinguishment of debt, amount	132,800,000				855,100,000
Payments for prepayments fees	3,800,000				32,900,000
Gain (loss) of deferred debt issuance cost	(2,600,000)				17,000,000
Mortgages [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Gain (loss) on derivative instruments, net					10,100,000
Mortgages [Member] | CapLease [Member]
Debt Instrument [Line Items]
Debt instrument, unamortized discount (premium), net	$ 137,400,000				$ 137,400,000
Mortgages [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity					6 years	[4]			3 years 4 months 28 days	[4]
Mortgages [Member] | Weighted Average [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	4.86%				4.86%
Weighted Average Maturity					2 years 6 months
Mortgages [Member] | Minimum [Member]
Debt Instrument [Line Items]
Effective interest rate	2.40%				2.40%				1.83%
Mortgages [Member] | Maximum [Member]
Debt Instrument [Line Items]
Effective interest rate	7.20%				7.20%				6.28%

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

[3] Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.40% to 7.20% at June 30, 2014 and 1.83% to 6.28% at December 31, 2013.

[4] Weighted average remaining years until maturity as of June 30, 2014 and December 31, 2013, respectively.

XML

Loans Held for Investment (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Feb. 07, 2014	Nov. 05, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net	$ 97,587	[1]	$ 26,279	[1]
Cole Merger [Member] | Mortgage Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mortgage notes receivable (in mortgage notes receivable)	2
Loans held for investment					72,300
CapLease [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment						26,457	[2]
CapLease [Member] | Loans Held for Investment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans held for investment			12
Loans held for investment						$ 26,500
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	5.28%		5.28%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7.24%		7.24%
Real Estate Investment Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans held for investment	14

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] As reported in the Amended 10-K.

XML

Other Debt - Repurchase Agreements (Detail) (USD $)	6 Months Ended		0 Months Ended
	Jun. 30, 2014		Feb. 07, 2014	Dec. 31, 2013
Short-term Debt [Line Items]
Other debt, net	146,158,000	[1]		$ 104,804,000	[1]
Secured Debt [Member] | Debt Repurchase Agreement [Member]
Short-term Debt [Line Items]
Other debt, net			49,000,000
Line of Credit Facility, Length of Optional Renewable Period	90 days
Secured Debt [Member] | Debt Repurchase Agreement [Member] | Minimum [Member] | LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate			1.35%
Secured Debt [Member] | Debt Repurchase Agreement [Member] | Maximum [Member] | LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Secured Debt [Member] | Commercial Mortgage Backed Securities [Member]
Short-term Debt [Line Items]
Weighted average maturity	7 years 8 months 19 days
Financial instruments, owned and pledged as collateral, at fair value	144,800,000
Available-for-sale securities, restricted	139,300,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

XML

Restated Consolidated Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended				12 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (362,438)	[1]	$ (218,212)	[1]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units	92,884	[1]	107,771	[1]
Depreciation and amortization	473,184	[1]	64,780	[1]
Gain on disposition of properties	18,874	[1]	0	[1]
Equity-based compensation	27,264	[1]	6,791	[1]
Equity in income of unconsolidated entities	385	[1]	0	[1]
Distributions from unconsolidated entities	4,033	[1],[2]	0	[1],[2]
Net direct financing lease adjustments	0	[2]	0	[2]
Loss on derivative instruments	(7,086)	[1]	45	[1]
Gain on sale of investments, net	0	[1]	(451)	[1]
Impairment of real estate	1,556	[1],[3]	0	[1],[3]
Gain on extinguishment of debt	(16,985)	[1]	0	[1]
Unrealized loss on contingent value rights obligations, net of settlement payments	0	[1]	31,134	[1]
Changes in assets and liabilities:
Investment in direct financing leases	525	[1]	0	[1]
Deferred costs and other assets, net	(93,553)	[1]	(10,263)	[1]
Due from affiliates	(5,685)	[1]	0	[1]
Accounts payable and accrued expenses	(51,771)	[1]	4,160	[1]
Deferred rent, derivative and other liabilities	(8,732)	[1]	2,676	[1]
Due to affiliates	(41,262)	[1]	1,349	[1]
Net cash provided by (used in) operating activities	31,193	[1]	(10,220)	[1]
Cash flows from investing activities:
Investments in real estate and other assets	(1,246,588)	[1]	(2,129,677)	[1]
Acquisition of a real estate business, net of cash acquired	(756,232)	[1]	0	[1]
Investment in direct financing leases	0	[1]	(76,410)	[1]
Capital expenditures	(9,989)	[1]	(30)	[1]
Real estate developments	(21,733)	[1]	0	[1]
Distributions from unconsolidated entities	0	[2]	0	[2]
Principal repayments received from borrowers	4,155	[1]	0	[1]
Investments in unconsolidated entities	(2,500)	[1]	0	[1]
Return of investment from unconsolidated entities	0		0
Proceeds from disposition of properties	94,823	[1]	0	[1]
Investment in intangible assets	(266)	[1]	0	[1]
Investment in other assets	0		0
Deposits for real estate investments	(129,602)	[1]	(47,086)	[1]
Uses and refunds of deposits for real estate investments	196,075	[1]	0	[1]
Purchases of investment securities	0	[1]	(81,460)	[1]
Line of credit advances to affiliates	(80,300)	[1]	0	[1]
Line of credit repayments from affiliates	15,600	[1]	0	[1]
Proceeds from sale of investment securities	0	[1]	44,188	[1]
Change in restricted cash	(15,499)	[1]	0	[1]
Net cash used in investing activities	(1,952,056)	[1]	(2,290,475)	[1]
Cash flows from financing activities:
Proceeds from mortgage notes payable	718,275	[1]	6,924	[1]
Payments on mortgage notes payable	(876,874)	[1]	0	[1]
Payments on other debt	(7,524)	[1]	0	[1]
Proceeds from credit facilities	3,246,000	[1]	825,000	[1]
Payments on credit facilities	(4,628,800)	[1]	(349,604)	[1]
Proceeds from corporate bonds	2,545,760	[1]	0	[1]
Payments of deferred financing costs	(84,165)	[1]	(41,461)	[1]
Common stock repurchases	0	[1]	(350,396)	[1]
Proceeds from issuances of preferred shares	0	[1]	445,000	[1]
Proceeds from issuances of common stock, net offering costs	1,593,462	[1]	1,810,042	[1]
Consideration to Former Manager for internalization	0	[1]	0	[1]
Contributions from non-controlling interest holders	982	[1]	29,758	[1]
Distributions to non-controlling interest holders	(15,831)	[1]	(3,111)	[1]
Distributions paid	(427,618)	[1]	(90,740)	[1]
Change in restricted cash	0	[1]	(844)	[1]
Net cash provided by financing activities	2,063,667	[1]	2,280,568	[1]
Net change in cash and cash equivalents	142,804	[1]	(20,127)	[1]
Cash and cash equivalents, beginning of period	52,725	[1]	292,575	[1]	292,575	[1]
Cash and cash equivalents, end of period	195,529	[1]	272,448	[1]
Adjustments [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity-based compensation	27,264		6,791
Gain on extinguishment of debt	(16,985)		0
Cash flows from financing activities:
Cash and cash equivalents, beginning of period	52,725		292,575		292,575
Cash and cash equivalents, end of period	195,529		272,448
As Previously Reported [Member]
Cash flows from operating activities:
Net loss	(363,920)		(214,028)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units	153,885		108,247
Depreciation and amortization	452,446		64,243
Gain on disposition of properties	(4,489)		(14)
Equity in income of unconsolidated entities	385		0
Distributions from unconsolidated entities	0	[2]	0	[2]
Net direct financing lease adjustments	0	[2]	0	[2]
Loss on derivative instruments	8,048		45
Gain on sale of investments, net	0		(451)
Impairment of real estate	0	[3]	0	[3]
Unrealized loss on contingent value rights obligations, net of settlement payments	0		31,134
Changes in assets and liabilities:
Investment in direct financing leases	525		0
Deferred costs and other assets, net	(62,175)		(10,300)
Due from affiliates	(5,335)		0
Accounts payable and accrued expenses	(133,960)		4,554
Deferred rent, derivative and other liabilities	(35,298)		2,676
Due to affiliates	223		0
Net cash provided by (used in) operating activities	33,785		(7,177)
Cash flows from investing activities:
Investments in real estate and other assets	(1,246,588)		(2,129,677)
Acquisition of a real estate business, net of cash acquired	(755,701)		0
Investment in direct financing leases	0		(76,410)
Capital expenditures	(46,649)		(30)
Real estate developments	0		0
Distributions from unconsolidated entities	4,033	[2]	0	[2]
Principal repayments received from borrowers	4,155		0
Investments in unconsolidated entities	(2,500)		0
Return of investment from unconsolidated entities	0		0
Proceeds from disposition of properties	95,321		0
Investment in intangible assets	(266)		0
Investment in other assets	0		(1,041)
Deposits for real estate investments	(129,602)		(47,086)
Uses and refunds of deposits for real estate investments	196,075		0
Purchases of investment securities	0		(81,460)
Line of credit advances to affiliates	(80,300)		0
Line of credit repayments from affiliates	15,600		0
Proceeds from sale of investment securities	0		44,188
Change in restricted cash	0
Net cash used in investing activities	(1,946,422)		(2,291,516)
Cash flows from financing activities:
Proceeds from mortgage notes payable	718,275		6,924
Payments on mortgage notes payable	(876,874)		0
Payments on other debt	(7,524)		0
Proceeds from credit facilities	3,246,000		825,000
Payments on credit facilities	(4,628,800)		(349,604)
Proceeds from corporate bonds	2,545,760		0
Payments of deferred financing costs	(80,515)		(40,488)
Common stock repurchases	0		(350,396)
Proceeds from issuances of preferred shares	0		445,000
Proceeds from issuances of common stock, net offering costs	1,595,735		1,810,116
Consideration to Former Manager for internalization	0		(3,035)
Contributions from non-controlling interest holders	1,043		29,758
Distributions to non-controlling interest holders	(16,418)		(3,111)
Distributions paid	(427,541)		(90,740)
Change in restricted cash	(15,539)		(844)
Net cash provided by financing activities	2,053,602		2,278,580
Net change in cash and cash equivalents	140,965		(20,113)
Cash and cash equivalents, beginning of period	52,725	[4]
Cash and cash equivalents, end of period	193,690		10,958
As Previously Reported [Member] | Adjustments [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity-based compensation	31,848		6,717
Gain on extinguishment of debt	(8,398)		0
Cash flows from financing activities:
Cash and cash equivalents, beginning of period	52,725		292,575		292,575
Cash and cash equivalents, end of period	193,690		272,462
Reclassifications And Immaterial Adjustments [Member]
Cash flows from operating activities:
Net loss	0		0
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units	0		0
Depreciation and amortization	0		0
Gain on disposition of properties	0		0
Equity in income of unconsolidated entities	0		0
Distributions from unconsolidated entities	0	[2]	0	[2]
Net direct financing lease adjustments	0	[2]	0	[2]
Loss on derivative instruments	0		0
Gain on sale of investments, net	0		0
Impairment of real estate	0	[3]	0	[3]
Unrealized loss on contingent value rights obligations, net of settlement payments	0		0
Changes in assets and liabilities:
Investment in direct financing leases	0		0
Deferred costs and other assets, net	0		0
Due from affiliates	0		0
Accounts payable and accrued expenses	0		0
Deferred rent, derivative and other liabilities	0		0
Due to affiliates	0		0
Net cash provided by (used in) operating activities	0		0
Cash flows from investing activities:
Investments in real estate and other assets	0		0
Acquisition of a real estate business, net of cash acquired	0		0
Investment in direct financing leases	0		0
Capital expenditures	21,733		0
Real estate developments	(21,733)		0
Distributions from unconsolidated entities	0	[2]	0	[2]
Principal repayments received from borrowers	0		0
Investments in unconsolidated entities	0		0
Return of investment from unconsolidated entities	0		0
Proceeds from disposition of properties	0		0
Investment in intangible assets	0		0
Investment in other assets	0		0
Deposits for real estate investments	0		0
Uses and refunds of deposits for real estate investments	0		0
Purchases of investment securities	0		0
Line of credit advances to affiliates	0		0
Line of credit repayments from affiliates	0		0
Proceeds from sale of investment securities	0		0
Change in restricted cash	0
Net cash used in investing activities	0		0
Cash flows from financing activities:
Proceeds from mortgage notes payable	0		0
Payments on mortgage notes payable	0		0
Payments on other debt	0		0
Proceeds from credit facilities	0		0
Payments on credit facilities	0		0
Proceeds from corporate bonds	0		0
Payments of deferred financing costs	0		0
Common stock repurchases	0		0
Proceeds from issuances of preferred shares	0		0
Proceeds from issuances of common stock, net offering costs	0		0
Consideration to Former Manager for internalization	0		0
Contributions from non-controlling interest holders	0		0
Distributions to non-controlling interest holders	0		0
Distributions paid	0		0
Change in restricted cash	0		0
Net cash provided by financing activities	0		0
Net change in cash and cash equivalents	0		0
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	0		0
Reclassifications And Immaterial Adjustments [Member] | Adjustments [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity-based compensation	0		0
Gain on extinguishment of debt	0		0
Cash flows from financing activities:
Cash and cash equivalents, beginning of period	0		0		0
Cash and cash equivalents, end of period	0		0
Error Corrections [Member]
Cash flows from operating activities:
Net loss	1,482		(4,184)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units	(61,001)		(476)
Depreciation and amortization	20,738		537
Gain on disposition of properties	23,363		14
Equity-based compensation			(4,339)
Equity in income of unconsolidated entities	0		0
Distributions from unconsolidated entities	4,033	[2]	0	[2]
Net direct financing lease adjustments	0	[2]	0	[2]
Loss on derivative instruments	(15,134)		0
Gain on sale of investments, net	0		0
Impairment of real estate	1,556	[3]	0	[3]	3,300
Unrealized loss on contingent value rights obligations, net of settlement payments	0		0
Changes in assets and liabilities:
Investment in direct financing leases	0		0
Deferred costs and other assets, net	(31,378)		37
Due from affiliates	(350)		0
Accounts payable and accrued expenses	82,189		(394)
Deferred rent, derivative and other liabilities	26,566		0
Due to affiliates	(41,485)		1,349
Net cash provided by (used in) operating activities	(2,592)		(3,043)
Cash flows from investing activities:
Investments in real estate and other assets	0		0
Acquisition of a real estate business, net of cash acquired	(531)		0
Investment in direct financing leases	0		0
Capital expenditures	14,927		0
Real estate developments	0		0
Distributions from unconsolidated entities	(4,033)	[2]	0	[2]
Principal repayments received from borrowers	0		0
Investments in unconsolidated entities	0		0
Return of investment from unconsolidated entities	0		0
Proceeds from disposition of properties	(498)		0
Investment in intangible assets	0		0
Investment in other assets	0		1,041
Deposits for real estate investments	0		0
Uses and refunds of deposits for real estate investments	0		0
Purchases of investment securities	0		0
Line of credit advances to affiliates	0		0
Line of credit repayments from affiliates	0		0
Proceeds from sale of investment securities	0		0
Change in restricted cash	(15,499)
Net cash used in investing activities	(5,634)		1,041
Cash flows from financing activities:
Proceeds from mortgage notes payable	0		0
Payments on mortgage notes payable	0		0
Payments on other debt	0		0
Proceeds from credit facilities	0		0
Payments on credit facilities	0		0
Proceeds from corporate bonds	0		0
Payments of deferred financing costs	(3,650)		(973)
Common stock repurchases	0		0
Proceeds from issuances of preferred shares	0		0
Proceeds from issuances of common stock, net offering costs	(2,273)		(74)
Consideration to Former Manager for internalization	0		3,035
Contributions from non-controlling interest holders	(61)		0
Distributions to non-controlling interest holders	587		0
Distributions paid	(77)		0
Change in restricted cash	15,539		0
Net cash provided by financing activities	10,065		1,988
Net change in cash and cash equivalents	1,839		(14)
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	1,839		0		0
Error Corrections [Member] | Adjustments [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity-based compensation	(4,584)		74
Gain on extinguishment of debt	(8,587)		0
Cash flows from financing activities:
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	$ 1,839		$ (14)

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] This line item caption has been added and is included in the accompanying consolidated statements of cash flows for the period ended June 30, 2014.

[3] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

[4] This line item caption has been reclassified and included within deferred costs and other assets, net in the accompanying consolidated balance sheets for the period ended June 30, 2014.

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Related Party Transactions and Arrangements (Due To Affiliates) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013
Related Party Transaction [Line Items]
Due to affiliates	$ 3,184	[1]	$ 103,434	[1]	$ 1,349
Offering Related Costs [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates	2,000		220
Merger And Other Non-Routine Transactions [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates	42		38,645
General and Administrative Expense [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates	868		59,600
Indirect Affiliate Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates	68		0
Management Fees To Affiliates [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates	0		4,969
Managed REITS and Other [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates	$ 206		$ 0

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Fair Value of Financial Instruments (Fair Value of Assets and Liabilities, Measured on a Recurring Basis) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013
Assets And Liabilities Carrying Value And Fair Value [Line Items]
Investments in real estate fund	$ 219,204	[1]	$ 62,067	[1]	$ 78,002
Derivative assets, at fair value (1)	5,522	[2]	9,189	[2]	0
Total assets	1,600		1,200
Interest rate swap liabilities	0		0		0
Fair Value, Measurements, Recurring [Member]
Assets And Liabilities Carrying Value And Fair Value [Line Items]
Investments in real estate fund	1,891		1,484
CMBS	217,313		60,583
Derivative assets, at fair value (1)	5,522		9,189
Total assets	224,726		71,256
Interest rate swap liabilities	(12,811)		(1,719)
Series D Preferred Stock embedded derivative	(11,520)		(16,736)
Contingent consideration arrangements	(4,818)
Total liabilities	(29,149)		(18,455)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets And Liabilities Carrying Value And Fair Value [Line Items]
Investments in real estate fund	0		0
CMBS	0		0
Derivative assets, at fair value (1)	0		0
Total assets	0		0
Interest rate swap liabilities	0		0
Series D Preferred Stock embedded derivative	0		0
Contingent consideration arrangements	0
Total liabilities	0		0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets And Liabilities Carrying Value And Fair Value [Line Items]
Investments in real estate fund	1,891		1,484
CMBS	0		0
Derivative assets, at fair value (1)	5,522		9,189
Total assets	7,413		10,673
Interest rate swap liabilities	(12,811)		(1,719)
Series D Preferred Stock embedded derivative	0		0
Contingent consideration arrangements	0
Total liabilities	(12,811)		(1,719)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets And Liabilities Carrying Value And Fair Value [Line Items]
Investments in real estate fund	0		0
CMBS	217,313		60,583
Derivative assets, at fair value (1)	0		0
Total assets	217,313		60,583
Interest rate swap liabilities	0		0
Series D Preferred Stock embedded derivative	(11,520)		(16,736)
Contingent consideration arrangements	(4,818)
Total liabilities	$ (16,338)		$ (16,736)

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] These line items have been updated since the Amended 10-K. Certain line items have been reclassified and included within the deferred costs and other assets, net in the accompanying consolidated balance sheet. For detail on the restatement and reclassification adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Other Debt - Other Debt (Detail) (USD $)	0 Months Ended
	Jul. 14, 2014	Jun. 30, 2014		Dec. 31, 2013		Nov. 05, 2013
Debt Instrument [Line Items]
Other debt, net		$ 146,158,000	[1]	$ 104,804,000	[1]
Senior Notes [Member]
Debt Instrument [Line Items]
Other debt, net		19,300,000
Debt instrument, unamortized discount		3,600,000
Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Other Long-term Debt	19,200,000
CapLease [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Other debt, net						19,200,000
Debt Instrument, Interest Rate, Stated Percentage						7.50%
Long-term debt, fair value						19,300,000
Debt instrument, unamortized discount		$ 3,500,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

XML

Other Debt - Corporate Bond Offering (Detail) (Unsecured Debt [Member], USD $)	0 Months Ended
	Feb. 06, 2014	Jun. 30, 2014	Feb. 06, 2014
Senior Unsecured Note [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,550,000,000		$ 2,550,000,000
Debt instrument, redemption price, percentage	100.00%
Debt instrument, unamortized discount	4,200,000	3,900,000	4,200,000
Two Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	1,300,000,000		1,300,000,000
Debt Instrument, Interest Rate, Stated Percentage	2.00%		2.00%
Three Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	750,000,000		750,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%		3.00%
Four Point Six Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000		$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.60%		4.60%

XML

Other Debt - Future Minimum Repayments (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Debt Disclosure [Abstract]
July 1, 2014 - December 31, 2014	$ 54,339
2015	11,862
2016	12,516
2017	7,680
2018	13,267
Thereafter	50,140
Long-term debt	$ 149,804

XML

Fair Value of Financial Instruments (Reconciliation of Instrument with Unobservable Inputs) (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Fair Value, Assets (Liabilities), Net Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of December 31, 2013	$ 43,847
Unrealized gain included in other comprehensive income, net	8,598
Changes in fair value included in net income, net	4,004
Purchases/issuances	147,591
Amortization included in net income, net	(3,065)
Ending balance as of June 30, 2014	200,975
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets (Liabilities), Net Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of December 31, 2013	60,583
Unrealized gain included in other comprehensive income, net	8,598
Changes in fair value included in net income, net	0
Purchases/issuances	151,197
Amortization included in net income, net	(3,065)
Ending balance as of June 30, 2014	217,313
Fair Value, Inputs, Level 3 [Member] | Series D Preferred Stock Embedded Derivative [Member]
Fair Value, Assets (Liabilities), Net Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of December 31, 2013	(16,736)
Unrealized gain included in other comprehensive income, net	0
Changes in fair value included in net income, net	5,216
Amortization included in net income, net	0
Ending balance as of June 30, 2014	(11,520)
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration [Member]
Fair Value, Assets (Liabilities), Net Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain included in other comprehensive income, net	0
Changes in fair value included in net income, net	(1,212)
Purchases/issuances	(3,606)
Amortization included in net income, net	0
Ending balance as of June 30, 2014	$ (4,818)

XML

Investment Securities, at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013
Investment securities, maturities, amortized cost basis
Available-for-sale Securities, Amortized Cost Basis	$ 210,205		$ 62,041
Investment securities, maturities, fair value
Available-for-sale Securities, Gross Unrealized Gain	9,045		498
Available-for-sale Securities, Gross Unrealized Loss	(46)		(472)
Investment securities, at fair value	219,204	[1]	62,067	[1]	78,002
Commercial Mortgage Backed Securities [Member]
Investment securities, maturities, amortized cost basis
Due within one year	0
Due after one year through five years	1,202
Due after five years through 10 years	178,922
Due after 10 years	28,460
Amortized cost basis, total	208,584
Available-for-sale Securities, Amortized Cost Basis	208,584		60,452
Investment securities, maturities, fair value
Due within one year	0
Due after one year through five years	1,237
Due after five years through 10 years	186,042
Due after 10 years	30,034
Available-for-sale Securities, Gross Unrealized Gain	8,775		498
Available-for-sale Securities, Gross Unrealized Loss	(46)		(367)
Investment securities, at fair value	217,313		60,583
Securities Assets [Member]
Investment securities, maturities, amortized cost basis
Available-for-sale Securities, Amortized Cost Basis	1,621		1,589
Investment securities, maturities, fair value
Available-for-sale Securities, Gross Unrealized Gain	270		0
Available-for-sale Securities, Gross Unrealized Loss	0		(105)
Investment securities, at fair value	$ 1,891		$ 1,484

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 17 — Commitments and Contingencies

Litigation

In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company, except as follows:

ARCT III Litigation Matters

After the announcement of the ARCT III Merger Agreement on December 17, 2012, Randell Quaal filed a putative class action lawsuit filed on January 30, 2013 against the Company, the OP, ARCT III, ARCT III OP, the members of the board of directors of ARCT III and certain subsidiaries of the Company in the Supreme Court of the State of New York. The plaintiff alleges, among other things, that the board of ARCT III breached its fiduciary duties in connection with the transactions contemplated under the ARCT III Merger Agreement. In February 2013, the parties agreed to a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of ARCT III stockholders. In connection with the settlement contemplated by that memorandum of understanding, the class action and all claims asserted therein will be dismissed, subject to court approval. The proposed settlement terms required ARCT III to make certain additional disclosures related to the ARCT III Merger, which were included in a Current Report on Form 8-K filed by ARCT III with the SEC on February 21, 2013. The memorandum of understanding also added that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to ARCT III’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding, therefore any losses that may be incurred to settle this matter are not determinable.

CapLease Litigation Matters

Since the announcement of the CapLease Merger Agreement on May 28, 2013, the following lawsuits have been filed:

On May 28, 2013, Jacquelyn Mizani filed a putative class action lawsuit in the Supreme Court for the State of New York against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Mizani Action”). The complaint alleges, among other things, that the merger agreement at issue was the product of breaches of fiduciary duty by the CapLease directors because the proposed merger transaction (the “CapLease Transaction”) purportedly does not provide for full and fair value for the CapLease shareholders, the CapLease Transaction allegedly was not the result of a competitive bidding process, the merger agreement allegedly contains coercive deal protection measures and the merger agreement and the CapLease Transaction purportedly were approved as a result of improper self-dealing by certain defendants who would receive certain alleged employment compensation benefits and continued employment pursuant to the merger agreement. The complaint also alleges that CapLease, the Company, the OP and Safari Acquisition LLC aided and abetted the CapLease directors’ alleged breaches of fiduciary duty.

On July 3, 2013, Fred Carach filed a putative class action and derivative lawsuit in the Supreme Court for the State of New York against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Carach Action”). The complaint alleges, among other things, that the merger agreement was the product of breaches of fiduciary duty by the CapLease directors because the merger purportedly does not provide for full and fair value for the CapLease shareholders, the CapLease Transaction allegedly was not the result of a competitive bidding process, the merger agreement allegedly contains coercive deal protection measures and the merger agreement and the CapLease Transaction purportedly were approved as a result of improper self-dealing by certain defendants who would receive certain alleged employment compensation benefits and continued employment pursuant to the merger agreement. The complaint also alleges that with respect to the Registration Statement and draft joint proxy statement issued in connection with the proposed CapLease Transaction on July 2, 2013, that disclosures made therein were insufficient or otherwise improper. The complaint also alleges that CapLease LP, CLF OP General Partner, LLC, the Company, the OP and Safari Acquisition LLC aided and abetted the CapLease directors’ alleged breaches of fiduciary duty.

On June 25, 2013, Dewey Tarver filed a putative class action and derivative lawsuit in the Circuit Court for Baltimore City against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Tarver Action”). The complaint alleges, among other things, that the merger agreement was the product of breaches of fiduciary duty by the CapLease directors because the CapLease Transaction purportedly does not provide for full and fair value for the CapLease shareholders, the CapLease Transaction allegedly was not the result of a competitive bidding process, the merger agreement allegedly contains coercive deal protection measures and the merger agreement and the CapLease Transaction purportedly were approved as a result of improper self-dealing by certain defendants who would receive certain alleged employment compensation benefits and continued employment pursuant to the merger agreement. The complaint also alleges that CapLease, CapLease LP, CLF OP General Partner, LLC, the Company, the OP and Safari Acquisition, LLC aided and abetted the CapLease directors’ alleged breaches of fiduciary duty.

Counsel who filed each of these three cases reached an agreement with each other as to who will serve as lead plaintiff and lead plaintiffs’ counsel in the cases and where they will be prosecuted. Thus, on August 9, 2013, counsel in the Tarver Action filed a motion for stay in the Baltimore Court, informing the court that they had agreed to join and participate in the prosecution of the Mizani and Carach Actions in the New York Court. The Defendants consented to the stay of the Tarver Action in the Baltimore Court, and on September 5, 2013, Judge Pamela J. White issued an order granting that stay. Consequently, there has been no subsequent activity in the Baltimore Court in the Tarver Action. Also on August 9, 2013, all counsel involved in the Mizani and Carach Actions filed a joint stipulation in the New York Court, reflecting agreement among all parties that the Mizani and Carach Actions should be consolidated (jointly, “the Consolidated Actions”) and setting out a schedule for early motion practice in response to the complaints filed (the “Consolidation Stipulation”). Pursuant to the Consolidation Stipulation, an amended complaint was also filed in the New York court on August 9, 2013 and was designated as the operative complaint in the Consolidated Actions (“Operative Complaint”). Pursuant to the Consolidation Stipulation, all Defendants filed a motion to dismiss all claims asserted in the Operative Complaint on September 23, 2013. Plaintiffs’ response was due on or before November 7, 2013. On November 7, 2013, Plaintiffs filed a motion seeking leave to file a second amended complaint, which the Defendants have opposed. On March 24, 2014, Plaintiffs’ counsel in the Consolidated Actions dismissed those claims without prejudice. Consequently, only the Tarver Action currently remains pending among these cases, although it remains stayed.

On October 8, 2013, John Poling filed a putative class action lawsuit in the Circuit Court for Baltimore City against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Poling Action”). The complaint alleges that the merger agreement breaches the terms of the CapLease’ 8.375% Series B Cumulative Redeemable Preferred Stock (“Series B”) and the terms of the 7.25% Series C Cumulative Redeemable Preferred Stock (“Series C”) and is in violation of the Series B Articles Supplementary and the Series C Articles Supplementary. The Complaint alleges claims for breach of contract and breach of fiduciary duty against the CapLease entities and the CapLease board of directors. The complaint also alleges that the Company, the OP and Safari Acquisition, LLC aided and abetted CapLease and the CapLease directors’ alleged breach of contract and breach of fiduciary duty.

On November 13, 2013, all counsel involved in the Poling Action filed a joint stipulation, reflecting agreement among all parties concerning a schedule for early motion practice in response to the complaint filed (the “Scheduling Stipulation”). Pursuant to the Scheduling Stipulation, all Defendants filed a motion to dismiss all claims asserted in the Operative Complaint on December 20, 2013. Plaintiff has filed an opposition to that motion, which remains pending.

Cole Litigation Matters

Three putative class action and/or derivative lawsuits, which were filed in March and April 2013, assert claims for breach of fiduciary duty, abuse of control, corporate waste, unjust enrichment, aiding and abetting breach of fiduciary duty and other claims relating to the merger between a wholly owned subsidiary of Cole and Cole Holdings Corporation, pursuant to which Cole became a self-managed REIT. On October 22, 2013, the Circuit Court for Baltimore City granted all defendants’ motion to dismiss with prejudice the action pending before the court, but the plaintiffs have appealed that dismissal. The other two lawsuits, which also purport to assert shareholder class action claims under the Securities Act of 1933, as amended (the “Securities Act”), are pending in the United States District Court for the District of Arizona. Defendants filed a motion to dismiss both complaints on January 10, 2014. Subsequently, both of those lawsuits have been stayed by the Court pursuant to a joint request made by all parties pending final approval of the consolidated Baltimore Cole Merger Actions described below.

To date, eleven lawsuits have been filed in connection with the Cole Merger. Two of these suits - Wunsch v. Cole, et al (“Wunsch”), No. 13-CV-2186, and Sobon v. Cole, et al (“Sobon”) - were filed as putative class actions on October 25, 2013 and November 18, 2013, respectively, in the U.S. District Court for the District of Arizona. Between October 30, 2013 and November 14, 2013, eight other putative stockholder class action or derivative lawsuits were filed in the Circuit Court for Baltimore City, Maryland, captioned as: (i) Operman v. Cole, et al (“Operman”); (ii) Branham v. Cole, et al (“Branham”); (iii) Wilfong v. Cole, et al. (“Wilfong”); (iv) Polage v. Cole, et al. (“Polage”); (v) Corwin v. Cole, et al (“Corwin”); (vi) Green v. Cole, et al (“Green”); (vii) Flynn v. Cole, et al (“Flynn”) and (viii) Morgan v. Cole, et al. (“Morgan”). All of these lawsuits name the Company, Cole and Cole’s board of directors as defendants; Wunsch, Sobon, Branham, Wilfong, Flynn, Green, Morgan and Polage also name CREInvestments, LLC, a Maryland limited liability company and a wholly-owned subsidiary of the Cole, as a defendant. All of the named plaintiffs claim to be Cole stockholders and purport to represent all holders of Cole’s stock. Each complaint generally alleges that the individual defendants breached fiduciary duties owed to plaintiff and the other public stockholders of Cole in connection with the Cole Merger, and that certain entity defendants aided and abetted those breaches. The breach of fiduciary duty claims asserted include claims that the Cole Merger does not provide for full and fair value for the Cole shareholders, that the Cole Merger was the product of an “inadequate sale process,” that the Cole Merger Agreement contains coercive deal protection measures and the Cole Merger Agreement and that the Cole Merger were approved as a result of or in a manner which facilitates improper self-dealing by certain defendants. In addition, the Flynn, Corwin, Green, Wilfong, Polage and Branham lawsuits claim that the individual defendants breached their duty of candor to shareholders and the Branham and Polage lawsuits assert claims derivatively against the individual defendants for their alleged breach of fiduciary duties owed to Cole. The Polage lawsuit also asserts derivative claims for waste of corporate assets and unjust enrichment. The Wunsch and Sobon lawsuits also assert claims against Cole and the individual defendants under Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), based on allegations that the proxy materials omitted to disclose allegedly material information, and a claim against the individual defendants under Section 20(a) of the Exchange Act based on the same allegations. Among other remedies, the complaints seek unspecified money damages, costs and attorneys’ fees.

In January 2014, the parties to the eight lawsuits filed in the Circuit Court for Baltimore City, Maryland (“the consolidated Baltimore Cole Merger Actions”) entered into a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of Cole stockholders. In connection with the settlement contemplated by that memorandum of understanding, the class action and all claims asserted therein will be dismissed, subject to court approval. The proposed settlement terms required Cole to make certain additional disclosures related to the Cole Merger, which were included in a Current Report on Form 8-K filed by Cole with the SEC on January 14, 2014. The memorandum of understanding also contemplated that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to Cole’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding, therefore any losses that may be incurred to settle this matter are not determinable.

The Sobon lawsuit was voluntarily dismissed on February 3, 2014. The Company believes that the Wunsch lawsuit in connection with the Cole Merger is without merit and that it has substantial meritorious defenses to the claims set forth in the complaint.

On December 27, 2013, Realistic Partners filed a putative class action lawsuit against the Company and the members of its board of directors in the Supreme Court for the State of New York. Cole was later added as a defendant also. The plaintiff alleges, among other things, that the board of the Company breached its fiduciary duties in connection with the transactions contemplated under the Cole Merger Agreement and that Cole aided and abetted those breaches. In January 2014, the parties entered into a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of the Company’s stockholders. In connection with the settlement contemplated by that memorandum of understanding, the class action and all claims asserted therein will be dismissed, subject to court approval. The proposed settlement terms required the Company to make certain additional disclosures related to the Cole Merger, which were included in a Current Report on Form 8-K filed by the Company with the SEC on January 17, 2014. The memorandum of understanding also contemplated that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to the Company’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding, therefore any losses that may be incurred to settle this matter are not determinable.

The Company maintains directors and officers liability insurance, which the Company believes should provide coverage to the Company and its officers and directors for most or all of any costs, settlements or judgments resulting from the above mentioned lawsuits.

Contractual Lease Obligations

The following table reflects the minimum base rental cash payments due from the Company over the next five years and thereafter for certain ground and office lease obligations (in thousands):

	Future Minimum Base Rent Payments
July 1, 2014 - December 31, 2014	$	6,845
2015		12,922
2016		11,575
2017		10,248
2018		7,918
Thereafter		83,734
Total	$	133,242

Purchase Commitments

Cole Capital enters into purchase and sale agreements and deposits funds into escrow towards the purchase of such acquisitions, some of which are expected to be assigned to one of the Managed REITs at or prior to the closing of the respective acquisition. As of June 30, 2014, the Company was a party to 70 purchase and sale agreements with unaffiliated third-party sellers to purchase a 100% interest in 416 properties, subject to meeting certain criteria, for an aggregate purchase price of $1.5 billion, exclusive of closing costs. As of June 30, 2014, the Company had $41.8 million of property escrow deposits held by escrow agents in connection with these future property acquisitions, which may be forfeited if the transactions are not completed under certain circumstances. The Company will be reimbursed by the assigned Managed REIT for amounts escrowed when it acquires a property.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition, in each case, that it believes will have a material adverse effect on the results of operations.

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Net Loss Per Share (As Restated) (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a summary of the basic and diluted net loss per share computation for the three and six months ended June 30, 2014 and 2013 (dollar amounts in thousands, except for share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net loss attributable to the Company	$	(54,720	)	$	(69,603	)	$	(346,164	)	$	(213,483	)
Less: dividends declared on preferred shares and participating securities		23,291			233			46,723			426
Net loss attributable to common stockholders	$	(78,011	)	$	(69,836	)	$	(392,887	)	$	(213,909	)
Weighted average number of shares of common shares outstanding:
Basic		815,406,408			198,956,355			682,178,587			183,316,963
Net loss per common share:
Basic and diluted net loss per share attributable to common stockholders	$	(0.10	)	$	(0.35	)	$	(0.58	)	$	(1.17	)

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Balance as of     June 30, 2014
Assets:
Investments in real estate fund	$	—	$	1,891		$	—		$	1,891
CMBS		—		—			217,313			217,313
Interest rate swap assets		—		5,522			—			5,522
Total assets	$	—	$	7,413		$	217,313		$	224,726
Liabilities:
Interest rate swap liabilities	$	—	$	(12,811	)	$	—		$	(12,811	)
Series D Preferred Stock embedded derivative		—		—			(11,520	)		(11,520	)
Contingent consideration arrangements		—		—			(4,818	)		(4,818	)
Total liabilities	$	—	$	(12,811	)	$	(16,338	)	$	(29,149	)

	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Balance as of December 31, 2013
Assets:
Investments in real estate fund	$	—	$	1,484		$	—		$	1,484
CMBS		—		—			60,583			60,583
Interest rate swap assets		—		9,189			—			9,189
Total assets	$	—	$	10,673		$	60,583		$	71,256
Liabilities:
Interest rate swap liabilities	$	—	$	(1,719	)	$	—		$	(1,719	)
Series D Preferred Stock embedded derivative		—		—			(16,736	)		(16,736	)
Total liabilities	$	—	$	(1,719	)	$	(16,736	)	$	(18,455	)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2014 (in thousands):

	CMBS			Series D Preferred Stock Embedded Derivative			Contingent Consideration Arrangements			Total
Beginning balance as of December 31, 2013	$	60,583		$	(16,736	)	$	—		$	43,847
Total gains and losses:
Unrealized gain included in other comprehensive income, net		8,598			—			—			8,598
Changes in fair value included in net income, net		—			5,216			(1,212	)		4,004
Purchases, issuances, settlements and amortization:
Purchases/issuances		151,197			—			(3,606	)		147,591
Amortization included in net income, net		(3,065	)		—			—			(3,065	)
Ending balance as of June 30, 2014	$	217,313		$	(11,520	)	$	(4,818	)	$	200,975

Fair Value, by Balance Sheet Grouping

The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (dollar amounts in thousands):

	Level	Carrying Amount at June 30, 2014		Fair Value at June 30, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment	3	$	97,587	$	98,902	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net	3	$	4,227,494	$	4,328,230	$	1,301,114	$	1,305,823
Corporate bonds, net	3		2,546,089		2,568,117		—		—
Convertible debt, net	3		975,003		1,035,581		972,490		976,629
Credit facilities	3		1,896,000		1,896,000		1,819,800		1,819,800
Secured term loan	3		51,296		51,411		58,979		59,049
Unsecured Credit Facility	3		—		—		150,000		150,000
Trust preferred notes	3		26,579		23,485		26,548		23,345
Other debt	3		68,283		68,414		19,278		19,350
Total liabilities		$	9,790,744	$	9,971,238	$	4,348,209	$	4,353,996

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Fair Value of Financial Instruments Fair Value of Financial Instruments (Narrative) (Detail) (USD $)	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2014 Property		Jun. 30, 2013		Jun. 30, 2014 Property		Jun. 30, 2013		Dec. 31, 2013 Property
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Impairment of real estate	$ 1,556,000	[1],[2]	$ 0	[1],[2]	$ 1,556,000	[1],[2]	$ 0	[1],[2]
Assets, Fair Value Disclosure	1,600,000				1,600,000				1,200,000
Error Corrections [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Number of properties impaired	4				4				2
Impairment of real estate	1,556,000	[2]	0	[2]	1,556,000	[2]	0	[2]	3,300,000
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Error Corrections [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Real estate investment property, net, impaired	$ 3,200,000				$ 3,200,000				$ 4,500,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

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Commitments and Contingencies (CapLease Litigation Matters) (Detail) (CapLease [Member], John Poling Putative Class Action [Member])	0 Months Ended
	Oct. 08, 2013
Series B Cumulative Preferred [Member]
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	8.375%
Series C Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	7.25%

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Acquisitions of CapLease, Cole and CCPT (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the allocation of the fair value of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
Real estate investments, at cost:
Land	$	109,075		$	416,887	$	239,663		$	493,029
Buildings, fixtures and improvements		482,074			1,129,906		1,185,641			1,424,900
Total tangible assets		591,149			1,546,793		1,425,304			1,917,929
Acquired intangible assets:
In-place leases		30,801			165,576		128,581			211,748
Above-market leases		5,511			—		21,145			—
Assumed intangible liabilities:
Below-market leases		(1,869	)		—		(3,321	)		—
Fair value adjustment of assumed notes payable		—			—		(23,589	)		—
Total purchase price of assets acquired, net		625,592			1,712,369		1,548,120			2,129,677
Notes payable assumed		—			—		(301,532	)		—
Cash paid for acquired real estate investments	$	625,592		$	1,712,369	$	1,246,588		$	2,129,677
Number of properties acquired		122			899		337			1,011

CapLease [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the CapLease Acquisition Date (in thousands):

	As of the CapLease Acquisition Date (1)
Fair value of consideration given	$	920,697
Assets purchased, at fair value:
Land		235,843
Buildings, fixtures and improvements		1,596,481
Land and construction in process		12,352
Acquired intangible lease assets		191,964
Total real estate investments		2,036,640
Cash and cash equivalents		41,799
Investment securities		60,730
Loans held for investment		26,457
Restricted cash		29,119
Deferred costs and other assets, net		21,574
Total identifiable assets purchased		2,216,319
Liabilities assumed, at fair value:
Mortgage notes payable		1,037,510
Secured credit facility		121,000
Other debt		114,208
Below-market leases		57,058
Derivative liabilities		158
Accounts payable and accrued expenses		49,291
Deferred rent, derivative and other liabilities		8,619
Total liabilities assumed		1,387,844
Non-controlling interest retained by third party		567
Net identifiable assets acquired by Company		827,908
Goodwill	$	92,789

(1) As reported in the Amended 10-K.

Cole Merger [Member]

Schedule of Business Acquisitions, by Acquisition

The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of the consideration transferred; thus, the fair values of currently recorded assets and liabilities are subject to change. The estimated fair value of the consideration transferred at the Cole Acquisition Date totaled approximately $7.5 billion and consisted of the following (in thousands):

	As of Cole Acquisition Date (Preliminary)
Estimated Fair Value of Consideration Transferred:
Cash	$	181,775
Common stock		7,285,868
Total consideration transferred	$	7,467,643

Cole Credit Property Trust, Inc. [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed by segment at the CCPT Acquisition Date (in thousands):

	Preliminary May 19, 2014
Identifiable Assets Acquired at Fair Value:
Land	$	28,258
Buildings, fixtures and improvements		113,296
Acquired intangible lease assets		17,960
Total real estate investments		159,514
Cash and cash equivalents		167
Restricted cash		2,420
Prepaid expenses and other assets		297
Total identifiable assets acquired		162,398
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable		85,286
Unsecured credit facility		800
Accounts payable and accrued expenses		443
Below-market lease liability		1,752
Due to affiliates		568
Deferred rent and other liabilities		390
Total liabilities assumed		89,239
Net identifiable assets acquired	$	73,159

Real Estate Investment Segment [Member] | Cole Merger [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, including all measurement period adjustments, at the Cole Acquisition Date (in thousands):

	Preliminary
	REI Segment		Cole Capital		Total as of Cole Acquisition Date
Identifiable Assets Acquired at Fair Value:
Land	$	1,737,839	$	—	$	1,737,839
Buildings, fixtures and improvements		5,901,827		—		5,901,827
Intangible lease assets		1,324,217		—		1,324,217
Total real estate investments		8,963,883		—		8,963,883
Investment in unconsolidated entities		100,659		3,307		103,966
Investment securities		151,197		—		151,197
Loans held for investment		72,326		—		72,326
Cash and cash equivalents		129,552		20,413		149,965
Restricted cash		15,704		—		15,704
Intangible assets		—		385,368		385,368
Deferred costs and other assets		43,774		50,893		94,667
Due from affiliates		—		3,301		3,301
Total identifiable assets acquired		9,477,095		463,282		9,940,377
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable	$	2,706,585	$	—	$	2,706,585
Credit facilities		1,309,000		—		1,309,000
Other debt, net		49,013		—		49,013
Below-market lease intangibles		212,433		—		212,433
Accounts payable and accrued expenses		87,628		54,615		142,243
Prepaid rent, derivative and other liabilities		67,841		167,458		235,299
Dividends payable		6,271		—		6,271
Due to affiliates		—		44		44
Total liabilities assumed		4,438,771		222,117		4,660,888
Non-controlling interests		24,766		—		24,766
Net identifiable assets acquired		5,013,558		241,165		5,254,723
Goodwill		1,654,085		558,835		2,212,920
Net assets acquired	$	6,667,643	$	800,000	$	7,467,643

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Restatement of Previously Reported Financial Information - Narrative (Detail) (USD $)	3 Months Ended				6 Months Ended				12 Months Ended	3 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013	Mar. 31, 2014
Merger and other one-time transactions	$ 7,201,000	[1],[2]	$ 37,266,000	[1],[2]	$ 20,618,000	[1],[2]	$ 47,593,000	[1],[2]
Equity based compensation	0	[3]	0	[3]	27,264,000	[1]	6,791,000	[1]
Management fees to affiliates					13,888,000		12,493,000
Net loss attributable to non-controlling interests	(1,878,000)	[1]	(2,672,000)	[1]	(16,274,000)	[1]	(4,729,000)	[1]
General and administrative	40,012,000	[1],[4]	6,283,000	[1],[4]	96,504,000	[1],[4]	14,055,000	[1],[4]
Unauthorized Equity Awards, Transition From External To Internal Management [Member]
Equity based compensation					120,000,000
Error Corrections [Member]
Merger and other one-time transactions	(1,252,000)		(23,000)		281,000		(23,000)
Equity based compensation	(9,338,000)	[3]	(3,458,000)	[3]			(4,339,000)
Management fees to affiliates					13,888,000		12,493,000
Net loss attributable to non-controlling interests	1,059,000		(2,197,000)		(1,363,000)		(3,822,000)
General and administrative	18,161,000		3,899,000		47,845,000		10,217,000
Accrued bonuses	5,800,000				5,800,000
Income tax expense	2,200,000				900,000
Loss on held for sale assets					(1,800,000)
Error Corrections [Member] | Additional [Member]
Merger and other one-time transactions	1,200,000
Error Corrections [Member] | Operating Fees To Affiliates Improperly Classified As Merger And Other Non-Routine Transactions [Member]
Merger and other one-time transactions			0				13,000,000
Error Corrections [Member] | Controlling Interest Transfer Tax Liability [Member]
Merger and other one-time transactions	1,100,000		0		4,000,000				8,900,000
Error Corrections [Member] | Controlling Interest Transfer Tax Liability [Member] | Adjustment [Member]
Merger and other one-time transactions	0
Error Corrections [Member] | Costs Expenses Which Should Have Been Capitalized As Deferred Financing Costs [Member]
Merger and other one-time transactions	800,000		0		21,300,000		1,000,000
Error Corrections [Member] | Capitalization Of Deferred Financing, Additional Interest Expense [Member]
Merger and other one-time transactions	1,300,000		0		10,000,000		600,000
Error Corrections [Member] | Expenses Improperly Categorized As Merger Related [Member] | General and Administrative Expense [Member]
Merger and other one-time transactions	5,200,000		400,000		14,500,000		5,900,000
Error Corrections [Member] | Expenses Improperly Categorized As Merger Related [Member] | Management Fee Expenses [Member]
Merger and other one-time transactions	0				13,800,000
Error Corrections [Member] | Expenses Incorrectly Recorded In Future Period [Member]
Merger and other one-time transactions	700,000		87,000		700,000		87,000
Error Corrections [Member] | Operating Fees to Affiliates Improperly Recorded For Future Period [Member]
Management fees to affiliates			0				500,000
Error Corrections [Member] | Expenses Recorded In Incorrect Period [Member]
Merger and other one-time transactions										16,100,000
General and administrative	900,000				2,500,000
Error Corrections [Member] | Adjustment [Member]
Merger and other one-time transactions	1,600,000				(13,400,000)				14,500,000
Error Corrections [Member] | Capitalization Of Deferred Financing, Extinguishment of Debt Expense [Member]
Merger and other one-time transactions	900,000				3,200,000
Error Corrections [Member] | Loss on Disposition of Properties Improperly Classified As Merger And Other Non-Routine Transactions [Member]
Merger and other one-time transactions	1,400,000				1,400,000
Error Corrections [Member] | Furniture, Fixtures and Equipment Capitalized Not Received [Member]
Merger and other one-time transactions	0		0		2,100,000		4,100,000
Error Corrections [Member] | Furniture, Fixtures and Equipment Expenses Not Received [Member]
Merger and other one-time transactions			0				1,700,000
Error Corrections [Member] | Acquisition Related Expense Recorded Twice [Member]
Merger and other one-time transactions	1,800,000				1,800,000
Error Corrections [Member] | Equity-Based Compensation Expense Reported Within General And Administrative Expenses [Member]
Equity based compensation	9,300,000				31,800,000
Error Corrections [Member] | Incorrectly Recorded Interest Expense Credit [Member]
Interest expense, net	1,100,000				1,100,000
Error Corrections [Member] | Debt Extinguishment Costs, Should be Reported Separately Within Statement Of Operations [Member]
Interest expense, net	5,000,000				12,800,000
Error Corrections [Member] | Expenses Improperly Categorized As General And Administrative [Member]
Equity based compensation	1,200,000				2,100,000
General and administrative	500,000				500,000					1,000,000
Error Corrections [Member] | Unauthorized Equity Awards, Transition From External To Internal Management [Member]
Equity based compensation	2,200,000				8,400,000
Error Corrections [Member] | Equity Distributions Improperly Recorded [Member]
Equity based compensation					6,300,000
Error Corrections [Member] | Understatement Of Depreciation Expense [Member]
Depreciation and amortization										2,300,000
Error Corrections [Member] | Overstatement of Depreciation Expense [Member]
Depreciation and amortization	2,300,000
Error Corrections [Member] | Improperly Recorded Depreciation Expense For Real Estate Properties [Member]
Depreciation and amortization	6,000,000
Error Corrections [Member] | Incorrectly Adjusted Purchase Price Allocation For Disposed Properties [Member]
Loss on disposition of properties, net	2,600,000				10,900,000
Error Corrections [Member] | Incorrectly Accounted For Disposal Of Real Estate [Member]
Loss on disposition of properties, net	2,200,000				9,200,000
Error Corrections [Member] | Incorrectly Recorded Ineffective Portion Of Hedge [Member]
Loss on derivative instruments, net	500,000				1,500,000
Error Corrections [Member] | Improperly Recorded Loss On Derivative Instruments [Member] | Interest Expense [Member]
Loss on derivative instruments, net	1,800,000				1,800,000
Error Corrections [Member] | Improperly Recorded Loss On Derivative Instruments [Member] | Interest Expense [Member] | Additional [Member]
Loss on derivative instruments, net					2,100,000
Error Corrections [Member] | Interest Rate Lock Incorrectly Recorded As Expense [Member]
Interest expense, net			0		3,900,000
Error Corrections [Member] | Incorrectly Recognized Dilutive Effect Of Restricted Stock [Member]
Weighted average shares of common stock outstanding	334,276				332,939
Error Corrections [Member] | Swap Underestimated [Member]
Interest expense, net	0				1,400,000
As Previously Reported [Member]
Merger and other one-time transactions	8,453,000		37,289,000		20,337,000		47,616,000
Equity based compensation	9,338,000	[3]	3,458,000	[3]
Management fees to affiliates							0
Net loss attributable to non-controlling interests	(2,937,000)		(475,000)		(14,911,000)		(907,000)
General and administrative	19,063,000		2,361,000		44,748,000		3,815,000
As Previously Reported [Member] | Unauthorized Equity Awards, Transition From External To Internal Management [Member]
Equity based compensation					218,100,000
As Previously Reported [Member] | Improperly Recorded Loss On Derivative Instruments [Member]
Loss on derivative instruments, net					$ 10,000,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $113,000 and $19.9 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $26.8 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[3] As disclosed above, this line item caption has been reclassified into "general and administrative" in the accompanying consolidated statements of operations.

[4] Includes $437,000 and $4.1 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $16.0 million and $9.3 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

XML

Acquisitions of CapLease, Cole and CCPT - Cole Credit Property Trust Acquisition (Detail) (Cole Credit Property Trust, Inc. [Member], USD $)	0 Months Ended	6 Months Ended
	May 19, 2014	Jun. 30, 2014	May 19, 2014
Cole Credit Property Trust, Inc. [Member]
Identifiable Liabilities Assumed at Fair Value:
Business combination, consideration transferred	$ 73,200,000
Land	28,258,000		28,258,000
Buildings, fixtures and improvements	113,296,000		113,296,000
Acquired intangible lease assets	17,960,000		17,960,000
Real estate investments acquired	159,514,000		159,514,000
Cash and cash equivalents	167,000		167,000
Restricted cash	2,420,000		2,420,000
Prepaid expenses and other assets	297,000		297,000
Total identifiable assets acquired	162,398,000		162,398,000
Mortgage notes payable	85,286,000		85,286,000
Unsecured credit facility	800,000		800,000
Accounts payable and accrued expenses	443,000		443,000
Below-market lease liabilities	1,752,000		1,752,000
Due to affiliates	568,000		568,000
Deferred rent and other liabilities	390,000		390,000
Total liabilities assumed	89,239,000		89,239,000
Net identifiable assets acquired	73,159,000		73,159,000
Revenue of acquiree since acquisition date		1,500,000
Earnings or loss of acquiree since acquisition date		$ (300,000)

XML

Related Party Transactions and Arrangements (Schedule of Fees and Expense Reimbursements) (Detail) (USD $)	3 Months Ended	5 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Cole Credit Property Trust IV, Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 6,787,000	$ 10,785,000
Cole Credit Property Trust IV, Inc. [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Credit Property Trust IV, Inc. [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Credit Property Trust IV, Inc. [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,538,000	2,603,000
Cole Credit Property Trust IV, Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	4,747,000	7,311,000
Cole Credit Property Trust V, Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	519,000	585,000
Cole Credit Property Trust V, Inc. [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Credit Property Trust V, Inc. [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Credit Property Trust V, Inc. [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	166,000	183,000
Cole Credit Property Trust V, Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	9,000	9,000
Cole Corporate Income Trust, Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	3,232,000	3,727,000
Cole Corporate Income Trust, Inc. [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Corporate Income Trust, Inc. [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Corporate Income Trust, Inc. [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	758,000	1,187,000
Cole Corporate Income Trust, Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	4,561,000	7,156,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	3,874,000	3,874,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	79,000	79,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	115,000	141,000
Cole Real Estate Income Strategy [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Real Estate Income Strategy [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Real Estate Income Strategy [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Real Estate Income Strategy [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	135,000	135,000
Cole Real Estate Income Strategy [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	198,000	306,000
Other Related Parties [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(1,000)	(1,000)
Other Related Parties [Member] | Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	252,000	403,000
Other Related Parties [Member] | Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	284,000	574,000
Other Related Parties [Member] | Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Other Related Parties [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 0	$ 0

XML

Summary of Significant Accounting Policies - Acquisition Related Expenses and Merger and other Transaction Related Expenses (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Merger related costs:
Strategic advisory services	$ 0		$ 1,500		$ 32,615		$ 11,799
Transfer Taxes	0		0		5,109		1,085
Legal fees and expenses	1,563		1,511		4,547		3,191
Personnel costs and other reimbursement	0		255		751		639
Multi-tenant spin off	2,859		0		5,180		0
Proxy support services	0		0		0		0
Other fees and expenses	346		2,594		1,676		5,459
Other non-routine costs
Post-transaction support services	0		0		14,251		2,000
Subordinated distribution fees	0		0		78,244		98,360
Merger consideration	0		0		0		0
Furniture, fixtures and equipment	0		0		14,085		5,800
Legal fees and expenses	0		0		1,826		950
Personnel costs and other reimbursement	275		0		2,718		0
Other fees and expenses	2,379		5		6,718		150
Merger and other non-routine transactions	$ 7,422	[1],[2],[3]	$ 5,865	[1],[2],[3]	$ 167,720	[1],[2],[4]	$ 129,433	[1],[2],[4]

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $40,000 and $255,000 to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $137.8 million and $107.0 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[3] This line item caption has been updated to "merger and other non-routine transactions" in the accompanying consolidated statements of operations.

[4] This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule

The following table reflects the minimum base rental cash payments due from the Company over the next five years and thereafter for certain ground and office lease obligations (in thousands):

	Future Minimum Base Rent Payments
July 1, 2014 - December 31, 2014	$	6,845
2015		12,922
2016		11,575
2017		10,248
2018		7,918
Thereafter		83,734
Total	$	133,242

XML

Organization

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Organization

Note 1 — Organization

American Realty Capital Properties, Inc. (the “Company” or “ARCP”) is a self-managed Maryland corporation incorporated on December 2, 2010 that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in the taxable year ended December 31, 2011. On September 6, 2011, the Company completed its initial public offering (the “IPO”). The Company’s common stock trades on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “ARCP.”

The Company operates through two business segments, Real Estate Investment (“REI”) and private capital management, Cole Capital (“Cole Capital”), as further discussed in Note 6 — Segment Reporting (As Restated). Substantially all of the Company’s REI segment is conducted through ARC Properties Operating Partnership, L.P., a Delaware limited partnership (the “OP”). The Company is the sole general partner and holder of 97.3% of the common equity interests in the OP as of June 30, 2014. As of June 30, 2014, certain affiliates of the Company and certain unaffiliated investors are limited partners and owners of 1.7% and 1.0%, respectively, of the common equity interests in the OP. Under the limited partnership agreement of the OP (“LPA”), after holding units of limited partner interests in the OP (“OP Units”) for a period of one year, unless otherwise consented to by the Company, holders of OP Units have the right to redeem the OP Units for the cash value of a corresponding number of shares of the Company’s common stock or, at the option of the Company, a corresponding number of shares of the Company’s common stock. The remaining rights of the holders of OP Units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. Substantially all of the Cole Capital segment is conducted through Cole Capital Advisors, Inc. (“CCA”), an Arizona corporation and a wholly owned subsidiary of the OP. CCA is treated as a taxable REIT subsidiary (“TRS”) under Section 856 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).

Prior to January 8, 2014, ARC Properties Advisors, LLC (the “Former Manager”), a wholly owned subsidiary of AR Capital, LLC (“ARC”), managed the Company’s affairs on a day-to-day basis, with the exception of certain acquisition, accounting and portfolio management services performed by employees of the Company. In August 2013, the Company’s board of directors determined that it was in the best interests of the Company and its stockholders to become self-managed, and the Company completed its transition to self-management on January 8, 2014. In connection with becoming self-managed, the Company terminated the management agreement with its Former Manager. See Note 20 — Related Party Transactions and Arrangements (As Restated) for further discussion.

The Company has advanced its investment objectives by not only growing its net lease portfolio through granular, self-originated acquisitions, but also through strategic mergers and acquisitions. See Note 3 — Mergers and Acquisitions (As Restated) for further discussion.

On June 11, 2014, the OP, through indirect subsidiaries (the “Sellers”), entered into an agreement of purchase and sale with BRE DDR Retail Holdings III LLC (the “Purchaser”), an entity indirectly jointly owned by affiliates of Blackstone Real Estate Partners VII L.P. and DDR Corp., by which the Sellers have agreed to sell to the Purchaser and the Purchaser has agreed to purchase from the Sellers 67 multi-tenant properties and nine single-tenant properties and the adjacent land and related property (the “Multi-Tenant Portfolio”). The purchase price of the Multi-Tenant Portfolio is $1.975 billion, subject to customary real estate adjustments. Properties may be excluded from the transaction in certain circumstances, in which case the purchase price will be reduced by the portion of the purchase price allocated to the excluded properties. See Note 3 — Mergers and Acquisitions (As Restated) for further discussion.

XML

Acquisitions of CapLease, Cole and CCPT - CapLease Acquisition Narrative (Detail) (USD $)	0 Months Ended
	Nov. 05, 2013		Jun. 30, 2014		Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill			$ 2,293,020,000	[1]	$ 92,789,000	[1]
Real Estate Investment Segment [Member]
Business Acquisition [Line Items]
Goodwill			1,734,185,000		92,789,000
CapLease [Member]
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Cash	920,697,000	[2]
Business combination, recognized identifiable assets acquired and liabilities assumed, real estate investment			2,000,000,000
Below-market leases	57,058,000	[2]
Goodwill	92,789,000	[2]
CapLease [Member] | Real Estate Investment Segment [Member]
Business Acquisition [Line Items]
Goodwill	$ 92,789,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] As reported in the Amended 10-K.

XML

Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Mortgage Notes Payable

The Company’s mortgage notes payable consist of the following as of June 30, 2014 and December 31, 2013 (dollar amounts in thousands):

	Encumbered Properties		Outstanding Loan Amount		Weighted Average Effective Interest Rate (1)			Weighted Average Maturity (2)
June 30, 2014		757	$	4,125,621		4.90	%		6.00
December 31, 2013		177	$	1,258,661		3.42	%		3.41

(1) Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.40% to 7.20% at June 30, 2014 and 1.83% to 6.28% at December 31, 2013.

(2) Weighted average remaining years until maturity as of June 30, 2014 and December 31, 2013, respectively.

Mortgages [Member]

Schedule Of Aggregate Principal Payments Of Mortgages

The following table summarizes the scheduled aggregate principal repayments subsequent to June 30, 2014 (in thousands):

Year	Total
July 1, 2014 - December 31, 2014	$	104,043
2015		270,843
2016		250,881
2017		522,655
2018		252,292
Thereafter		2,724,907
Total	$	4,125,621

Other Debt [Member]

Schedule Of Aggregate Principal Payments Of Mortgages

Amounts related to the secured term loan as of June 30, 2014 were as follows (in thousands):

	Borrowings		Collateral Carrying Value
Loans held for investment	$	31,597	$	44,670
Intercompany mortgage loans on CapLease properties		5,525		17,124
CMBS		13,529		21,900
	$	50,651	$	83,694

XML

Economic Dependency

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Economic Dependency

Note 21 — Economic Dependency

Prior to transitioning to self-management on January 8, 2014, the Company engaged, under various agreements, the Former Manager and entities affiliated with the Former Manager, to provide certain services that are essential to the Company, including asset management services and supervision of the management and leasing of properties owned by the Company, the sale of shares of the Company’s common stock, as well as other administrative responsibilities for the Company including information technology, legal services and investor relations.

As a result of these relationships, the Company was dependent upon the Former Manager and entities affiliated with the Former Manager. In the event that these companies were unable to provide the Company with the respective services, the Company would have been required to find alternative providers of these services. As a result of the ARCT III Merger, the Company internalized certain accounting and property acquisition services previously performed by the Former Manager and its affiliates. The Company may from time to time engage entities under common control with the Former Manager for legal, information technology or other support services for which it will pay a fee, subject to approval by the Company’s independent directors. No such engagements are in place between the Company and the Former Manager and its affiliates.

XML

Related Party Transactions and Arrangements (As Restated)

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions and Arrangements (As Restated)

Note 20 — Related Party Transactions and Arrangements (As Restated)

The Company, ARCT III and ARCT IV have incurred commissions, fees and expenses payable to the Former Manager and its affiliates including Realty Capital Securities, LLC (“RCS”), RCS Advisory Services, LLC (“RCS Advisory”), ARC, ARC Advisory Services, LLC (“ARC Advisory”), American Realty Capital Advisors III, LLC (the “ARCT III Advisor”), American Realty Capital Advisors IV,LLC (“the ARCT IV Advisor”), American National Stock Transfer, LLC (“ANST”) and ARC Real Estate Partners, LLC (“ARC Real Estate”). References throughout this Note 20 — Related Party Transactions and Arrangements (As Restated) to expenses incurred by ARCT III or ARCT IV are to expenses incurred before their acquisitions by the General Partner on February 28, 2013 and January 3, 2014, respectively.

The Audit Committee’s investigation identified certain payments made by the Company to the Former Manager and certain affiliates of the Former Manager that were not sufficiently documented or otherwise warrant scrutiny. As described below, the Company has recovered consideration valued at approximately $8.5 million in respect of certain such payments. The Company is considering whether it has a right to seek recovery for any other such payments and, if so, its alternatives for seeking recovery. No asset has been recognized in the financial statements related to any potential recovery.

The following table summarizes the related party fees and expenses incurred by the Company, ARCT III and ARCT IV by category and the aggregate amounts contained in such categories for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Related party transactions:
Expenses and capitalized costs:
Financing fees and reimbursements	$	—	$	6,296	$	—	$	13,796
Offering related costs		2,000		22,669		2,150		158,657
Acquisition related expenses		113		19,867		1,652		26,830
Merger and other non-routine transactions		40		255		137,778		106,935
Management fees to affiliates		—		—		13,888		12,493
General and administrative expenses		437		4,134		16,029		9,343
Indirect affiliate expenses		3,997		—		4,495		—
Cole Capital revenues:
Cole Capital offering related revenue		9,969		—		52,422		—
Cole Capital operating revenue		27,253		—		39,057		—
Total	$	43,809	$	53,221	$	267,471	$	328,054

The following sections below further expand on the summarized related party transactions listed above.

Financing Fees and Reimbursements

During the three and six months ended June 30, 2013, the Company, ARCT III, and ARCT IV paid the Former Manager, the ARCT III Advisor and the ARCT IV Advisor, respectively, financing coordination fees of $6.3 million and $13.8 million, respectively, which is equal to 0.75% of the amount available under any secured mortgage financing or refinancing that the Company, ARCT III or ARCT IV, obtained and used for the acquisition of properties that was arranged by the Former Manager, the ARCT III Advisor or the ARCT IV Advisor, respectively. The financing fees were payable in cash at the closing of each financing. In conjunction with the closing of the ARCT III Merger, it was agreed that these fees would no longer be paid by the Company to the Former Manager. These fees were paid by ARCT IV throughout 2013. No such fees were incurred during the six months ended June 30, 2014. Financing fees and reimbursements are included in deferred costs, net in the accompanying consolidated balance sheets.

Offering Related Costs

The Company, ARCT III and ARCT IV recorded commissions, fees and offering cost reimbursements as shown in the table below for services provided to the Company, ARCT III and ARCT IV, as applicable, by affiliates of the Former Manager during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Offering related costs:
Commissions and fees	$	—	$	21,754	$	—	$	147,686
Offering costs and other reimbursements		2,000		915		2,150		10,971
Total	$	2,000	$	22,669	$	2,150	$	158,657

RCS served as the dealer-manager of the ARCT III IPO and the ARCT IV IPO. RCS received fees and compensation in connection with the sale of ARCT III’s and ARCT IV’s common stock in the respective IPOs. RCS received a selling commission of 7% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers in each of the IPOs. RCS received 3% of the gross proceeds from the sale of common stock, before reallowance to participating broker-dealers, as a dealer-manager fee in each of the IPOs. In addition, ARCT III and ARCT IV reimbursed the ARCT III Advisor, the ARCT IV Advisor and RCS, as applicable, for services relating to the ARCT III IPO and the ARCT IV IPO during 2013 and for services relating to the Company’s ATM equity program during 2014. During the three and six months ended June 30, 2014, reimbursements in connection with the ATM totaled $2.0 million and $2.2 million, respectively. During the three and six months ended June 30, 2013, reimbursements in connection with the ARCT IV IPO totaled $22.7 million and $158.7 million, respectively. Offering related costs are included in offering costs, commissions and dealer-manager fees in the accompanying consolidated statements of changes in equity.

Acquisition Related Expenses

During the six months ended June 30, 2014, the Company paid a fee of $1.0 million (equal to 0.25% of the contract purchase price) to RCS for strategic advisory services related to its acquisition of certain properties in the Fortress Portfolio and $0.6 million (equal to 0.25% of the contract purchase price) to RCS related to its acquisition of certain properties in the Inland Portfolio. During the three months ended June 30, 2014, the Company paid a fee of $0.1 million to RCS related to its acquisition of certain properties in the Inland portfolio. No fees were incurred during the six months ended June 30, 2013 in connection with these transactions.

Separate from acquisition fees related to the acquisition of certain properties in the GE Capital Portfolio discussed below, the Company, ARCT III and ARCT IV paid acquisition fees to the Former Manager and its affiliates equal to 1.0% of the contract purchase price, inclusive of indebtedness, of each property acquired by the Company, ARCT III or ARCT IV, as applicable. The Company, ARCT III and ARCT IV additionally reimbursed certain expenses as permitted under the advisory agreements. The Company and ARCT III were no longer required to pay these fees as of the ARCT III Merger, except for those properties in the Company’s acquisition pipeline as of that date. ARCT IV incurred these fees throughout 2013. During the three and six months ended June 30, 2013, these fees and additional reimbursements totaled $6.6 million and $13.5 million, respectively. No such fees were incurred during the six months ended June 30, 2014.

During the three and six months ended June 30, 2013, the Company paid a fee of $1.9 million (equal to 0.25% of the contract purchase price) to RCS and reimbursed expenses of $6.1 million to ARC related to its acquisition of certain properties in the GE Capital Portfolio. No such fees were incurred during the six months ended June 30, 2014 in relation to the GE Capital Portfolio.

During the three and six months ended June 30, 2013, ARCT IV incurred an acquisition fee of $5.3 million to ARC related to its acquisition of certain properties in the GE Capital Portfolio.

Merger and Other Non-routine Transactions

The Company, ARCT III and ARCT IV incurred fees and expenses payable to the Former Manager and its affiliates for services related to mergers and other non-routine transactions, as discussed below. These fees are included in merger and other non-routine transactions in the accompanying consolidated statements of operations. The tables below shows fees and expenses attributable to each merger and other non-routine transaction during the three and six months ended June 30, 2014 (in thousands):

	Three Months Ended June 30, 2014
	ARCT IV Merger		Internalization and Other		Cole Merger		Multi-tenant Spin- Off		Total
Personnel costs and other reimbursements	$	—	$	—	$	40	$	—	$	40

	Six Months Ended June 30, 2014
	ARCT IV Merger		Internalization and other		Cole Merger		Multi-tenant Spin- Off		Total
Merger related costs:
Strategic advisory services	$	8,400	$	—	$	17,115	$	1,750	$	27,265
Personnel costs and other reimbursements		—		—		72		—		72
Other non-routine transactions:
Subordinated distribution fees		78,244		—		—		—		78,244
Furniture, fixtures and equipment		5,800		10,000		—		—		15,800
Other fees and expenses		—		—		2,900		—		2,900
Personnel costs and other reimbursements		417		—		1,728		—		2,145
Post-transaction support services		1,352		10,000		—		—		11,352
Total	$	94,213	$	20,000	$	21,815	$	1,750	$	137,778

The tables below shows fees and expenses attributable to each merger and other non-routine transaction during the three and six months ended June 30, 2013 (in thousands):

	Three Months Ended June 30, 2013
	ARCT III Merger		ARCT IV Merger		Other		Total
Merger related costs:
Personnel costs and other reimbursements	$	188	$	23	$	44	$	255

	Six Months Ended June 30, 2013
	ARCT III Merger		ARCT IV Merger		Other		Total
Merger related costs:
Legal fees and expenses	$	125	$	—	$	—	$	125
Personnel costs and other reimbursements		522		23		44		589
Other non-routine transactions:
Subordinated distribution fees		98,360		—		—		98,360
Furniture, fixtures and equipment		5,800		—		—		5,800
Legal fees and expenses		61		—		—		61
Post-transaction support services		2,000		—		—		2,000
Total	$	106,868	$	23	$	44	$	106,935

Merger Related Costs

ARCT IV Merger

Pursuant to ARCT IV’s advisory agreement with the ARCT IV Advisor, ARCT IV agreed to pay the ARCT IV Advisor a brokerage commission on the sale of property in connection with the ARCT IV Merger. At the time of the ARCT IV Merger, ARCT IV paid $8.4 million to the ARCT IV Advisor in connection with this agreement. These commissions were included in merger and other non-routine transactions in the accompanying consolidated statements of operations for six months ended June 30, 2014. No fees were incurred under this agreement during the six months ended June 30, 2013 or during the three months ended June 30, 2014.

Cole Merger

The Company entered into an agreement with RCS, under which RCS agreed to provide strategic and financial advisory services to the Company in connection with the Cole Merger. The Company agreed to pay a fee equal to 0.25% of the transaction value upon the consummation of the transaction and reimburse out of pocket expenses. The Company incurred and recognized $14.2 million in expense from this agreement during the six months ended June 30, 2014. These fees are included in merger and other non-routine transactions in the accompanying consolidated statement of operations during the six months ended June 30, 2014. No fees relating to this agreement were incurred during the three months ended June 30, 2014 or during the six months ended June 30, 2013.

Pursuant to the Transaction Management Services Agreement dated December 9, 2013, ARCP and the OP agreed to pay RCS Advisory an aggregate fee of $2.9 million in connection with providing the following services: transaction management support related to the Cole Merger up to the date of the Transaction Management Services Agreement and ongoing transaction management support, marketing support, due diligence coordination and event coordination up to the date of the termination of the Transaction Management Services Agreement. The Transaction Management Services Agreement expired on the consummation of the Company’s transition to self-management on January 8, 2014. The Company paid RCS Advisory $2.9 million thereunder on January 8, 2014.

Multi-tenant Spin-off

The Company entered into an agreement with RCS under which RCS agreed to provide strategic and financial advisory services to the Company in connection with the Company’s previously announced spin-off of its multi-tenant shopping center portfolio. During the six months ended June 30, 2014, the Company incurred $1.8 million of such fees, which are included in merger and other non-routine transactions in the accompanying consolidated statement of operations for the six months ended June 30, 2014. No such fees were incurred during the six months ended June 30, 2013.

Other Non-routine Transactions

ARCT III Merger Subordinated Distribution Fees

On February 28, 2013, the OP entered into a Contribution and Exchange Agreement (the “ARCT III Contribution and Exchange Agreement”) with the ARCT III OP and the ARCT III Special Limited Partner, the holder of the special limited partner interest in the ARCT III OP. The ARCT III Special Limited Partner was entitled to receive certain distributions from the ARCT III OP, including a subordinated distribution of net sales proceeds resulting from an “investment liquidity event” (as defined in the agreement of limited partnership of the ARCT III OP). The ARCT III Merger constituted an “investment liquidity event,” due to the attainment of the 6.0% performance hurdle and the return to ARCT III’s stockholders in addition to their initial investment. Pursuant to the ARCT III Contribution and Exchange Agreement, the ARCT III Special Limited Partner contributed its interest in the ARCT III OP, inclusive of the $98.4 million subordinated distribution proceeds received, to the ARCT III OP in exchange for 7.6 million ARCT III OP Units. Upon consummation of the ARCT III Merger, these ARCT III OP Units were immediately converted into 7.3 million OP Units after application of the ARCT III Exchange Ratio. The Company recorded an expense of $98.4 million during the six months ended June 30, 2013 in connection with this transaction. In conjunction with the ARCT III Merger Agreement, the ARCT III Special Limited Partner agreed to hold its OP Units for a minimum of one year before converting them into shares of Company common stock.

ARCT IV Merger Subordinated Distribution Fees

On January 3, 2014, the OP entered into a Contribution and Exchange Agreement (the “ARCT IV Contribution and Exchange Agreement”) with the ARCT IV OP, ARCT IV Special Limited Partner and ARC Real Estate. The ARCT IV Special Limited Partner was entitled to receive certain distributions from the ARCT IV OP, including the subordinated distribution of net sales proceeds resulting from an “investment liquidity event” (as defined in the agreement of limited partnership of the ARCT IV OP). The ARCT IV Merger constituted an “investment liquidity event,” due to the attainment of the 6.0% performance hurdle and the return to ARCT IV’s stockholders of approximately $358.3 million in addition to their initial investment. Pursuant to the ARCT IV Contribution and Exchange Agreement, the ARCT IV Special Limited Partner contributed its interest in the ARCT IV OP, inclusive of the $78.2 million of subordinated distribution proceeds received, to the ARCT IV OP in exchange for 2.8 million ARCT IV OP Units. Upon consummation of the ARCT IV Merger, these ARCT IV OP Units were immediately converted into 6.7 million OP Units after application of the ARCT IV Exchange Ratio. In conjunction with the ARCT IV Merger Agreement, the ARCT IV Special Limited Partner agreed to hold its OP Units for a minimum of two years before converting them into shares of the Company’s common stock.

Furniture, Fixtures and Equipment and Other Assets

The Company entered into three agreements with affiliates of the Former Manager and the Former Manager (the “Sellers”), as applicable, pursuant to which, concurrently with the closing of the ARCT III Merger and ARCT IV Merger and the Company’s transition to self-management, the Sellers sold the OP certain FF&E and other assets used by the Sellers in connection with managing the property level business and operations and accounting functions of the Company and the OP. The Company incurred and recorded $15.8 million and $5.8 million to purchase the FF&E and other assets during the six months ended June 30, 2014 and 2013, respectively. No costs were incurred during the three months ended June 30, 2014 and 2013, respectively. The Company has concluded that there was no evidence of the receipt and it could not support the value of the FF&E and other assets. As such, the Company has expensed the amount originally capitalized and recognized the expense in merger and other non-routine transaction-related expense.

Other Fees and Expenses

In connection with the closing of the Cole Merger, the Company paid $2.9 million to RCS Advisory during the six months ended June 30, 2014. No such payments were made during the three months ended June 30, 2014 or the six months ended June 30, 2013.

Post-Transaction Support Services

ARCT III entered into an agreement with ARC Advisory under which ARC Advisory agreed to provide support services including legal, accounting, marketing, human resources and information technology, among other services, until the earlier of the ARCT III Merger closing date or one year (and an agreed upon period of up to 60 days following the ARCT III Merger). ARCT III incurred and paid $2.0 million in fees pursuant to this agreement during the six months ended June 30, 2013. No fees were incurred during the three months ended June 30, 2013 or for the three and six months ended June 30, 2014 in connection with this agreement.

In connection with its entry into the ARCT IV Merger Agreement, ARCT IV agreed to pay additional asset management fees, which totaled $1.3 million net of credits received from affiliates during the six months ended June 30, 2014. No such fees were incurred during the three month ended June 30, 2014.

Pursuant to the Amendment and Acknowledgment of Termination of Amended and Restated Management Agreement entered into as of January 8, 2014, the Former Manager agreed to provide certain transition services including accounting support, acquisition support, investor relations support, public relations support, human resources and administration, general human resources duties, payroll services, benefits services, insurance and risk management, information technology, telecommunications and Internet and services relating to office supplies. In consideration of the aforementioned services, the Company paid $10.0 million to the Former Manager on January 8, 2014. This arrangement was in effect for a 60-day term beginning on January 8, 2014.

Management Fees to Affiliates

The Company, ARCT III and ARCT IV recorded fees and reimbursements as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company, ARCT III and ARCT IV during the periods indicated (in thousands):

	Six Months Ended June 30,
	2014		2013
Management fees to affiliates:
Asset management fees	$	13,888	$	11,693
Property management fees		—		800
Total	$	13,888	$	12,493

Base Management Fees

Prior to the termination of the amended and restated management agreement, the Company paid the Former Manager an annual base management fee equal to 0.50% per annum of the average unadjusted book value of the Company’s real estate assets, calculated and payable monthly in advance, for the value of assets up to $3.0 billion and 0.40% per annum for the unadjusted book value of assets over $3.0 billion. The management fee was generally payable in cash however in lieu of cash. Prior to the ARCT III Merger, the Former Manager was entitled to an annual base management fee equal to 0.50% per annum for the unadjusted book value of assets with no asset threshold limitations. The Former Manager waived the management fee of $2.0 million and $2.4 million during the three and six months ended June 30, 2013, respectively.

Asset Management Fees

ARCT III

Effective July 1, 2012, as payment for the asset management fee, ARCT III issued (subject to periodic approval by its board of directors) to the ARCT III Advisor performance-based restricted partnership units of the ARCT III OP designated as “ARCT III Class B units,” which were intended to be profits interests and to vest, and no longer be subject to forfeiture, at such time as: (x) the value of the ARCT III OP’s assets plus all distributions that equaled or exceeded the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle”); and (y) a liquidity event had occurred.

The ARCT III Advisor received distributions on unvested ARCT III Class B units equal to the distribution rate received on ARCT III common stock. In 2012, the ARCT III board of directors approved the issuance of 145,022 ARCT III Class B units to the ARCT III Advisor for asset management services it provided. In 2013, the ARCT III board of directors approved issuance of an additional 603,599 ARCT III Class B units to the ARCT III Advisor for asset management services it provided. As of December 31, 2012, ARCT III did not consider achievement of the performance condition to be probable as the shareholder vote for the ARCT III Merger, which would allow vesting of these ARCT III Class B Units, was not completed. The performance condition related to these ARCT III Class B units was satisfied upon the completion of the ARCT III Merger and as a result a $9.4 million expense was recorded during the three months ended March 31, 2013. The 748,621 ARCT III Class B units converted into ARCT III OP Units, which converted on a one-to-one basis, into 711,190 OP Units after the application of the ARCT III Exchange Ratio.

In connection with a 60-day extension of the advisory agreement which was executed in order to facilitate the smooth transition of advisory services following the consummation of the ARCT III Merger, the Company incurred and paid additional asset management fees of $2.3 million during the six months ended June 30, 2013. No such fees were incurred during the three months ended June 30, 2013 or during the six months ended June 30, 2014.

ARCT IV

In connection with the asset management services provided by the ARCT IV Advisor, ARCT IV issued (subject to periodic approval by ARCT IV’s board of directors) to the ARCT IV Advisor performance-based restricted partnership units of the ARCT IV OP designated as “ARCT IV Class B Units,” which were intended to be profit interests and to vest, and no longer be subject to forfeiture, at such time as: (x) the value of the ARCT IV OP’s assets plus all distributions that equaled or exceeded the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle”); (y) any one of the following occurs: (1) the termination of the advisory agreement by an affirmative vote of a majority of the Company’s independent directors without cause; (2) a listing; or (3) another liquidity event; and (z) the ARCT IV Advisor was still providing advisory services to ARCT IV.

The calculation of the ARCT IV asset management fees was equal to: (i) 0.1875% of the cost of ARCT IV’s assets; divided by (ii) the value of one share of ARCT IV common stock as of the last day of such calendar quarter. When approved by the board of directors, the ARCT IV Class B Units were issued to the ARCT IV Advisor quarterly in arrears pursuant to the terms of the ARCT IV OP agreement. During the year ended December 31, 2013, ARCT IV’s board of directors approved the issuance of 492,483 ARCT IV Class B Units to the ARCT IV Advisor in connection with this arrangement. As of December 31, 2013, ARCT IV did not consider achievement of the performance condition to be probable and no expense was recorded at that time. The ARCT IV Advisor received distributions on unvested ARCT IV Class B Units equal to the distribution rate received on the ARCT IV common stock. The performance condition related to the 498,857 ARCT IV Class B Units, which includes units issued for the period of January 1, 2014 through the ARCT IV Merger Date, was satisfied upon the completion of the ARCT IV Merger. These ARCT IV Class B Units immediately converted into OP Units at the 2.3961 exchange ratio discussed in Note 3 — Mergers and Acquisitions and the Company recorded an expense of $13.9 million based on the fair value of the ARCT IV Class B Units during the six months ended June 30, 2014. No additional expense was recognized during the three months ended June 30, 2014.

Property Management Fees

ARCT III also agreed to pay an affiliate of ARC, unless it contracted with a third party, a property management fee of up to 2% of gross revenues from ARCT III’s stand-alone single-tenant net leased properties and 4% of gross revenues from its multi-tenant properties, plus, in each case, market-based leasing commissions applicable to the geographic location of the property. ARCT III also agreed to reimbursed the affiliate for property level expenses. If ARCT III contracted directly with third parties for such services, it paid them customary market fees and paid the affiliated property manager an oversight fee of up to 1% of the gross revenues of the property managed. Property management fees of $0.8 million are recorded in management fees to affiliates in the accompanying consolidated statements of operations for the six months ended June 30, 2013. No property management fees were incurred during the three months ended June 30, 2013 or the six months ended June 30, 2014.

Quarterly Incentive Fee

Prior to the termination of the amended and restated management agreement as a result if internalization, the Company was required to pay the Former Manager a quarterly incentive fee, calculated based on 20% of the excess of annualized core earnings (as defined in the management agreement with the Former Manager) over the weighted-average number of shares multiplied by the weighted-average price per share of common stock. One half of each quarterly installment of the incentive fee would be payable in shares of common stock. The remainder of the incentive fee would be payable in cash. No incentive fees were incurred or paid during the six months ended June 30, 2014 or 2013.

General and Administrative Expenses

The Company, ARCT III and ARCT IV recorded general and administrative expenses as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company, ARCT III and ARCT IV during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
General and administrative expenses:
Advisory fees and reimbursements	$	437	$	1,066	$	1,955	$	3,667
Equity awards		—		3,068		14,074		5,676
Total	$	437	$	4,134	$	16,029	$	9,343

Advisory Fees and Reimbursements

The Company, ARCT III and ARCT IV agreed to pay certain fees and reimbursements to the Former Manager and its affiliates, as applicable, for their out-of-pocket costs, including without limitation, legal fees and expenses, transfer agent fees, due diligence fees and expenses, other third party fees and expenses, costs of appraisals, travel expenses, nonrefundable option payments and deposits on properties not acquired, accounting fees and expenses, title insurance premiums and other closing costs, personnel costs and miscellaneous expenses relating to the selection, acquisition and due diligence of properties or general operation of the Company. During the three and six months ended June 30, 2014, these expenses totaled $0.4 million and $2.0 million, respectively. During the three and six months ended June 30, 2013, these expenses totaled $1.1 million and $3.7 million, respectively.

Equity Awards

Upon consummation of the ARCT III Merger, the Company entered into the OPP with the Former Manager. The OPP gave the Former Manager the opportunity to earn compensation upon the attainment of certain stockholder value creation targets. The Company recorded $3.1 million and $3.7 million of expense during the three and six months ended June 30, 2013 in connection with the OPP. During the six months ended June 30, 2014, $1.6 million was recorded to general and administrative expenses as stock based compensation relating to the change in total return to stockholders used in computing the number of LTIP units earned between December 31, 2013 and January 8, 2014. No expenses were incurred during the three months ended June 30, 2014.

As a result of the ARCT III Merger, certain restricted shares held by employees of affiliates of the Former Manager were fully vested. This expense of $2.0 million is included in general and administrative expense in the accompanying consolidated statement of operations during the six months ended June 30, 2013. During the six months ended June 30, 2013, the Company granted 325,000 restricted stock awards to employees of affiliates of the Former Manager as compensation for certain services. The grant date fair value for this issuance was $4.5 million. No such awards were granted during the three months ended June 30, 2013.

During the six months ended June 30, 2014, the Company granted 796,075 restricted stock awards to employees of affiliates of the Former Manager as compensation for certain services and 87,202 restricted stock awards to two directors who are affiliates of the Former Manager. The grant date fair value of the awards of $12.5 million was recorded in general and administrative expenses in the accompanying consolidated statements of operations. No grants were made to employees of affiliates of the Former Manager during the three months ended June 30, 2014.

Indirect Affiliate Expenses

During 2014, the Company incurred fees and expenses payable to the Company’s affiliates or payable to a third party on behalf of the Company’s affiliates for amenities related to certain buildings, as explained below. No such fees or expenses were incurred during 2013. These expenses are depicted in the table below for the periods indicated (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2014		2014
Indirect affiliate expenses:
Audrain building	$	3,517	$	3,922
ANST office build-out		335		335
New York (405 Park Ave) office		116		187
Dresher, PA office		17		36
North Carolina office		12		15
Total	$	3,997	$	4,495

Audrain Building

During the year ended December 31, 2013, a wholly owned subsidiary of ARC Real Estate purchased a historic building in Newport, Rhode Island (“Audrain”) with plans to renovate the second floor to serve as offices for certain executives of the Company, and affiliates of the Former Manager. ARC Real Estate requested that invoices relating to the second floor renovation and tenant improvements and all building operating expenses either be reimbursed by the Company to the affiliate of the Former Manager or be paid directly to the contractors and vendors. During the three and six months ended June 30, 2014, the Company paid $3.5 million and $3.8 million, respectively, for tenant improvements and furniture and fixtures relating to the renovation. These payments were made directly to third parties.

In addition, on October 4, 2013, the Company entered into a lease agreement with the subsidiary of ARC Real Estate for a term of 15 years with annual base rent of $0.4 million requiring monthly payments beginning on that date. As there were tenants occupying the building when it was purchased, these tenants subleased their premises from the Company until their leases terminated. During the three and six months ended June 30, 2014, the Company incurred and paid $0.1 million and $0.1 million, respectively, for base rent, which was partially offset by $9,000 and $17,000, respectively, of rental revenue received from the subtenants.

Subsequent to June 30, 2014, as a result of findings of the investigation conducted by the Audit Committee, the Company terminated the lease agreement and was reimbursed for the tenant improvement and furniture costs incurred by the Company totaling approximately $8.5 million, which included the tenant improvements of approximately $3.8 million incurred by the Company in the six months ended June 30, 2014. Reimbursement was made by delivery and retirement of 916,423 OP Units held by an affiliate of the Former Manager. The Company never moved into or occupied the building.

ANST Office Build-out

During the six months ended June 30, 2014, as a result of the Cole Merger, the Company worked to develop a partnership with ANST to better service clients and shareholders more efficiently, as well as create more career opportunities for the employees. Plans were made to move ANST to part of the Cole Capital office building in 2014. In order to accommodate the ANST employees, the Cole Capital office building was to be remodeled. During the six months ended June 30, 2014, the Company paid $0.3 million directly to third parties for leasehold improvements and furniture and fixtures relating to the renovation.

Subsequently, ANST never moved into the building. The Company is considering its options with regard to recovery of such payments, although no decisions have been made at this time. No asset has been recognized in the financial statements related to any potential recovery.

Office Rents

During the three and six months ended June 30, 2014, the Company paid $0.1 million and $0.2 million, respectively, to an affiliate of the Former Manager for rent related to offices in New York, Pennsylvania and North Carolina where certain of the Company’s employees shared office space with an affiliate of the Former Manager.

Additional Related Party Transactions

The following related party transactions were not included in the tables above.

Tax Protection Agreement

The Company is party to a tax protection agreement with ARC Real Estate, which contributed its 100% indirect ownership interests in 63 of the Company’s properties to the Operating Partnership in the formation transactions related to the Company’s IPO. Pursuant to the tax protection agreement, the Company has agreed to indemnify ARC Real Estate for its tax liabilities (plus an additional amount equal to the taxes incurred as a result of such indemnity payment) attributable to its built-in gain, as of the closing of the formation transactions, with respect to its interests in the contributed properties (other than two vacant properties contributed), if the Company sells, conveys, transfers or otherwise disposes of all or any portion of these interests in a taxable transaction on or prior to September 6, 2021. The sole and exclusive rights and remedies of ARC Real Estate under the tax protection agreement will be a claim against the Operating Partnership for ARC Real Estate’s tax liabilities as calculated in the tax protection agreement, and ARC Real Estate shall not be entitled to pursue a claim for specific performance or bring a claim against any person that acquires a protected party from the Operating Partnership in violation of the tax protection agreement.

Investment from the ARCT III Special Limited Partner

In connection with the ARCT III Merger, the ARCT III Special Limited Partner invested $0.8 million in the ARCT III OP and was subsequently issued 56,797 OP Units in respect thereof upon the closing of the ARCT III Merger after giving effect to the ARCT III Exchange Ratio. This investment is included in non-controlling interests in the accompanying consolidated balance sheets.

Investment in an Affiliate of the Former Manager

As of June 30, 2014 and December 31, 2013, the Company held an investment valued at $1.7 million and $1.6 million, respectively, in a real estate fund advised by an affiliate of the Former Manager, American Real Estate Income Fund, which invests primarily in equity securities of other publicly traded REITs.

Ownership by Affiliates of the Former Manager

Certain affiliates of the Former Manager own shares of the Company’s common stock, shares of unvested restricted common stock, OP Units and LTIP Units. As of June 30, 2014 and December 31, 2013, 2.77% and 4.37%, respectively, of the total equity units issued by the Company and the OP were owned by affiliates.

Due to Affiliates

Due to affiliates, as reported in the accompanying consolidated balance sheets, is comprised of the following amounts discussed above (in thousands):

	June 30, 2014		December 31, 2013
	(as Restated)		(as Restated)
Due to affiliates:
Offering related costs	$	2,000	$	220
Merger and other non-routine transactions		42		38,645
General and administrative		868		59,600
Indirect affiliate expenses		68		—
Management fees to affiliates		—		4,969
Managed REITS and Other		206		—
Total	$	3,184	$	103,434

Cole Capital

Cole Capital is contractually responsible for managing the Managed REITs’ affairs on a day-to-day basis, identifying and making acquisitions and investments on the Managed REITs’ behalf, and recommending to each of the Managed REIT’s respective board of directors an approach for providing investors with liquidity. In addition, the Company distributes the shares of common stock for certain Managed REITs and advises them regarding offerings, manages relationships with participating broker-dealers and financial advisors and provides assistance in connection with compliance matters relating to the offerings. The Company receives compensation and reimbursement for services relating to the Managed REITs’ offerings and the investment, management and disposition of their respective assets, as applicable.

Cole Capital Offering Related Revenue

The Company generally receives a selling commission of up to 7.0% of gross offering proceeds related to the sale of shares of CCPT IV, CCIT II and CCPT V common stock in their primary offerings, before reallowance of commissions earned by participating broker-dealers. The Company has and intends to continue to reallow 100% of selling commissions earned to participating broker-dealers. In addition, the Company generally receives 2.0% of gross offering proceeds in the primary offerings, before reallowance to participating broker-dealers, as a dealer-manager fee in connection with the sale of CCPT IV, CCIT II and CCPT V shares of common stock. The Company, in its sole discretion, may reallow all or a portion of its dealer-manager fee to such participating broker-dealers as a marketing and due diligence expense reimbursement, based on factors such as the volume of shares sold by such participating broker-dealers and the amount of marketing support provided by such participating broker-dealers. No selling commissions or dealer-manager fees are paid to the Company or other broker-dealers with respect to shares sold under the respective Managed REIT’s distribution reinvestment plans, under which the stockholders may elect to have distributions reinvested in additional shares.

In connection with the sale of INAV shares of common stock, the Company receives an asset-based dealer-manager fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (i) 1/365th of 0.55% of the net asset value (“NAV”) for Wrap Class shares of common stock (“W Shares”) for such day, (ii) 1/365th of 0.55% of the NAV for Advisor Class shares of common stock (“A Shares”) for such day and (iii) 1/365th of 0.25% of the NAV for Institutional Class shares of common stock (“I Shares”) for such day. The Company, in its sole discretion, may reallow a portion of its dealer-manager fee received on W Shares, A Shares and I Shares to participating broker-dealers. In addition, the Company receives a selling commission on A Shares sold in the primary offering of up to 3.75% of the offering price per share for A Shares. The Company has and intends to continue to reallow 100% of selling commissions earned to participating broker-dealers. The Company also receives an asset-based distribution fee for A Shares that is payable in arrears on a monthly basis and accrues daily in an amount equal to 1/365th of 0.50% of the NAV for A Shares for such day. The Company, in its sole discretion, may reallow a portion of the distribution fee to participating broker-dealers. No selling commissions are paid to the Company or other broker-dealers with respect to W Shares or I Shares or on shares of any class of INAV common stock sold pursuant to INAV’s distribution reinvestment plan, under which the stockholders may elect to have distributions reinvested in additional shares, and no distribution fees are paid to the Company or other broker-dealers with respect to W Shares or I Shares.

All other organization and offering expenses associated with the sale of the Managed REITs’ common stock (excluding selling commissions, if applicable, and the dealer-manager fee) are paid for in advance by the Company and subject to reimbursement by the Managed REITs, up to certain limits per the respective advisory agreement. The organization and offering expenses incurred by the Company which are subject to reimbursement included costs which are paid to affiliates. As these costs are incurred, they are recorded as reimbursement revenue, up to the respective limit, and are included in dealer-manager fees, selling commissions and offering reimbursements in the financial results for Cole Capital in Note 6 — Segment Reporting (As Restated). Expenses paid on behalf of the Managed REITs in excess of these limits that are expected to be collected are recorded as program development costs. As of June 30, 2014, the Company had $7.0 million of organization and offering costs paid on behalf of the Managed REITs in excess of the limits that have not been reimbursed, which are expected to be reimbursed by the Managed REITs as they raise additional proceeds from the respective offering. The program development costs are included in deferred costs and other assets, net in the accompanying consolidated unaudited balance sheets.

The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided to the Managed REITs (as described above) during the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three and six months ended June 30, 2013.

	Three Months Ended June 30, 2014
	CCPT IV (1)			CCPT V		CCIT II		INAV		Total
Offering:
Selling commission revenue	$	(12	)	$	1,347	$	4,579	$	195	$	6,109
Selling commissions reallowance expense		(12	)		1,347		4,579		195		6,109
Dealer-manager fee revenue		(2	)		416		1,372		123		1,909
Dealer-manager fees reallowance expense		107			178		668		6		959
Other expense reimbursement revenue		(18	)		415		1,372		182		1,951

(1) Due to net cancellations during the quarter, related to shares sold prior to the fund closing on February 25, 2014.

	Period from the Cole Acquisition Date to June 30, 2014
	CCPT IV		CCPT V		CCIT II		INAV		Total
Offering:
Selling commission revenue	$	29,113	$	1,347	$	4,950	$	216	$	35,626
Selling commissions reallowance expense		29,113		1,347		4,950		216		35,626
Dealer-manager and distribution fee revenue		8,771		416		1,486		188		10,861
Dealer-manager fees reallowance expense		4,971		178		721		8		5,878
Other expense reimbursement revenue		3,749		465		1,486		235		5,935

Cole Capital Operating Revenue

The Company earns acquisition fees related to the acquisition, development or construction of properties on behalf of certain of the Managed REITs. In addition, the Company is reimbursed for acquisition expenses incurred in the process of acquiring properties up to certain limits per the respective advisory agreement. The Company is not reimbursed for personnel costs in connection with services for which it receives acquisition fees or real estate commissions. In addition, the Company may earn disposition fees related to the sale of one or more properties, including those held indirectly through joint ventures, on behalf of a Managed REIT. Acquisition and disposition fees and reimbursements, as applicable, are included in transaction service fees in the financial results for Cole Capital in Note 6 — Segment Reporting (As Restated).

The Company earns advisory and asset and property management fees from certain Managed REITs and other affiliates. In addition, the Company may be reimbursed for expenses incurred in providing advisory and asset and property management services, subject to certain limitations. In connection with services provided by the Company related to the origination or refinancing of any debt financing obtained by certain Managed REITs that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company is reimbursed for financing expenses incurred, subject to certain limitations. Advisory fees, asset and property management fees and reimbursements of expenses are included in management fees and reimbursements in the financial results for Cole Capital in Note 6 — Segment Reporting (As Restated).

The Company recorded fees and expense reimbursements as shown in the table below for services provided primarily to the Managed REITs (as described above) during the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three and six months ended June 30, 2013.

	Three Months Ended June 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	6,787	$	519	$	3,232	$	3,874	$	—	$	(1	)
Asset management fee revenue	$	—	$	—	$	—	$	—	$	—	$	252
Property management and leasing fee revenue	$	—	$	—	$	—	$	—	$	—	$	284
Operating expense reimbursement revenue	$	1,538	$	166	$	758	$	79	$	135	$	—
Advisory and performance fee revenue	$	4,747	$	9	$	4,561	$	115	$	198	$	—

	Period from the Cole Acquisition Date to June 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	10,785	$	585	$	3,727	$	3,874	$	—	$	(1	)
Asset management fee revenue	$	—	$	—	$	—	$	—	$	—	$	403
Property management and leasing fee revenue	$	—	$	—	$	—	$	—	$	—	$	574
Operating expense reimbursement revenue	$	2,603	$	183	$	1,187	$	79	$	135	$	—
Advisory and performance fee revenue	$	7,311	$	9	$	7,156	$	141	$	306	$	—

Investment in the Managed REITs

As of June 30, 2014, the Company owned aggregate equity investments of $3.9 million in the Managed REITs, which is included in investment in unconsolidated entities in the accompanying consolidated balance sheet. The table below presents certain information related to the Company’s investments in the Managed REITs as of June 30, 2014 (carrying amount in thousands):

	June 30, 2014
Managed REIT	% of Outstanding Shares Owned			Carrying Amount of Investment
CCPT IV		0.01	%	$	137
CCPT V		12.39	%		1,732
CCIT		0.01	%		79
CCIT II		3.79	%		1,809
INAV		0.22	%		160
				$	3,917

Due from Affiliates

As of June 30, 2014, $73.7 million was expected to be collected from affiliates, including balances from the Managed REITs lines of credits, as well as balances for services provided by the Company and expenses subject to reimbursement by the Managed REITs in accordance with their respective advisory and property management agreements and was included in due from affiliates on the accompanying consolidated balance sheet. In connection with the Cole Merger, the Company acquired a revolving line of credit agreement that provides for $10.0 million of available borrowings to CCIT II. During the six months ended June 30, 2014, the Company entered into a revolving line of credit agreement that provides for $10.0 million of available borrowings to CCPT V. The CCIT II and CCPT V line of credit agreements each bear an interest rate equal to the one-month LIBOR plus 2.20% and mature in January 2015 and March 2015, respectively. In addition, during the six months ended June 30, 2014, the Company increased the available borrowings under the revolving line of credit to CCIT II to $60.0 million. During the six months ended June 30, 2014, CCIT II and CCPT V borrowed $55.0 million and $9.7 million, respectively, on their lines of credit. These amounts remained outstanding as of June 30, 2014 and are included in due from affiliates in the accompanying consolidated balance sheets.

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Preferred and Common Stock (Detail) (USD $)	3 Months Ended				6 Months Ended				9 Months Ended		10 Months Ended	0 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Oct. 22, 2013	Feb. 28, 2013	May 28, 2014	Nov. 08, 2013	Jan. 03, 2014	Dec. 09, 2013	Aug. 20, 2013	Aug. 01, 2012	Dec. 31, 2013
Class of Stock [Line Items]
Proceeds from issuances of common stock, net offering costs					$ 1,593,462,000	[1]	$ 1,810,042,000	[1]
Gain (loss) on derivative instruments, net, pre tax	14,207,000	[1]	(31,174,000)	[1]	7,086,000	[1]	(31,179,000)	[1]
Conversion of OP units to series F preferred stock, shares					500,000
Common stock, shares authorized																1,500,000,000
Maximum amount of offering from universal shelf registration statement																		500,000,000
Authorized annual dividends, per share					$ 1.00				$ 1.00		$ 0.94
Authorized annual dividends increase (decrease), per share									$ 0.06
Stock repurchase program, authorized amount																	250,000,000
ARCT III [Member]
Class of Stock [Line Items]
Business acquisition, equity interest issued or issuable, number of shares												140,700,000
Business combination, acquiree shares exchanged for cash												29,200,000
Percentage of shares outstanding												16.50%
Business combination, consideration transferred, amount per share												$ 12.00
Business combination, acquiree shares equivalent of acquirer shares												27,700,000
Business combination, acquiree shares exchanged for acquirer shares												148,100,000
Resale Registration [Member]
Class of Stock [Line Items]
Common stock, shares authorized	1,882,248				1,882,248				1,882,248
At the Market Offering [Member]
Class of Stock [Line Items]
Maximum amount of offering from universal shelf registration statement	60,000,000				60,000,000				60,000,000
Public Offering [Member]
Class of Stock [Line Items]
Proceeds from issuances of common stock, net offering costs													1,590,000,000
Structuring Fee													2,000,000
Common Stock [Member]
Class of Stock [Line Items]
Preferred stock, issued														15,100,000
Proceeds from issuances of common stock, net offering costs														186,000,000
Shares issued (in shares)					662,305,318	[1],[2]	63,056,895	[1]
Common Stock [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Business acquisition, equity interest issued or issuable, number of shares															36,900,000
Common Stock [Member] | Universal Shelf Registration [Member]
Class of Stock [Line Items]
Shares issued (in shares)					2,100,000
Common Stock [Member] | Public Offering [Member]
Class of Stock [Line Items]
Share price													$ 12.00
Shares issued (in shares)													138,000,000
Member Units [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Business acquisition, equity interest issued or issuable, number of shares															600,000
Business combination, consideration transferred, amount per share															9.00
Series D preferred stock [Member]
Class of Stock [Line Items]
Preferred stock, issued	21,735,008	[1]			21,735,008	[1]			21,735,008	[1]				21,700,000					21,735,008	[1]
Proceeds from issuances of preferred shares														288,000,000
Preferred stock, dividend rate, percentage														5.81%
Share price														$ 13.59
Temporary equity, dividend rate, per-dollar amount														$ 0.79
Temporary equity, liquidation preference per share														$ 13.59
Temporary equity, liquidation preference, premium percentage														20.00%
Temporary equity, redemption, liquidation preference, percentage														102.00%
Temporary equity, redemption, value weighted average price, percentage														102.00%
Temporary equity, conversion, value weighted average price discount, percentage														2.00%
Number of trading days prior to the conversion election date														10 days
Temporary equity, conversion, discount on closing price, percentage														2.00%
Temporary equity, redemption price per share														$ 13.59
Temporary equity, conversion, volume weighted average price, percent														102.00%
Embedded derivative, fair value of embedded derivative, net	11,500,000				11,500,000				11,500,000					18,700,000					16,700,000
Gain (loss) on derivative instruments, net, pre tax					5,200,000
Preferred stock, fair value	$ 269,299,000	[1]			$ 269,299,000	[1]			$ 269,299,000	[1]				$ 269,300,000					$ 269,299,000	[1]
Temporary equity, shares authorized	21,735,008	[1]			21,735,008	[1]			21,735,008	[1]									21,735,008	[1]
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, issued	42,700,000				42,700,000				42,700,000
Preferred stock, outstanding	42,700,000				42,700,000				42,700,000
Preferred stock, liquidation preference per share	$ 25.00				$ 25.00				$ 25.00
Preferred stock, dividend rate, per-dollar-amount					$ 1.675
Series F Preferred Stock [Member] | Member Units [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage															6.70%
Business acquisition, equity interest issued or issuable, number of shares															42,200,000
Series F Preferred Stock [Member] | Member Units [Member] | ARCT IV [Member] | American Realty Capital Trust IV, Operating Partnership [Member]
Class of Stock [Line Items]
Business acquisition, equity interest issued or issuable, number of shares															700,000
Series F OP Units [Member]
Class of Stock [Line Items]
Preferred stock, issued	200,000				200,000				200,000
Preferred stock, outstanding	200,000				200,000				200,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $2.2 million to affiliates of the Former Manager (as defined in Note 1) for the six months ended June 30, 2014.

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Restated Consolidated Statements of Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Net loss	$ (56,598)	[1],[2]	$ (72,275)	[1],[2]	$ (362,438)	[1]	$ (218,212)	[1]
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments	(7,283)	[1]	14,058	[1]	(9,581)	[1]	12,881	[1]
Unrealized gain (loss) on investment securities, net	5,878	[1]	(1,793)	[1]	8,973	[1]	(1,365)	[1]
Total other comprehensive (loss) income	(1,405)	[1]	12,265	[1]	(608)	[1]	11,516	[1]
Total comprehensive loss	(58,003)	[1]	(60,010)	[1]	(363,046)	[1]	(206,696)	[1]
Net loss attributable to non-controlling interests	1,878		2,672		16,274		4,729
Total comprehensive loss attributable to the Company	(56,125)	[1]	(57,338)	[1]	(346,772)	[1]	(201,967)	[1]
As Previously Reported [Member]
Net loss	(43,265)	[2]	(72,433)	[2]	(363,920)		(214,028)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments	(6,883)		14,058		(4,247)		12,881
Unrealized gain (loss) on investment securities, net	5,878		(1,793)		8,973		(1,365)
Total other comprehensive (loss) income	(1,005)		12,265		4,726		11,516
Total comprehensive loss	(44,270)		(60,168)		(359,194)		(202,512)
Net loss attributable to non-controlling interests	2,937		475		14,911		907
Total comprehensive loss attributable to the Company	(41,333)		(59,693)		(344,283)		(201,605)
Error Corrections [Member]
Net loss	(13,333)	[2]	158	[2]	1,482		(4,184)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments	(400)		0		(5,334)		0
Unrealized gain (loss) on investment securities, net	0		0		0		0
Total other comprehensive (loss) income	(400)		0		(5,334)		0
Total comprehensive loss	(13,733)		158		(3,852)		(4,184)
Net loss attributable to non-controlling interests	(1,059)		2,197		1,363		3,822
Total comprehensive loss attributable to the Company	$ (14,792)		$ 2,355		$ (2,489)		$ (362)

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

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Other Debt (Tables) (Secured Debt [Member])

6 Months Ended

Jun. 30, 2014

Secured Debt [Member]

Schedule of Debt

The following table summarizes the scheduled aggregate principal repayments on Other Debt subsequent to June 30, 2014 (in thousands):

	Principal Repayment
July 1, 2014 - December 31, 2014	$	54,339
2015		11,862
2016		12,516
2017		7,680
2018		13,267
Thereafter		50,140
	$	149,804

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Net Loss Per Share (As Restated)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Net Loss Per Share (As Restated)

Note 22 — Net Loss Per Share (As Restated)

The Company’s unvested restricted stock contains non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings per share under the two-class method. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested restricted stock are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings.

AMERICAN REALTY CAPITAL PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

The following is a summary of the basic and diluted net loss per share computation for the three and six months ended June 30, 2014 and 2013 (dollar amounts in thousands, except for share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net loss attributable to the Company	$	(54,720	)	$	(69,603	)	$	(346,164	)	$	(213,483	)
Less: dividends declared on preferred shares and participating securities		23,291			233			46,723			426
Net loss attributable to common stockholders	$	(78,011	)	$	(69,836	)	$	(392,887	)	$	(213,909	)
Weighted average number of shares of common shares outstanding:
Basic		815,406,408			198,956,355			682,178,587			183,316,963
Net loss per common share:
Basic and diluted net loss per share attributable to common stockholders	$	(0.10	)	$	(0.35	)	$	(0.58	)	$	(1.17	)

As of June 30, 2014, the Company excluded 24,771,215 OP Units outstanding, which are convertible to an equal number of shares of the Company’s common stock, 5,649,968 shares of unvested restricted stock outstanding, 21,735,008 shares of the Company’s Series D Preferred Stock outstanding from the calculation of diluted net loss per share as the effect would have been antidilutive.

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Property Dispositions

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Note 23 — Property Dispositions (As Restated)

During the six months ended June 30, 2014, the Company disposed of 24 single-tenant properties and one multi-tenant property for an aggregate gross sales price of $96.4 million (the “2014 Property Dispositions”). There were no properties disposed of during the six months ended June 30, 2013. No disposition fees were paid in connection with the sale of the 2014 Property Dispositions and the Company has no continuing involvement with these properties.

As of June 30, 2014, there was one property classified as held for sale. As of December 31, 2013, the Company classified one property as held for sale, which has been presented as discontinued operations on the Company’s consolidated statements of operations.

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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013
Cash flows from operating activities:
Net loss	$ (362,438)	[1]	$ (218,212)	[1]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units	92,884	[1]	107,771	[1]
Depreciation and amortization	473,184	[1]	64,780	[1]
Loss on disposition of properties and assets held for sale, net	18,874	[1]	0	[1]
Equity-based compensation	27,264	[1]	6,791	[1]
Equity in income of unconsolidated entities	385	[1]	0	[1]
Distributions from unconsolidated entities	4,033	[1],[2]	0	[1],[2]
(Gain) loss on derivative instruments	(7,086)	[1]	45	[1]
Gain on sale of investments, net	0	[1]	(451)	[1]
Impairment of real estate	1,556	[1],[3]	0	[1],[3]
Unrealized loss on contingent value rights obligations, net of settlement payments	0	[1]	31,134	[1]
Gain on extinguishment of debt	(16,985)	[1]	0	[1]
Changes in assets and liabilities:
Investment in direct financing leases	525	[1]	0	[1]
Deferred costs and other assets, net	(93,553)	[1]	(10,263)	[1]
Due from affiliates	(5,685)	[1]	0	[1]
Accounts payable and accrued expenses	(51,771)	[1]	4,160	[1]
Deferred rent, derivative and other liabilities	(8,732)	[1]	2,676	[1]
Due to affiliates	(41,262)	[1]	1,349	[1]
Net cash provided by (used in) operating activities	31,193	[1]	(10,220)	[1]
Cash flows from investing activities:
Investments in real estate and other assets	(1,246,588)	[1]	(2,129,677)	[1]
Acquisition of a real estate business, net of cash acquired	(756,232)	[1]	0	[1]
Investment in direct financing leases	0	[1]	(76,410)	[1]
Capital expenditures	(9,989)	[1]	(30)	[1]
Real estate developments	(21,733)	[1]	0	[1]
Principal repayments received from borrowers	4,155	[1]	0	[1]
Investments in unconsolidated entities	(2,500)	[1]	0	[1]
Proceeds from disposition of properties	94,823	[1]	0	[1]
Investment in intangible assets	(266)	[1]	0	[1]
Deposits for real estate investments	(129,602)	[1]	(47,086)	[1]
Uses and refunds of deposits for real estate investments	196,075	[1]	0	[1]
Purchases of investment securities	0	[1]	(81,460)	[1]
Line of credit advances to affiliates	(80,300)	[1]	0	[1]
Line of credit repayments from affiliates	15,600	[1]	0	[1]
Proceeds from sale of investment securities	0	[1]	44,188	[1]
Change in restricted cash	(15,499)	[1]	0	[1]
Net cash used in investing activities	(1,952,056)	[1]	(2,290,475)	[1]
Cash flows from financing activities:
Proceeds from mortgage notes payable	718,275	[1]	6,924	[1]
Payments on mortgage notes payable	(876,874)	[1]	0	[1]
Payments on other debt	(7,524)	[1]	0	[1]
Proceeds from credit facilities	3,246,000	[1]	825,000	[1]
Payments on credit facilities	(4,628,800)	[1]	(349,604)	[1]
Proceeds from corporate bonds	2,545,760	[1]	0	[1]
Payments of deferred financing costs	(84,165)	[1]	(41,461)	[1]
Common stock repurchases	0	[1]	(350,396)	[1]
Proceeds from issuances of preferred shares	0	[1]	445,000	[1]
Proceeds from issuances of common stock, net offering costs	1,593,462	[1]	1,810,042	[1]
Consideration to the Former Manager (as defined in Note 1) for internalization	0	[1]	0	[1]
Contributions from non-controlling interest holders	982	[1]	29,758	[1]
Distributions to non-controlling interest holders	(15,831)	[1]	(3,111)	[1]
Distributions paid	(427,618)	[1]	(90,740)	[1]
Change in restricted cash	0	[1]	(844)	[1]
Net cash provided by financing activities	2,063,667	[1]	2,280,568	[1]
Net change in cash and cash equivalents	142,804	[1]	(20,127)	[1]
Cash and cash equivalents, beginning of period	52,725	[1]	292,575	[1]
Cash and cash equivalents, end of period	195,529	[1]	272,448	[1]
Supplemental disclosures:
Cash paid for interest	137,844	[1]	11,004	[1]
Cash paid for income taxes	7,622	[1]	382	[1]
Non-cash investing and financing activities:
Accrued capital expenditures and real estate developments	5,534	[1]	0	[1]
Common stock issued through distribution reinvestment plan	$ 0	[1]	$ 20,619	[1]

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] This line item caption has been added and is included in the accompanying consolidated statements of cash flows for the period ended June 30, 2014.

[3] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

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Income Taxes

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Note 24 — Income Taxes (As Restated)

As a REIT, the Company generally is not subject to federal income tax, with the exception of its TRS. However, the Company, including its TRS, is still subject to certain state and local income taxes in the various jurisdictions in which it operates.

Based on the above, Cole Capital, substantially all of which is conducted through a TRS, recognized a benefit from federal and state income taxes of $7.5 million and $13.7 million for the three and six months ended June 30, 2014, respectively, which is included in other income, net in the accompanying consolidated statement of operations. No provision or benefit for income taxes was recognized for the three and six months ended June 30, 2013 as the Company did not commence operations for Cole Capital until the Cole Acquisition Date. The difference in the benefit from income taxes reflected in the consolidated statements of operations as compared to the benefit calculated at the statutory federal income tax rate is primarily attributable to various permanent differences and state and local income taxes.

The REI segment recognized state income and franchise taxes of $2.8 million and $3.9 million during the three and six months ended June 30, 2014, respectively, and $0.1 million and $0.3 million during the three and six months ended June 30, 2013, respectively, which are included in other income, net in the accompanying consolidated statements of operations.

The Company had no unrecognized tax benefits as of or during the six months ended June 30, 2014 and 2013. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities. With few exceptions, the Company is no longer subject to federal or state examinations by tax authorities for years before 2010.

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Other Debt - Trust Preferred Note (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013		Nov. 05, 2013
Debt Instrument [Line Items]
Other debt, net	146,158,000	[1]	$ 104,804,000	[1]
CapLease [Member] | Unsecured Debt [Member] | Trust Preferred Notes [Member]
Debt Instrument [Line Items]
Other debt, net	26,600,000				30,900,000
Long-term debt, fair value					$ 26,500,000
Debt Instrument, Interest Rate, Stated Percentage					7.68%
CapLease [Member] | Unsecured Debt [Member] | Trust Preferred Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.60%

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Income Taxes (Detail) (Other Nonoperating Income (Expense) [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Cole Capital Segment [Member]
Segment Reporting Information [Line Items]
Provision for income taxes	$ 7.5	$ 0	$ 13.7	$ 0
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
State and local income tax expense (benefit), continuing operations	$ 2.8	$ 0.1	$ 3.9	$ 0.3

XML

Investment Securities, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following tables detail the unrealized gains and losses on investment securities as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investments in real estate fund	$	1,621	$	270	$	—		$	1,891
CMBS		208,584		8,775		(46	)		217,313
Total	$	210,205	$	9,045	$	(46	)	$	219,204

	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investments in real estate fund	$	1,589	$	—	$	(105	)	$	1,484
CMBS		60,452		498		(367	)		60,583
Total	$	62,041	$	498	$	(472	)	$	62,067

Available-for-Sale Securities

The scheduled maturity of the Company’s CMBS as of June 30, 2014 is as follows (in thousands):

	June 30, 2014
	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due after one year through five years		1,202		1,237
Due after five years through 10 years		178,922		186,042
Due after 10 years		28,460		30,034
	$	208,584	$	217,313

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Restated Consolidated Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013		Dec. 31, 2012		Nov. 08, 2013
Real estate investments, at cost:
Land	$ 3,343,235	[1]	$ 1,380,308	[1]	$ 754,493
Buildings, fixtures and improvements	12,420,626	[1]	5,297,400	[1]	2,813,279
Land and construction in progress	62,594	[1]	21,839	[1]
Acquired Intangible lease assets	2,227,393	[1]	759,595	[1]	432,300
Total real estate investments, at cost	18,053,848	[1]	7,459,142	[1]	4,000,072
Less: accumulated depreciation and amortization	(660,617)	[1]	(267,278)	[1]	(116,802)
Total real estate investments, net	17,393,231	[1]	7,191,864	[1]	3,883,270
Investment in unconsolidated entities	102,047	[1]	0	[1]
Investment in direct financing leases, net	62,094	[1]	66,112	[1]	76,410
Investment securities, at fair value	219,204	[1]	62,067	[1]	78,002
Loans held for investment, net	97,587	[1]	26,279	[1]
Cash and cash equivalents	195,529	[1]	52,725	[1]	272,448	[1]	292,575	[1]
Derivative assets, at fair value	5,522	[2]	9,189	[2]	0
Restricted cash	69,544	[1]	35,921	[1]	1,576
Deferred costs and other assets, net	418,199	[1]	280,661	[1]	128,183
Prepaid expenses	17,379	[2]	43,801	[2]	0
Intangible assets, net	347,618	[1]	0	[1]
Goodwill	2,293,020	[1]	92,789	[1]
Due from affiliates	73,686	[1]	0	[1]
Receivable for issuance of common stock					0
Deferred Costs	156,911	[2]	84,746	[2]	0
Assets held for sale	38,737	[1]	665	[1]	6,014
Total assets	21,310,496	[1]	7,809,083	[1]	4,445,903
LIABILITIES AND EQUITY
Credit facilities	1,896,000	[1]	1,969,800	[1]
Convertible Obligation to Series C Convertible Preferred Stockholders					445,000
Mortgage notes payable, net	4,227,494	[1]	1,301,114	[1]	272,042
Corporate bonds, net	2,546,089	[1]	0	[1]
Convertible debt, net	975,003	[1]	972,490	[1]
Secured credit facility	0	[3]	0	[3]
Contingent value rights obligation to preferred and common investors					31,134
Other debt, net	146,158	[1]	104,804	[1]
Below-market lease liabilities, net	281,954	[1]	77,169	[1]
Accounts payable and accrued expenses	174,942	[1]	730,571	[1]	666,080
Derivative liabilities	0		0		0
Deferred rent and other liabilities	223,419	[1]	40,271	[1]	8,359
Distributions payable	10,779	[1]	10,903	[1]	9,966
Due to affiliates	3,184	[1]	103,434	[1]	1,349
Total liabilities	10,485,022	[1]	5,310,556	[1]	2,033,930
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013	9,079	[1]	2,392	[1]	2,214
Additional paid-in capital	11,901,675	[1]	2,940,907	[1]	2,706,087
Accumulated other comprehensive income	7,058	[1]	7,666	[1]	7,582
Accumulated deficit	(1,639,208)	[1]	(877,957)	[1]	(447,741)
Total stockholders' equity	10,279,031	[1]	2,073,430	[1]	2,268,572
Non-controlling interests	277,144	[1]	155,798	[1]	143,401
Total equity	10,556,175	[1]	2,229,228	[1]	2,411,973	[1]	1,668,760	[1]
Total liabilities and equity	21,310,496	[1]	7,809,083	[1]	4,445,903
Senior Secured Credit Facility [Member]
LIABILITIES AND EQUITY
Credit facilities	0	[3]	0	[3]	0
Unsecured Debt [Member]
LIABILITIES AND EQUITY
Credit facilities	1,896,000		1,969,800		600,000
Preferred stock (excluding Series D Preferred Stock) [Member]
LIABILITIES AND EQUITY
Convertible preferred stock	427	[1]	422	[1]	430
Adjustment [Member]
Real estate investments, at cost:
Derivative assets, at fair value	0	[4]	0	[4]
Adjustments [Member]
Real estate investments, at cost:
Cash and cash equivalents	195,529		52,725		272,448		292,575
Prepaid expenses	0	[4]	0	[4]
Deferred Costs	0	[4]	0	[4]
Series D preferred stock [Member]
LIABILITIES AND EQUITY
Preferred stock	269,299	[1]	269,299	[1]					269,300
As Previously Reported [Member]
Real estate investments, at cost:
Land	3,361,195		1,379,453	[5]	504,562
Buildings, fixtures and improvements	12,445,972		5,291,031	[5]	2,043,270
Land and construction in progress	62,594		21,839	[5]
Acquired Intangible lease assets	2,231,675		758,376	[5]	318,488
Total real estate investments, at cost	18,101,436		7,450,699	[5]	2,866,320
Less: accumulated depreciation and amortization	(661,005)		(267,352)	[5]	(108,765)
Total real estate investments, net	17,440,431		7,183,347	[5]	2,757,555
Investment in unconsolidated entities	102,047		0	[5]
Investment in direct financing leases, net	62,094		66,112	[5]	67,518
Investment securities, at fair value	219,204		62,067	[5]	9,920
Loans held for investment, net	97,587		26,279	[5]
Cash and cash equivalents	193,690		52,725	[5]	10,958
Derivative assets, at fair value					10,161
Restricted cash	69,544		35,921	[5]	1,576
Deferred costs and other assets, net	405,056		0	[5]	0
Prepaid expenses					14,626
Intangible assets, net	347,618		0	[5]
Goodwill	2,304,880		102,419	[5]
Due from affiliates	73,336		0	[5]
Receivable for issuance of common stock					0
Deferred Costs					38,443
Assets held for sale			679	[5]	6,028
Total assets	21,315,487		7,807,979	[5]	2,916,785
LIABILITIES AND EQUITY
Convertible Obligation to Series C Convertible Preferred Stockholders					445,000
Mortgage notes payable, net	4,227,494		1,301,114	[5]	269,918
Corporate bonds, net	2,546,089		0	[5]
Convertible debt, net	975,003		972,490	[5]
Secured credit facility	0	[3]	150,000	[3],[5]
Contingent value rights obligation to preferred and common investors					31,134
Other debt, net	146,158		104,804	[5]
Below-market lease liabilities, net	283,518		77,789	[5]
Accounts payable and accrued expenses	154,741		808,900	[5]	12,060
Derivative liabilities	0		18,455	[5]	1,186
Deferred rent and other liabilities	218,023		21,816	[5]	5,274
Distributions payable	3,837		10,278	[5]	1
Due to affiliates	835		0	[5]	0
Total liabilities	10,451,698		5,285,446	[5]	1,364,573
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013	9,079		2,392	[5]	1,846
Additional paid-in capital	11,904,537		2,939,287	[5]	1,801,460
Accumulated other comprehensive income	12,392		7,666	[5]	8,919
Accumulated deficit	(1,628,354)		(864,516)	[5]	(379,502)
Total stockholders' equity	10,298,081		2,085,251	[5]	1,432,731
Non-controlling interests	296,409		167,983	[5]	119,481
Total equity	10,594,490		2,253,234	[5]	1,552,212
Total liabilities and equity	21,315,487		7,807,979	[5]	2,916,785
As Previously Reported [Member] | Senior Secured Credit Facility [Member]
LIABILITIES AND EQUITY
Credit facilities	0	[3]	1,819,800	[3],[5]	600,000
As Previously Reported [Member] | Unsecured Debt [Member]
LIABILITIES AND EQUITY
Credit facilities	1,896,000		0	[5]	0
As Previously Reported [Member] | Preferred stock (excluding Series D Preferred Stock) [Member]
LIABILITIES AND EQUITY
Convertible preferred stock	427		422	[5]	8
As Previously Reported [Member] | Adjustment [Member]
Real estate investments, at cost:
Derivative assets, at fair value	0	[4]	9,189	[4],[5]
As Previously Reported [Member] | Adjustments [Member]
Real estate investments, at cost:
Cash and cash equivalents	193,690		52,725		272,462		292,575
Prepaid expenses	0	[4]	187,930	[4],[5]
Deferred Costs			81,311	[4],[5]
As Previously Reported [Member] | Series D preferred stock [Member]
LIABILITIES AND EQUITY
Preferred stock	269,299		269,299	[5]
Reclassifications And Immaterial Adjustments [Member]
Real estate investments, at cost:
Land	0		0		0
Buildings, fixtures and improvements	(3,623)		0		0
Land and construction in progress	0		0
Acquired Intangible lease assets	382		382		347
Total real estate investments, at cost	(3,241)		382		347
Less: accumulated depreciation and amortization	(281)		(155)		(132)
Total real estate investments, net	(3,522)		227		215
Investment in unconsolidated entities	0		0
Investment in direct financing leases, net	0		0		0
Investment securities, at fair value	0		0		0
Loans held for investment, net	0		0
Cash and cash equivalents	0		0		0
Derivative assets, at fair value					(10,202)
Restricted cash	0		0		0
Deferred costs and other assets, net	3,522		281,865		128,825
Prepaid expenses					(64,888)
Intangible assets, net	0		0
Goodwill	0		0
Due from affiliates	0		0
Receivable for issuance of common stock					(443)
Deferred Costs					(53,507)
Assets held for sale			0		0
Total assets	0		0		0
LIABILITIES AND EQUITY
Convertible Obligation to Series C Convertible Preferred Stockholders					0
Mortgage notes payable, net	0		0		0
Corporate bonds, net	0		0
Convertible debt, net	0		0
Secured credit facility	0	[3]	(150,000)	[3]
Contingent value rights obligation to preferred and common investors					0
Other debt, net	0		0
Below-market lease liabilities, net	0		0
Accounts payable and accrued expenses	0		0		(103)
Derivative liabilities	0		(18,455)		0
Deferred rent and other liabilities	0		18,455		1,289
Distributions payable	0		0		0
Due to affiliates	0		0		0
Total liabilities	0		0		0
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013	0		0		0
Additional paid-in capital	0		0		0
Accumulated other comprehensive income	0		0		0
Accumulated deficit	0		0		0
Total stockholders' equity	0		0		0
Non-controlling interests	0		0		0
Total equity	0		0		0
Total liabilities and equity	0		0		0
Reclassifications And Immaterial Adjustments [Member] | Senior Secured Credit Facility [Member]
LIABILITIES AND EQUITY
Credit facilities	0	[3]	(1,819,800)	[3]	0
Reclassifications And Immaterial Adjustments [Member] | Unsecured Debt [Member]
LIABILITIES AND EQUITY
Credit facilities	0		1,969,800		0
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member]
Real estate investments, at cost:
Land					249,931	[6]
Buildings, fixtures and improvements					770,009	[6]
Acquired Intangible lease assets					113,465	[6]
Total real estate investments, at cost					1,133,405	[6]
Less: accumulated depreciation and amortization					(7,905)	[6]
Total real estate investments, net					1,125,500	[6]
Investment in direct financing leases, net					8,892	[6]
Investment securities, at fair value					68,082	[6]
Cash and cash equivalents					261,490	[6]
Derivative assets, at fair value					41	[6]
Restricted cash					0	[6]
Deferred costs and other assets, net					0	[6]
Prepaid expenses					50,262	[6]
Receivable for issuance of common stock					443	[6]
Deferred Costs					15,064	[6]
Assets held for sale					0	[6]
Total assets					1,529,774	[6]
LIABILITIES AND EQUITY
Convertible Obligation to Series C Convertible Preferred Stockholders					0	[6]
Mortgage notes payable, net					2,124	[6]
Contingent value rights obligation to preferred and common investors					0	[6]
Accounts payable and accrued expenses					654,518	[6]
Derivative liabilities					0	[6]
Deferred rent and other liabilities					1,796	[6]
Distributions payable					9,717	[6]
Due to affiliates					0	[6]
Total liabilities					668,155	[6]
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013					368	[6]
Additional paid-in capital					901,592	[6]
Accumulated other comprehensive income					(1,337)	[6]
Accumulated deficit					(68,175)	[6]
Total stockholders' equity					832,870	[6]
Non-controlling interests					28,749	[6]
Total equity					861,619	[6]
Total liabilities and equity					1,529,774	[6]
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member] | Senior Secured Credit Facility [Member]
LIABILITIES AND EQUITY
Credit facilities					0	[6]
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member] | Unsecured Debt [Member]
LIABILITIES AND EQUITY
Credit facilities					0	[6]
Reclassifications And Immaterial Adjustments [Member] | Preferred stock (excluding Series D Preferred Stock) [Member]
LIABILITIES AND EQUITY
Convertible preferred stock	0		0		0
Reclassifications And Immaterial Adjustments [Member] | Preferred stock (excluding Series D Preferred Stock) [Member] | ARCT IV [Member]
LIABILITIES AND EQUITY
Convertible preferred stock					422	[6]
Reclassifications And Immaterial Adjustments [Member] | Adjustment [Member]
Real estate investments, at cost:
Derivative assets, at fair value	0	[4]	(9,189)	[4]
Reclassifications And Immaterial Adjustments [Member] | Adjustments [Member]
Real estate investments, at cost:
Cash and cash equivalents	0		0		0		0
Prepaid expenses	0	[4]	(187,930)	[4]
Deferred Costs	0	[4]	(84,973)	[4]
Reclassifications And Immaterial Adjustments [Member] | Series D preferred stock [Member]
LIABILITIES AND EQUITY
Preferred stock	0		0
Error Corrections [Member]
Real estate investments, at cost:
Land	(17,960)		855		0
Buildings, fixtures and improvements	(21,723)		6,369		0
Land and construction in progress	0		0
Acquired Intangible lease assets	(4,664)		837		0
Total real estate investments, at cost	(44,347)		8,061		0
Less: accumulated depreciation and amortization	669		229		0
Total real estate investments, net	(43,678)		8,290		0
Investment in unconsolidated entities	0		0
Investment in direct financing leases, net	0		0		0
Investment securities, at fair value	0		0		0
Loans held for investment, net	0		0
Cash and cash equivalents	1,839		0		0
Derivative assets, at fair value					0
Restricted cash	0		0		0
Deferred costs and other assets, net	9,621		(1,204)		(642)
Prepaid expenses					0
Intangible assets, net	0		0
Goodwill	(11,860)		(9,630)
Due from affiliates	350
Receivable for issuance of common stock					0
Deferred Costs					0
Assets held for sale	38,737		(14)		(14)
Total assets	(4,991)		1,104		(656)
LIABILITIES AND EQUITY
Convertible Obligation to Series C Convertible Preferred Stockholders					0
Mortgage notes payable, net	0		0		0
Corporate bonds, net	0		0
Convertible debt, net	0		0
Secured credit facility	0	[3]	0	[3]
Contingent value rights obligation to preferred and common investors					0
Other debt, net	0		0
Below-market lease liabilities, net	(1,564)		(620)
Accounts payable and accrued expenses	20,201		(78,329)		(395)
Derivative liabilities	0		0		0
Deferred rent and other liabilities	5,396		0		0
Distributions payable	6,942		625		248
Due to affiliates	2,349		103,434		1,349
Total liabilities	33,324		25,110		1,202
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013	0		0		0
Additional paid-in capital	(2,862)		1,620		3,035
Accumulated other comprehensive income	(5,334)		0		0
Accumulated deficit	(10,854)		(13,441)		(64)
Total stockholders' equity	(19,050)		(11,821)		2,971
Non-controlling interests	(19,265)		(12,185)		(4,829)
Total equity	(38,315)		(24,006)		(1,858)
Total liabilities and equity	(4,991)		1,104		(656)
Error Corrections [Member] | Senior Secured Credit Facility [Member]
LIABILITIES AND EQUITY
Credit facilities	0	[3]	0	[3]	0
Error Corrections [Member] | Unsecured Debt [Member]
LIABILITIES AND EQUITY
Credit facilities	0		0		0
Error Corrections [Member] | Preferred stock (excluding Series D Preferred Stock) [Member]
LIABILITIES AND EQUITY
Convertible preferred stock	0		0		0
Error Corrections [Member] | Adjustment [Member]
Real estate investments, at cost:
Derivative assets, at fair value	0	[4]	0	[4]
Error Corrections [Member] | Adjustments [Member]
Real estate investments, at cost:
Cash and cash equivalents	1,839		0		(14)
Prepaid expenses	0	[4]	0	[4]
Deferred Costs	0	[4]	3,662	[4]
Error Corrections [Member] | Series D preferred stock [Member]
LIABILITIES AND EQUITY
Preferred stock	$ 0		$ 0

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] These line items have been updated since the Amended 10-K. Certain line items have been reclassified and included within the deferred costs and other assets, net in the accompanying consolidated balance sheet. For detail on the restatement and reclassification adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[3] This line item caption has been reclassified and included within deferred rent, derivative and other liabilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

[4] This line item caption has been reclassified and included within credit facilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

[5] This line item caption has been reclassified and included within deferred costs and other assets, net in the accompanying consolidated balance sheets for the period ended June 30, 2014.

[6] Adjustments to financial statements in order to apply the carryover basis of accounting to include the effects of the merger with ARCT IV.

XML

Investment Securities, at Fair Value - Narrative (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended		0 Months Ended
	Jun. 30, 2014 Security		Dec. 31, 2013 Security		Feb. 07, 2014 Security	Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	$ 219,204	[1]	$ 62,067	[1]		$ 78,002
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired			10
Investment securities, at fair value	217,313		60,583
Number of securities acquired, fair value below amortized cost	1
Available-for-sale securities amortized cost, accumulated gross unrealized loss, before tax	46
Commercial Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	217,300		60,600
Commercial Mortgage Backed Securities [Member] | Cole Merger [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired					15
Commercial Mortgage Backed Securities [Member] | Cole Merger [Member] | Estimate of Fair Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value					151,200
Commercial Mortgage Backed Securities [Member] | Real Estate Investment Segment [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired	25

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013		Dec. 31, 2012		Nov. 08, 2013
Real estate investments, at cost:
Land	$ 3,343,235	[1]	$ 1,380,308	[1]	$ 754,493
Buildings, fixtures and improvements	12,420,626	[1]	5,297,400	[1]	2,813,279
Land and construction in progress	62,594	[1]	21,839	[1]
Acquired Intangible lease assets	2,227,393	[1]	759,595	[1]	432,300
Total real estate investments, at cost	18,053,848	[1]	7,459,142	[1]	4,000,072
Less: accumulated depreciation and amortization	(660,617)	[1]	(267,278)	[1]	(116,802)
Total real estate investments, net	17,393,231	[1]	7,191,864	[1]	3,883,270
Investment in unconsolidated entities	102,047	[1]	0	[1]
Investment in direct financing leases, net	62,094	[1]	66,112	[1]	76,410
Investment securities, at fair value	219,204	[1]	62,067	[1]	78,002
Loans held for investment, net	97,587	[1]	26,279	[1]
Cash and cash equivalents	195,529	[1]	52,725	[1]	272,448	[1]	292,575	[1]
Restricted cash	69,544	[1]	35,921	[1]	1,576
Intangible assets, net	347,618	[1]	0	[1]
Deferred costs and other assets, net	418,199	[1]	280,661	[1]	128,183
Goodwill	2,293,020	[1]	92,789	[1]
Due from affiliates	73,686	[1]	0	[1]
Assets held for sale	38,737	[1]	665	[1]	6,014
Total assets	21,310,496	[1]	7,809,083	[1]	4,445,903
LIABILITIES AND EQUITY
Mortgage notes payable, net	4,227,494	[1]	1,301,114	[1]	272,042
Corporate bonds, net	2,546,089	[1]	0	[1]
Convertible debt, net	975,003	[1]	972,490	[1]
Credit facilities	1,896,000	[1]	1,969,800	[1]
Other debt, net	146,158	[1]	104,804	[1]
Below-market lease liabilities, net	281,954	[1]	77,169	[1]
Accounts payable and accrued expenses	174,942	[1]	730,571	[1]	666,080
Deferred rent, derivative and other liabilities	223,419	[1]	40,271	[1]	8,359
Distributions payable	10,779	[1]	10,903	[1]	9,966
Due to affiliates	3,184	[1]	103,434	[1]	1,349
Total liabilities	10,485,022	[1]	5,310,556	[1]	2,033,930
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 907,918,821 and 239,234,725 issued and outstanding at June 30, 2014 and December 31, 2013, respectively	9,079	[1]	2,392	[1]	2,214
Additional paid-in capital	11,901,675	[1]	2,940,907	[1]	2,706,087
Accumulated other comprehensive income	7,058	[1]	7,666	[1]	7,582
Accumulated deficit	(1,639,208)	[1]	(877,957)	[1]	(447,741)
Total stockholders' equity	10,279,031	[1]	2,073,430	[1]	2,268,572
Non-controlling interests	277,144	[1]	155,798	[1]	143,401
Total equity	10,556,175	[1]	2,229,228	[1]	2,411,973	[1]	1,668,760	[1]
Total liabilities and equity	21,310,496	[1]	7,809,083	[1]	4,445,903
Series D preferred stock [Member]
LIABILITIES AND EQUITY
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at June 30, 2014 and December 31, 2013, respectively	269,299	[1]	269,299	[1]					269,300
Preferred stock (excluding Series D Preferred Stock) [Member]
LIABILITIES AND EQUITY
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,730,013 and 42,199,547 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	$ 427	[1]	$ 422	[1]	$ 430

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest rate swaps		17	$	1,174,367

As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were not designated as qualifying hedging relationships (dollar amounts in thousands):

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest rate swaps		6	$	234,316

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	June 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	4,665		$	9,189
Interest rate products	Deferred rent, derivative and other liabilities	$	(9,190	)	$	(1,719	)

The table below presents the fair value of the Company’s derivative financial instruments not designated as hedges as well as their classification on the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):

Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	June 30, 2014			December 31, 2013
Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities	$	(11,520	)	$	(16,736	)
Interest rate products	Deferred rent, derivative and other liabilities	$	(3,621	)	$	—
Interest rate products	Deferred costs and other assets, net	$	857		$	—

Derivative Instruments and Hedging Activities Disclosure

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2014 and 2013, respectively (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2014			2013			2014			2013
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$	(9,857	)	$	12,786		$	(13,696	)	$	10,926
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	(2,574	)	$	(1,272	)	$	(4,115	)	$	(1,955	)

Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheet

The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets (in thousands).

Offsetting of Derivative Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets			Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2014	$	5,522	$	(24,331	)	$	—	$	5,522	$	(24,331	)	$	—	$	—	$	(18,809	)
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)

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Accounts Payable and Accrued Expenses (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013
Payables and Accruals [Abstract]
Accrued other	$ 64,669		$ 34,407
Accrued interest	54,932		14,189
Accrued real estate taxes	49,966		24,658
Accounts payable	5,375		5,887
Accrued merger costs	0		651,430
Accounts payable and accrued expenses	$ 174,942	[1]	$ 730,571	[1]	$ 666,080

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Property Dispositions (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties, held for sale	1
2014 Property Dispositions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, gross sales price	$ 96.4
Single Tenant Properties [Member] | 2014 Property Dispositions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of	24
Multi Tenant Properties [Member] | 2014 Property Dispositions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of	1

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)		Total USD ($)	Member Units [Member] USD ($)	Series D preferred stock [Member] USD ($)	Preferred stock (excluding Series D Preferred Stock) [Member] USD ($)	Convertible Preferred Stock [Member]	Preferred Stock [Member] USD ($)	Preferred Stock [Member] Preferred OP Units USD ($)		Preferred Stock [Member] Convertible Preferred Stock [Member] USD ($)	Common Stock [Member] USD ($)	Common Stock [Member] Common OP Units USD ($)		Additional Paid-in Capital [Member] USD ($)	Additional Paid-in Capital [Member] Common OP Units USD ($)	Additional Paid-in Capital [Member] Preferred OP Units USD ($)	Accumulated Other Comprehensive Income (Loss) [Member] USD ($)	Accumulated Deficit [Member] USD ($)	Accumulated Deficit [Member] Series D preferred stock [Member] USD ($)	Accumulated Deficit [Member] Preferred stock (excluding Series D Preferred Stock) [Member] USD ($)	Parent [Member] USD ($)	Parent [Member] Common OP Units USD ($)	Parent [Member] Preferred OP Units USD ($)	Parent [Member] Series D preferred stock [Member] USD ($)	Parent [Member] Preferred stock (excluding Series D Preferred Stock) [Member] USD ($)	Parent [Member] Convertible Preferred Stock [Member]	Non-Controlling Interests [Member] USD ($)	Non-Controlling Interests [Member] Common OP Units USD ($)	Non-Controlling Interests [Member] Preferred OP Units USD ($)	Non-Controlling Interests [Member] Member Units [Member] USD ($)
Value, outstanding, beginning balance at Dec. 31, 2012	[1]	$ 1,668,760,000					$ 70,000				$ 1,846,000			$ 1,778,883,000			$ (3,934,000)	$ (124,286,000)			$ 1,652,579,000						$ 16,181,000
Shares, outstanding, beginning balance at Dec. 31, 2012	[1]										184,553,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net ( in shares)	[1]					360,000				360,000	63,056,895															360,000
Issuance of stock, net	[1]	1,967,943,000								35,930,885	628,000			1,967,315,000							1,967,943,000
Excess of ARCT IV Merger consideration over historical cost	[1]	(555,683,000)												(555,683,000)							(555,683,000)
Conversion of Units to stock	[1]											6,000			5,793,000							5,799,000						(5,799,000)
Offering cost, commissions and dealer manager fees	[1],[2]	(163,814,000)												(163,814,000)							(163,814,000)
Conversion of Units to stock, shares	[1]											599,233
Common stock issued through distribution reinvestment plan (in shares)	[1]										832,591
Common stock issued through dividend reinvestment plan	[1]	20,615,000									8,000			20,607,000							20,615,000
Common stock repurchases	[1]	(350,397,000)									(277,000)			(350,120,000)							(350,397,000)
Common stock repurchases (in shares)	[1]										(27,697,412)
Equity-based compensation	[1]	6,791,000									3,000			3,106,000							3,109,000						3,682,000
Equity-based compensation (in shares)	[1]										345,491
Distributions declared on common stock	[1]	(109,972,000)																(109,972,000)			(109,972,000)
Issuance of OP Units	[1]	107,771,000																									107,771,000
Distributions to non-controlling interest holders	[1]	(3,463,000)																									(3,463,000)
Contributions from non-controlling interest holders	[1]	29,758,000																									29,758,000
Net loss	[1]	(218,212,000)																(213,483,000)			(213,483,000)						(4,729,000)
Other comprehensive income	[1]	11,516,000															11,516,000				11,516,000
Value, outstanding, ending balance at Jun. 30, 2013	[1]	2,411,973,000					430,000				2,214,000			2,706,087,000			7,582,000	(447,741,000)			2,268,572,000						143,401,000
Shares, outstanding, ending balance at Jun. 30, 2013	[1]						42,921,213				221,690,474
Value, outstanding, beginning balance at Dec. 31, 2013	[1]	2,229,228,000					422,000				2,392,000			2,940,907,000			7,666,000	(877,957,000)			2,073,430,000						155,798,000
Shares, outstanding, beginning balance at Dec. 31, 2013	[1]						42,199,547				239,234,725
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net ( in shares)	[1],[3]										662,305,318
Issuance of stock, net	[1],[3]	8,923,570,000									6,623,000			8,916,947,000							8,923,570,000
Conversion of Units to stock	[1]							5,000				10,000			14,715,000	10,795,000						14,725,000	10,800,000					(14,725,000)	(10,800,000)
Conversion of Units to stock, shares		500,000						530,466	[1]			1,017,355	[1]
Distributions	[1]			(2,280,000)	(44,468,000)														(2,280,000)	(44,468,000)				(2,280,000)	(44,468,000)
Contributions from non-controlling interest holders	[1]	982,000																									982,000
Non-controlling interests retained in Cole Merger	[1]	24,766,000																									24,766,000
Equity-based compensation	[1]	27,264,000												20,384,000							20,384,000						6,880,000
Distributions declared on common stock	[1]	(368,339,000)																(368,339,000)			(368,339,000)
Issuance of OP Units	[1]		152,484,000																											152,484,000
Distributions to non-controlling interest holders	[1]	(21,967,000)																									(21,967,000)
Net loss	[1]	(362,438,000)																(346,164,000)			(346,164,000)						(16,274,000)
Other comprehensive income	[1]	(608,000)															(608,000)				(608,000)
Issuance of restricted share awards, net	[1]	(2,019,000)									54,000			(2,073,000)							(2,019,000)
Issuance of restricted share awards, net (in shares)	[1]										5,361,423
Value, outstanding, ending balance at Jun. 30, 2014	[1]	$ 10,556,175,000					$ 427,000				$ 9,079,000			$ 11,901,675,000			$ 7,058,000	$ (1,639,208,000)			$ 10,279,031,000						$ 277,144,000
Shares, outstanding, ending balance at Jun. 30, 2014	[1]						42,730,013				907,918,821

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $158.7 million to affiliates of the Former Manager (as defined in Note 1) for the six months ended June 30, 2013.

[3] Includes $2.2 million to affiliates of the Former Manager (as defined in Note 1) for the six months ended June 30, 2014.

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Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Position) (Detail) (Designated as Hedging Instrument [Member], Interest Rate Contract [Member], Cash Flow Hedging [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$ (9,857)	$ 12,786	$ (13,696)	$ 10,926
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$ (2,574)	$ (1,272)	$ (4,115)	$ (1,955)

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Summary of Significant Accounting Policies (Detail) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment	3,917,000
Number of Operating Segments	1
Number of reportable segments	2
Office Furniture, Fixtures and Equipment and Computer Hardware and Software [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Property, plant and equipment, useful life	5 years
Office Furniture, Fixtures and Equipment and Computer Hardware and Software [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Property, plant and equipment, useful life	7 years
Unconsolidated Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures	6
Number of owned properties	6
Carrying amount of investment	98,100,000
Cole Credit Property Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment	5,000
Unconsolidated Managed Real Estate Investment Trusts [Member]
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment	3,900,000
Member Units [Member]
Schedule of Equity Method Investments [Line Items]
Antidilutive securities excluded from computation of earnings per share	24,771,215	9,591,174

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Commitments and Contingencies Purchase Commitments (Detail) (Purchase Commitment [Member], Private Capital Management Segment [Member], USD $)	6 Months Ended
	Jun. 30, 2014 Property Agreement
Purchase Commitment [Member] | Private Capital Management Segment [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of purchase and sale agreements	70
Purchase commitment, percentage of voting interests acquired	100.00%
Number of properties acquired	416
Purchase commitment, aggregate purchase price	$ 1,500,000,000
Escrow deposit	$ 41,800,000

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Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

June 30, 2014 and December 31, 2013 Restated Consolidated Balance Sheets

	June 30, 2014												December 31, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported (1)			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	3,361,195		$	—		$	(17,960	)	$	3,343,235		$	1,379,453		$	—		$	855		$	1,380,308
Buildings, fixtures and improvements		12,445,972			(3,623	)		(21,723	)		12,420,626			5,291,031			—			6,369			5,297,400
Land and construction in progress		62,594			—			—			62,594			21,839			—			—			21,839
Acquired intangible lease assets		2,231,675			382			(4,664	)		2,227,393			758,376			382			837			759,595
Total real estate investments, at cost		18,101,436			(3,241	)		(44,347	)		18,053,848			7,450,699			382			8,061			7,459,142
Less: accumulated depreciation and amortization		(661,005	)		(281	)		669			(660,617	)		(267,352	)		(155	)		229			(267,278	)
Total real estate investments, net		17,440,431			(3,522	)		(43,678	)		17,393,231			7,183,347			227			8,290			7,191,864
Investment in unconsolidated entities		102,047			—			—			102,047			—			—			—			—
Investment in direct financing leases, net		62,094			—			—			62,094			66,112			—			—			66,112
Investment securities, at fair value		219,204			—			—			219,204			62,067			—			—			62,067
Loans held for investment, net		97,587			—			—			97,587			26,279			—			—			26,279
Cash and cash equivalents		193,690			—			1,839			195,529			52,725			—			—			52,725
Derivative assets, at fair value (2)		—			—			—			—			9,189			(9,189	)		—			—
Restricted cash		69,544			—			—			69,544			35,921			—			—			35,921
Prepaid Expenses (2)		—			—			—			—			187,930			(187,930	)		—			—
Intangible assets, net		347,618			—			—			347,618			—			—			—			—
Deferred costs and other assets, net		405,056			3,522			9,621			418,199			—			281,865			(1,204	)		280,661
Goodwill		2,304,880			—			(11,860	)		2,293,020			102,419			—			(9,630	)		92,789
Due from affiliates		73,336			—			350			73,686			—			—						—
Deferred Costs (2)		—			—			—			—			81,311			(84,973	)		3,662			—
Assets held for sale		—						38,737			38,737			679			—			(14	)		665
Total assets	$	21,315,487		$	—		$	(4,991	)	$	21,310,496		$	7,807,979		$	—		$	1,104		$	7,809,083
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	4,227,494		$	—		$	—		$	4,227,494		$	1,301,114		$	—		$	—		$	1,301,114
Corporate bonds, net		2,546,089			—			—			2,546,089			—			—			—			—
Convertible debt, net		975,003			—			—			975,003			972,490			—			—			972,490
Senior corporate credit facilities (3)		—			—			—			—			1,819,800			(1,819,800	)		—			—
Secured credit facility (3)		—			—			—			—			150,000			(150,000	)		—			—
Credit facilities		1,896,000			—			—			1,896,000			—			1,969,800			—			1,969,800
Other debt, net		146,158			—			—			146,158			104,804			—			—			104,804
Below-market lease liabilities, net		283,518			—			(1,564	)		281,954			77,789			—			(620	)		77,169
Accounts payable and accrued expenses		154,741			—			20,201			174,942			808,900			—			(78,329	)		730,571
Derivative liabilities, at fair value (4)		—			—			—			—			18,455			(18,455	)		—			—
Deferred rent and other liabilities		218,023			—			5,396			223,419			21,816			18,455			—			40,271
Distributions payable		3,837			—			6,942			10,779			10,278			—			625			10,903
Due to affiliates		835			—			2,349			3,184			—			—			103,434			103,434
Total liabilities		10,451,698			—			33,324			10,485,022			5,285,446			—			25,110			5,310,556

The consolidated balance sheets continue onto the next page.

	June 30, 2014											December 31, 2013
	As Previously Reported			Reclassifications		Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at June 30, 2014 and December 31, 2013, respectively	$	269,299		$	—	$	—		$	269,299		$	269,299		$	—	$	—		$	269,299
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,730,013 and 42,199,547 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively		427			—		—			427			422			—		—			422
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 907,918,821 and 239,234,725 issued and outstanding at June 30, 2014 and December 31, 2013, respectively		9,079			—		—			9,079			2,392			—		—			2,392
Additional paid-in capital		11,904,537			—		(2,862	)		11,901,675			2,939,287			—		1,620			2,940,907
Accumulated other comprehensive income		12,392			—		(5,334	)		7,058			7,666			—		—			7,666
Accumulated deficit		(1,628,354	)		—		(10,854	)		(1,639,208	)		(864,516	)		—		(13,441	)		(877,957	)
Total stockholders’ equity		10,298,081			—		(19,050	)		10,279,031			2,085,251			—		(11,821	)		2,073,430
Non-controlling interests		296,409			—		(19,265	)		277,144			167,983			—		(12,185	)		155,798
Total equity		10,594,490			—		(38,315	)		10,556,175			2,253,234			—		(24,006	)		2,229,228
Total liabilities and equity	$	21,315,487		$	—	$	(4,991	)	$	21,310,496		$	7,807,979		$	—	$	1,104		$	7,809,083

(1) This line item caption has been reclassified and included within deferred costs and other assets, net in the accompanying consolidated balance sheets for the period ended June 30, 2014.

(2) This line item caption has been reclassified and included within credit facilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

(3) This line item caption has been reclassified and included within deferred rent, derivative and other liabilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

June 30, 2013 Restated Consolidated Balance Sheet

	June 30, 2013
	As Previously Reported			ARCT IV Adjustments (1)			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	504,562		$	249,931		$	—		$	—		$	754,493
Buildings, fixtures and improvements		2,043,270			770,009			—			—			2,813,279
Acquired intangible lease assets		318,488			113,465			347			—			432,300
Total real estate investments, at cost		2,866,320			1,133,405			347			—			4,000,072
Less: accumulated depreciation and amortization		(108,765	)		(7,905	)		(132	)		—			(116,802	)
Total real estate investments, net		2,757,555			1,125,500			215			—			3,883,270
Investment in direct financing leases, net		67,518			8,892			—			—			76,410
Investment securities, at fair value		9,920			68,082			—			—			78,002
Cash and cash equivalents		10,958			261,490			—			—			272,448
Derivative assets, at fair value		10,161			41			(10,202	)		—			—
Restricted cash		1,576			—			—			—			1,576
Deferred costs and other assets, net		—			—			128,825			(642	)		128,183
Prepaid expenses and other assets, net		14,626			50,262			(64,888	)		—			—
Receivable for issuance of common stock		—			443			(443	)		—			—
Deferred costs, net		38,443			15,064			(53,507	)		—			—
Assets held for sale		6,028			—			—			(14	)		6,014
Total assets	$	2,916,785		$	1,529,774		$	—		$	(656	)	$	4,445,903
LIABILITIES AND EQUITY
Mortgage notes payable, net		269,918			2,124			—			—			272,042
Senior corporate credit facilities		600,000			—			—			—			—
Credit facilities		—			—			—			—			600,000
Convertible Obligation to Series C Convertible Preferred Stockholders		445,000			—			—			—			445,000
Contingent value rights obligation to preferred and common investors		31,134			—			—			—			31,134
Derivative liabilities		1,186			—			—			—			—
Accounts payable and accrued expenses		12,060			654,518			(103	)		(395	)		666,080
Deferred rent and other liabilities		5,274			1,796			1,289			—			8,359
Distributions payable		1			9,717			—			248			9,966
Due to affiliates		—			—			—			1,349			1,349
Total liabilities		1,364,573			668,155			—			1,202			2,033,930
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,921,213 shares issued and outstanding at June 30, 2013		8			422			—			—			430
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013		1,846			368			—			—			2,214
Additional paid-in capital		1,801,460			901,592			—			3,035			2,706,087
Accumulated other comprehensive income		8,919			(1,337	)		—			—			7,582
Accumulated deficit		(379,502	)		(68,175	)		—			(64	)		(447,741	)
Total stockholders’ equity		1,432,731			832,870			—			2,971			2,268,572
Non-controlling interests		119,481			28,749			—			(4,829	)		143,401
Total equity		1,552,212			861,619			—			(1,858	)		2,411,973
Total liabilities and equity	$	2,916,785		$	1,529,774		$	—		$	(656	)	$	4,445,903

(1) Adjustments to financial statements in order to apply the carryover basis of accounting to include the effects of the merger with ARCT IV.

Restated Consolidated Statements of Operations (for the three months ended June 30, 2014 and 2013)

	Three Months Ended												Three Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	314,843		$	—		$	(324	)	$	314,519		$	52,664		$	—		$	—		$	52,664
Direct financing lease income		1,181			—			—			1,181			—			—			—			—
Operating expense reimbursements		28,545			—			711			29,256			2,281			—			—			2,281
Cole Capital revenue		37,412			(190	)		—			37,222			—			—			—			—
Total revenues		381,981			(190	)		387			382,178			54,945			—			—			54,945
Operating expenses:
Cole Capital reallowed fees and commissions		7,068			—			—			7,068			—			—			—			—
Acquisition related		8,453			—			(1,252	)		7,201			37,289			—			(23	)		37,266
Merger and other transaction related (1)		13,286			—			(5,864	)		7,422			6,393			—			(528	)		5,865
Property operating		39,372			—			(86	)		39,286			3,086			—			—			3,086
General and administrative		19,063			2,788			18,161			40,012			2,361			23			3,899			6,283
Equity-based compensation (2)		9,338			—			(9,338	)		—			3,458			—			(3,458	)		—
Depreciation and amortization		258,993			—			(8,254	)		250,739			33,752			(23	)		(48	)		33,681
Impairment of real estate (3)		—			—			1,556			1,556			—			—			—			—
Total operating expenses		355,573			2,788			(5,077	)		353,284			86,339			—			(158	)		86,181
Operating income (loss)		26,408			(2,978	)		5,464			28,894			(31,394	)		—			158			(31,236	)
Other (expense) income:
Interest expense, net		(99,635	)		(4,619	)		357			(103,897	)		(11,068	)		(356	)		—			(11,424	)
Extinguishment of debt, net (3)		—			—			(6,469	)		(6,469	)		—			—			—			—
Other income, net		6,526			7,597			(2,187	)		11,936			1,167			356			—			1,523
Gain (loss) on derivative instruments, net		21,926			—			(7,719	)		14,207			(40	)		(31,134	)		—			(31,174	)
Loss on contingent value rights		—			—			—			—			(31,134	)		31,134			—			—
Gain on disposition of properties, net		1,510			—			(2,779	)		(1,269	)		—			—			—			—
Total other expenses, net		(69,673	)		2,978			(18,797	)		(85,492	)		(41,075	)		—			—			(41,075	)
Net loss from continuing operations		(43,265	)		—			(13,333	)		(56,598	)		(72,469	)		—			158			(72,311	)
Discontinued operations:
Income from operations of held for sale properties		—			—			—			—			36			—			—			36
Net loss from discontinued operations		—			—			—			—			36			—			—			36
Net loss		(43,265	)		—			(13,333	)		(56,598	)		(72,433	)		—			158			(72,275	)
Net loss attributable to non-controlling interests		2,937			—			(1,059	)		1,878			475			—			2,197			2,672
Net loss attributable to the Company	$	(40,328	)	$	—		$	(14,392	)	$	(54,720	)	$	(71,958	)	$	—		$	2,355		$	(69,603	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.08	)	$	—		$	—		$	(0.10	)	$	(0.36	)	$	—		$	—		$	(0.35	)

(1) This line item caption has been updated to “merger and other non-routine transactions” in the accompanying consolidated statements of operations.

(2) As disclosed above, this line item caption has been reclassified into “general and administrative” in the accompanying consolidated statements of operations.

(3) This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

Restated Consolidated Statements of Operations (for the six months ended June 30, 2014 and 2013)

	Six Months Ended												Six Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	559,288		$	—		$	(354	)	$	558,934		$	93,651		$	—		$	—		$	93,651
Direct financing lease income		2,187			—			—			2,187			—			—			—			—
Operating expense reimbursements		49,641			—			1,091			50,732			4,191			—			—			4,191
Cole Capital revenue		91,479			—			—			91,479			—			—			—			—
Total revenues		702,595			—			737			703,332			97,842			—			—			97,842
Operating expenses:
Cole Capital reallowed fees and commissions		41,504			—			—			41,504			—			—			—			—
Acquisition related		20,337			—			281			20,618			47,616			—			(23	)		47,593
Merger and other non-routine transactions (1)		235,478			—			(67,758	)		167,720			144,162			—			(14,729	)		129,433
Property operating		69,030			—			11			69,041			5,635			—			—			5,635
Management fees to affiliate		—			—			13,888			13,888			—			—			12,493			12,493
General and administrative		44,748			3,911			47,845			96,504			3,815			23			10,217			14,055
Equity-based compensation (2)		31,848			—			(31,848	)		—			4,339			—			(4,339	)		—
Depreciation and amortization		424,356			—			225			424,581			60,505			(23	)		(48	)		60,434
Impairment of real estate (3)		—			—			1,556			1,556			—			—			—			—
Total operating expenses		867,301			3,911			(35,800	)		835,412			266,072			—			3,571			269,643
Operating income (loss)		(164,706	)		(3,911	)		36,537			(132,080	)		(168,230	)		—			(3,571	)		(171,801	)
Other (expense) income:
Interest expense, net		(216,347	)		(8,272	)		(229	)		(224,848	)		(17,124	)		(502	)		(599	)		(18,225	)
Extinguishment of debt, net (4)		—			—			(15,868	)		(15,868	)		—			—			—			—
Other income, net		10,915			12,183			(952	)		22,146			2,020			502			—			2,522
Gain (loss) on derivative instruments, net		1,729			—			5,357			7,086			(45	)		(31,134	)		—			(31,179	)
Loss on contingent value rights		—			—			—			—			(31,134	)		31,134			—			—
Gain (loss) on disposition of properties and held for sale assets, net		4,489			—			(23,363	)		(18,874	)		—			—			—			—
Gain on sale of investments		—			—			—			—			451			—			—			451
Total other expenses, net		(199,214	)		3,911			(35,055	)		(230,358	)		(45,832	)		—			(599	)		(46,431	)
Net loss from continuing operations		(363,920	)		—			1,482			(362,438	)		(214,062	)		—			(4,170	)		(218,232	)
Discontinued operations:
Income from operations of held for sale properties		—			—			—			—			20			—			—			20
Gain on held for sale properties		—			—			—			—			14			—			(14	)		—
Net loss from discontinued operations		—			—			—			—			34			—			(14	)		20
Net loss		(363,920	)		—			1,482			(362,438	)		(214,028	)		—			(4,184	)		(218,212	)
Net loss attributable to non-controlling interests		14,911			—			1,363			16,274			907			—			3,822			4,729
Net loss attributable to the Company	$	(349,009	)	$	—		$	2,845		$	(346,164	)	$	(213,121	)	$	—		$	(362	)	$	(213,483	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.58	)	$	—		$	—		$	(0.58	)	$	(1.16	)	$	—		$	—		$	(1.17	)

(1) This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

(2) As disclosed above, this line item caption has been reclassified into “general and administrative” in the accompanying consolidated statements of operations.

(3) This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

Restated Statements of Comprehensive Loss (for the three months ended June 30, 2014 and 2013)

	Three Months Ended									Three Months Ended
	June 30, 2014									June 30, 2013
	As Previously Reported			Restatement Adjustments			As Restated			As Previously Reported			Restatement Adjustments		As Restated
Net loss (1)	$	(43,265	)	$	(13,333	)	$	(56,598	)	$	(72,433	)	$	158	$	(72,275	)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments		(6,883	)		(400	)		(7,283	)		14,058			—		14,058
Unrealized gain (loss) on investment securities, net		5,878			—			5,878			(1,793	)		—		(1,793	)
Total other comprehensive (loss) income		(1,005	)		(400	)		(1,405	)		12,265			—		12,265
Total comprehensive loss		(44,270	)		(13,733	)		(58,003	)		(60,168	)		158		(60,010	)
Net loss attributable to non-controlling interests		2,937			(1,059	)		1,878			475			2,197		2,672
Total comprehensive loss attributable to the Company	$	(41,333	)	$	(14,792	)	$	(56,125	)	$	(59,693	)	$	2,355	$	(57,338	)

(1) The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

Restated Statements of Comprehensive Loss (for the six months ended June 30, 2014 and 2013)

	Six Months Ended									Six Months Ended
	June 30, 2014									June 30, 2013
	As Previously Reported			Restatement Adjustments			As Restated			As Previously Reported			Restatement Adjustments			As Restated
Net loss	$	(363,920	)	$	1,482		$	(362,438	)	$	(214,028	)	$	(4,184	)	$	(218,212	)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments		(4,247	)		(5,334	)		(9,581	)		12,881			—			12,881
Unrealized gain (loss) on investment securities, net		8,973			—			8,973			(1,365	)		—			(1,365	)
Total other comprehensive (loss) income		4,726			(5,334	)		(608	)		11,516			—			11,516
Total comprehensive loss		(359,194	)		(3,852	)		(363,046	)		(202,512	)		(4,184	)		(206,696	)
Net loss attributable to non-controlling interests		14,911			1,363			16,274			907			3,822			4,729
Total comprehensive loss attributable to the Company	$	(344,283	)	$	(2,489	)	$	(346,772	)	$	(201,605	)	$	(362	)	$	(201,967	)

Restated Statements of Cash Flows

	Six Months Ended												Six Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Cash flows from operating activities:
Net loss	$	(363,920	)	$	—		$	1,482		$	(362,438	)	$	(214,028	)	$	—	$	(4,184	)	$	(218,212	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units		153,885			—			(61,001	)		92,884			108,247			—		(476	)		107,771
Depreciation and amortization		452,446			—			20,738			473,184			64,243			—		537			64,780
Gain on disposition of properties		(4,489	)		—			23,363			18,874			(14	)		—		14			—
Equity-based compensation		31,848			—			(4,584	)		27,264			6,717			—		74			6,791
Equity in income of unconsolidated entities		385			—			—			385			—			—		—			—
Distributions from unconsolidated entities (1)		—			—			4,033			4,033			—			—		—			—
Net direct financing lease adjustments (1)		—			—			—			—			—			—		—			—
Loss on derivative instruments		8,048			—			(15,134	)		(7,086	)		45			—		—			45
Gain on sale of investments, net		—			—			—			—			(451	)		—		—			(451	)
Impairment of real estate		—			—			1,556			1,556
Gain on extinguishment of debt		(8,398	)		—			(8,587	)		(16,985	)		—			—		—			—
Unrealized loss on contingent value rights obligations, net of settlement payments		—			—			—			—			31,134			—		—			31,134
Changes in assets and liabilities:					—			—			—			—			—		—			—
Investment in direct financing leases		525			—			—			525			—			—		—			—
Deferred costs and other assets, net		(62,175	)		—			(31,378	)		(93,553	)		(10,300	)		—		37			(10,263	)
Due from affiliates		(5,335	)		—			(350	)		(5,685	)		—			—		—			—
Accounts payable and accrued expenses		(133,960	)		—			82,189			(51,771	)		4,554			—		(394	)		4,160
Deferred rent, derivative and other liabilities		(35,298	)		—			26,566			(8,732	)		2,676			—		—			2,676
Due to affiliates		223			—			(41,485	)		(41,262	)		—			—		1,349			1,349
Net cash provided by (used in) operating activities		33,785			—			(2,592	)		31,193			(7,177	)		—		(3,043	)		(10,220	)
Cash flows from investing activities:
Investments in real estate and other assets		(1,246,588	)		—			—			(1,246,588	)		(2,129,677	)		—		—			(2,129,677	)
Acquisition of a real estate business, net of cash acquired		(755,701	)		—			(531	)		(756,232	)		—			—		—			—
Investment in direct financing leases		—			—			—			—			(76,410	)		—		—			(76,410	)
Capital expenditures		(46,649	)		21,733			14,927			(9,989	)		(30	)		—		—			(30	)
Real estate developments		—			(21,733	)		—			(21,733	)		—			—		—			—
Distributions from unconsolidated entities (1)		4,033			—			(4,033	)		—			—			—		—			—
Principal repayments received from borrowers		4,155			—			—			4,155			—			—		—			—
Investments in unconsolidated entities		(2,500	)		—			—			(2,500	)		—			—		—			—
Return of investment from unconsolidated entities		—			—			—			—			—			—		—			—
Proceeds from disposition of properties		95,321			—			(498	)		94,823			—			—		—			—
Investment in intangible assets		(266	)		—			—			(266	)		—			—		—			—
Investment in other assets		—			—			—			—			(1,041	)		—		1,041			—
Deposits for real estate investments		(129,602	)		—			—			(129,602	)		(47,086	)		—		—			(47,086	)
Uses and refunds of deposits for real estate investments		196,075			—			—			196,075			—			—		—			—
Purchases of investment securities		—			—			—			—			(81,460	)		—		—			(81,460	)

The consolidated statements of cash flows continue onto the next page.

	Six Months Ended											Six Months Ended
	June 30, 2014											June 30, 2013
	As Previously Reported			Reclassifications		Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Line of credit advances to affiliates	$	(80,300	)	$	—	$	—		$	(80,300	)	$	—		$	—	$	—		$	—
Line of credit repayments from affiliates		15,600			—		—			15,600			—			—		—			—
Proceeds from sale of investment securities		—			—		—			—			44,188			—		—			44,188
Change in restricted cash		—			—		(15,499	)		(15,499	)
Net cash used in investing activities		(1,946,422	)		—		(5,634	)		(1,952,056	)		(2,291,516	)		—		1,041			(2,290,475	)
Cash flows from financing activities:
Proceeds from mortgage notes payable		718,275			—		—			718,275			6,924			—		—			6,924
Payments on mortgage notes payable		(876,874	)		—		—			(876,874	)		—			—		—			—
Payments on other debt		(7,524	)		—		—			(7,524	)		—			—		—			—
Proceeds from credit facilities		3,246,000			—		—			3,246,000			825,000			—		—			825,000
Payments on credit facilities		(4,628,800	)		—		—			(4,628,800	)		(349,604	)		—		—			(349,604	)
Proceeds from corporate bonds		2,545,760			—		—			2,545,760			—			—		—			—
Payments of deferred financing costs		(80,515	)		—		(3,650	)		(84,165	)		(40,488	)		—		(973	)		(41,461	)
Common stock repurchases		—			—		—			—			(350,396	)		—		—			(350,396	)
Proceeds from issuances of preferred shares		—			—		—			—			445,000			—		—			445,000
Proceeds from issuances of common stock, net offering costs		1,595,735			—		(2,273	)		1,593,462			1,810,116			—		(74	)		1,810,042
Consideration to Former Manager for internalization		—			—		—			—			(3,035	)		—		3,035			—
Contributions from non-controlling interest holders		1,043			—		(61	)		982			29,758			—		—			29,758
Distributions to non-controlling interest holders		(16,418	)		—		587			(15,831	)		(3,111	)		—		—			(3,111	)
Distributions paid		(427,541	)		—		(77	)		(427,618	)		(90,740	)		—		—			(90,740	)
Change in restricted cash		(15,539	)		—		15,539			—			(844	)		—		—			(844	)
Net cash provided by financing activities		2,053,602			—		10,065			2,063,667			2,278,580			—		1,988			2,280,568
Net change in cash and cash equivalents		140,965			—		1,839			142,804			(20,113	)		—		(14	)		(20,127	)
Cash and cash equivalents, beginning of period		52,725			—		—			52,725			292,575								292,575
Cash and cash equivalents, end of period	$	193,690		$	—	$	1,839		$	195,529		$	272,462		$	—	$	(14	)	$	272,448

(1) This line item caption has been added and is included in the accompanying consolidated statements of cash flows for the period ended June 30, 2014.

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Acquisitions of CapLease, Cole and CCPT - Cole Acquisition Fair Value Transferred (Detail) (Cole Merger [Member], USD $)	0 Months Ended
	Feb. 07, 2014
Cole Merger [Member]
Business Acquisition [Line Items]
Cash	$ 181,775,000
Common stock	7,285,868,000
Total consideration transferred	$ 7,467,643,000

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Credit Facilities

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Credit Facilities

Note 14 — Credit Facilities

Senior Unsecured Credit Facility

The Company, as guarantor, and the OP, as borrower, are parties to a credit facility with Wells Fargo, National Association, as administrative agent and other lenders party thereto (the “Credit Facility”).

On June 30, 2014, the Company, as guarantor, and the OP, as borrower, entered into an amended and restated credit agreement (the “Agreement”), which increased the available borrowings, extended the term and decreased the interest rates associated with the prior Credit Facility. The Company and the OP accepted commitments from 20 financial institutions totaling $4.6 billion for the Facility in advance of the execution of the Agreement. The Facility is comprised of a $1.2 billion term loan facility (with a delayed draw component equal to $200.0 million), a $3.15 billion dollar-denominated revolving credit facility and a $250.0 million multi-currency revolving facility (all of which can be borrowed in dollars, at the Company’s discretion). The Credit Facility includes an accordion feature, which, if exercised in full, allows the Company to increase the aggregate commitments under the Credit Facility to $6.0 billion, subject to the receipt of such additional commitments and the satisfaction of certain customary conditions.

The revolving credit facility generally bears interest at an annual rate of LIBOR plus from 1.00% to 1.80% or Base Rate plus 0.00% to 0.80% (based upon the Company’s then current credit rating). “Base Rate” is defined as the highest of the prime rate, the federal funds rate plus 0.50% or a floating rate based on one month LIBOR, determined on a daily basis. The term loan facility generally bears interest at an annual rate of LIBOR plus 1.15% to 2.05%, or Base Rate plus 0.15% to 1.05% (based upon the Company’s then current credit rating). The Loans will initially be priced with an applicable margin of 1.35% in the case of LIBOR revolving loans and 1.60% in the case of LIBOR term loans. In addition, the Agreement provides the flexibility for interest rate auctions, pursuant to which, at the Company’s election, the Company may request that lenders make competitive bids to provide revolving loans, which competitive bids may be at pricing levels that differ from the foregoing interest rates.

The Agreement provides for monthly interest payments under the Credit Facility. In the event of default, at the election of the majority of the lenders (or automatically upon a bankruptcy event of default with respect to the OP or the Company), the commitments of the lenders under the Credit Facility terminate, and payment of any unpaid amounts in respect of the Credit Facility is accelerated. The revolving credit facility and the term loan facility both terminate on June 30, 2018, in each case, unless extended in accordance with the terms of the Agreement. The Agreement provides for a one-year extension option with respect to each of the revolving credit facility and the term loan facility, exercisable at the Company’s election and subject to certain customary conditions, as well as certain customary “amend and extend” provisions. At any time, upon timely notice by the OP and subject to any breakage fees, the OP may prepay borrowings under the Credit Facility (subject to certain limitations applicable to the prepayment of any loans obtained through an interest rate auction, as described above). The OP incurs a fee equal to 0.15% to 0.25% per annum (based upon the Company’s then current credit rating) multiplied by the commitments (whether or not utilized) in respect of the dollar revolving credit facility and the multi-currency credit facility. The OP incurs an unused fee of 0.25% per annum on the unused amount of the delayed draw term loan commitments. In addition, the OP incurs customary administrative agent, letter of credit issuance, letter of credit fronting, extension and other fees.

The Credit Facility requires restrictions on corporate guarantees, as well as the maintenance of financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) and the maintenance of a minimum net worth. At June 30, 2014, the OP was in compliance with the debt covenants under the Credit Facility.

In connection with the Agreement, the Company expensed $3.9 million of unamortized deferred financing costs incurred in connection with the original Credit Facility, which is included in interest expense, net in the accompanying consolidated unaudited statements of operations.

As of June 30, 2014, the outstanding balance on the Credit Facility was $1.9 billion, of which $881.0 million bore a floating interest rate of 1.50%. The remaining outstanding balance on the Credit Facility of $1.0 billion is fixed through the use of derivative instruments used to hedge interest rate volatility. Including the spread, which can vary based on the Company’s credit rating, the interest rate on this portion was 2.84% at June 30, 2014. At June 30, 2014, a maximum of $2.7 billion was available to the OP for future borrowings, subject to borrowing availability. The credit facility matures on June 30, 2018.

Repayment of Previous Credit Facilities

As part of the ARCT IV Merger, the Company assumed an $800.0 million senior unsecured credit facility with various lenders, with Regions Bank acting as the administrative agent (the “ARCT IV Credit Facility”). As of the date of the ARCT IV Merger, there was $760.0 million outstanding under the ARCT IV Credit Facility, which consisted of a $300.0 million term loan facility and $460.0 million under the revolving credit facility. In connection with the ARCT IV Merger, the Company prepaid all of its loans pursuant to, and terminated all commitments available under, the ARCT IV Credit Facility.

As part of the CapLease Merger, the Company assumed an unsecured credit facility with Wells Fargo, National Association, which had commitments of up to $150.0 million. In February 2014, such credit facility was amended and certain modifications were made to the terms of the agreement (the “CapLease Credit Facility”). On June 6, 2014, the Company repaid the outstanding balance of $150.0 million and terminated the credit facility agreement. No prepayment premium or penalty was paid in connection with the termination of the CapLease Credit Facility.

On February 28, 2013, the Company repaid all of the outstanding borrowings under its previous senior secured revolving credit facility in the amount of $124.6 million and the credit agreement for such facility was terminated. The average interest rate on the borrowings during the period the balance was outstanding was 3.11%. On February 14, 2013, simultaneous with entering into the Credit Facility, the Company terminated its then effective unsecured credit facility agreement, which had been unused.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Schedule of Goodwill

The following summarizes the Company’s goodwill activity during the six months ended June 30, 2014 by segment (in thousands):

	REI Segment			Cole Capital		Consolidated
Balance as of January 1, 2014	$	92,789		$	—	$	92,789
Cole Merger (1)		1,654,085			558,835		2,212,920
Goodwill allocated to dispositions (2)		(12,689	)		—		(12,689	)
Balance as of June 30, 2014	$	1,734,185		$	558,835	$	2,293,020

(1) Goodwill recognized from the Cole Merger was assigned to the REI segment and Cole Capital based on the excess consideration paid over the fair value of the assets and liabilities acquired and assumed in each segment. Refer to Note 5 — Acquisitions of CapLease, Cole and CCPT (As Restated) for further discussion.

(2) Goodwill allocated to the cost basis of properties sold or classified as held for sale is included in loss on held for sale assets and disposition of properties, net, in the consolidated statement of operations.

Merger Related Costs And Other Non-Routine Costs

Merger and other non-routine transaction related expenses include the following costs (amounts in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(As Restated)		(As Restated)		(As Restated)		(As Restated)
Merger related costs:
Strategic advisory services	$	—	$	1,500	$	32,615	$	11,799
Transfer Taxes		—		—		5,109		1,085
Legal fees and expenses		1,563		1,511		4,547		3,191
Personnel costs and other reimbursement		—		255		751		639
Multi-tenant spin off		2,859		—		5,180		—
Proxy support services		—		—		—		—
Other fees and expenses		346		2,594		1,676		5,459
Other non-routine costs
Post-transaction support services		—		—		14,251		2,000
Subordinated distribution fees		—		—		78,244		98,360
Merger consideration		—		—		—		—
Furniture, fixtures and equipment		—		—		14,085		5,800
Legal fees and expenses		—		—		1,826		950
Personnel costs and other reimbursement		275		—		2,718		—
Other fees and expenses		2,379		5		6,718		150
Total	$	7,422	$	5,865	$	167,720	$	129,433

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Commitments and Contingencies Future Obligations (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
July 1, 2014 - December 31, 2014	$ 6,845
2015	12,922
2016	11,575
2017	10,248
2018	7,918
Thereafter	83,734
Total	$ 133,242

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Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 16 — Accounts Payable and Accrued Expenses (As Restated)

Accounts payable and accrued expenses consisted of the following as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014 (As Restated)		December 31, 2013 (As Restated)
Accrued other	$	64,669	$	34,407
Accrued interest		54,932		14,189
Accrued real estate taxes		49,966		24,658
Accounts payable		5,375		5,887
Accrued merger costs		—		651,430
	$	174,942	$	730,571

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Segment Reporting - Narrative (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2014 Segment	Dec. 31, 2013 Security
Segment Reporting Information [Line Items]
Number of reportable segments	2
Minimum Lease Term of Contract Considered Long-term	10 years
Minimum [Member]
Segment Reporting Information [Line Items]
Lease Term of Contract, Remaining Term Considered Medium-term	3 years
Maximum [Member]
Segment Reporting Information [Line Items]
Lease Term of Contract, Remaining Term Considered Medium-term	8 years
Commercial Mortgage Backed Securities [Member]
Segment Reporting Information [Line Items]
Number of securities acquired		10
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Real estate portfolio, property concentration, percentage	70.00%
Real estate investments, property concentration, medium-term leases, percentage	30.00%
Number of loans held for investment	14
Real Estate Investment Segment [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Real estate portfolio, property average remaining lease term	10 years
Real Estate Investment Segment [Member] | Maximum [Member]
Segment Reporting Information [Line Items]
Real estate portfolio, property average remaining lease term	12 years
Real Estate Investment Segment [Member] | Commercial Mortgage Backed Securities [Member]
Segment Reporting Information [Line Items]
Number of securities acquired	25
Consolidated Properties [Member] | Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Number of owned properties	3,966
Square feet of property	106,800,000
Number of states in which entity operates	49
Percentage of rentable space leased	98.80%
Real estate property, weighted average remaining lease term	9 years 11 months 12 days
Consolidated Properties [Member] | Real Estate Investment Segment [Member] | Commercial Mortgage Backed Securities [Member]
Segment Reporting Information [Line Items]
Number of securities acquired	25
Consolidated Properties [Member] | Real Estate Investment Segment [Member] | Unconsolidated Properties [Member]
Segment Reporting Information [Line Items]
Number of owned properties	6
Net rentable area (in square feet)	1,600,000

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Related Party Transactions and Arrangements (Indirect Affiliate Expenses) (Details) (Detail) (Affiliated Entity [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 43,809	$ 53,221	$ 267,471	$ 328,054
Audrain Building [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,517		3,922
ANST Office Build Out [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	335		335
New York Office [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	116		187
Dresher, PA Office [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	17		36
North Carolina Office [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	12		15
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 3,997	$ 0	$ 4,495	$ 0

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Offering costs		$ 163,814	[1],[2]
Affiliated Entity [Member]
Offering costs	$ 2,200	$ 158,700

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $158.7 million to affiliates of the Former Manager (as defined in Note 1) for the six months ended June 30, 2013.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013	Nov. 08, 2013
Common stock, par value (in dollars per share)	$ 0.01	[1]	$ 0.01	[1]	$ 0.01
Common stock, shares authorized	1,500,000,000	[1]	1,500,000,000	[1]	1,500,000,000
Common stock, issued	907,918,821	[1]	239,234,725	[1]	221,690,474
Common stock, outstanding (in shares)	907,918,821	[1]	239,234,725	[1]	221,690,474
Series D preferred stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	[1]	$ 0.01	[1]
Preferred stock, shares authorized	21,735,008	[1]	21,735,008	[1]
Preferred stock, issued	21,735,008	[1]	21,735,008	[1]		21,700,000
Preferred stock, outstanding (in shares)	21,735,008	[1]	21,735,008	[1]
Preferred stock (excluding Series D Preferred Stock) [Member]
Convertible preferred stock, par value (in dollars per share)	$ 0.01	[1]	$ 0.01	[1]	$ 0.01
Convertible preferred stock, shares authorized	100,000,000	[1]	100,000,000	[1]	100,000,000
Convertible preferred stock, issued	42,730,013	[1]	42,199,547	[1]	42,921,213
Convertible preferred stock, outstanding (in shares)	42,730,013	[1]	42,199,547	[1]	42,921,213

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Loans Held for Investment

6 Months Ended

Jun. 30, 2014

Receivables [Abstract]

Loans Held for Investment

Note 9 — Loans Held for Investment

During the six months ended June 30, 2014, in connection with the Cole Merger, the Company acquired two mortgage notes receivable, each of which is secured by an office building. The mortgage notes had a fair value of $72.3 million as of the Cole Acquisition Date. As of December 31, 2013, the Company owned 12 loans held for investment, which were acquired in connection with the CapLease Merger and consist predominantly of mortgage loans on properties subject to leases to investment-grade tenants. The loans had a fair value of $26.5 million at the CapLease Merger Date. At June 30, 2014, the Company owned 14 loans held for investment, which had a carrying value of $97.6 million and carried interest rates ranging from 5.28% to 7.24%. As of December 31, 2013, the loans held for investment had a carrying value of $26.3 million and carried interest rates ranging from 5.28% to 7.24%. The fair value adjustment is being amortized to interest expense in the consolidated statements of operations over the term of the loan, using the effective interest method.

The Company’s loan portfolio is comprised primarily of fully amortizing or nearly fully amortizing first mortgage loans on commercial real estate leased to a single tenant. Therefore, the Company’s monitoring of the credit quality of its loans held for investment is focused primarily on an analysis of the tenant, including review of tenant credit ratings (including changes in ratings) and other measures of tenant credit quality, trends in the tenant’s industry and general economic conditions and an analysis of measures of collateral coverage, such as an estimate of the loan’s loan-to-value (“LTV”) ratio (principal amount outstanding divided by estimated value of the property) and its remaining term until maturity. As of June 30, 2014 and December 31, 2013, the Company had no reserve for loan loss.

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Related Party Transactions and Arrangements (Related Party Fees and Expenses) (Detail) (Affiliated Entity [Member], USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 43,809,000	$ 53,221,000	$ 267,471,000	$ 328,054,000
Financing Fees And Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	6,296,000	0	13,796,000
Offering Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,000,000	22,669,000	2,150,000	158,657,000
Acquisition Related Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	113,000	19,867,000	1,652,000	26,830,000
Merger And Other Non-Routine Transactions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	40,000	255,000	137,778,000	106,935,000
Management Fees To Affiliates [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	0	13,888,000	12,493,000
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	437,000	4,134,000	16,029,000	9,343,000
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,997,000	0	4,495,000	0
Offering Related Revenues [Member] | Cole Capital [Member]
Related Party Transaction [Line Items]
Revenue from related parties	9,969,000	0	52,422,000	0
Operating Revenues [Member] | Cole Capital [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 27,253,000	$ 0	$ 39,057,000	$ 0

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Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013
Derivatives, Fair Value [Line Items]
Derivative asset	$ 5,522	[1]	$ 9,189	[1]	$ 0
Derivative liability	0		0		0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Derivative asset	857		0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Deferred Rent, Derivative Liabilities and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	(3,621)		0
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Derivative asset	4,665		9,189
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, at Fair Value [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	(9,190)		(1,719)
Series D Preferred Stock Embedded Derivative [Member] | Not Designated as Hedging Instrument [Member] | Deferred Rent, Derivative Liabilities and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	$ (11,520)		$ (16,736)

[1] These line items have been updated since the Amended 10-K. Certain line items have been reclassified and included within the deferred costs and other assets, net in the accompanying consolidated balance sheet. For detail on the restatement and reclassification adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Derivatives and Hedging Activities (Detail) (USD $)	3 Months Ended		6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2013	Jan. 31, 2014
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Lock Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount						$ 250,000,000
Proceeds from derivative instrument		3,900,000
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	100,000		100,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Assets needed for immediate settlement, aggregate fair value	14,600,000		14,600,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred	10,500,000		10,500,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,174,367,000		1,174,367,000
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	234,316,000		234,316,000
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$ 14,200,000		$ 7,100,000	$ (31,200,000)	$ (31,200,000)

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 28, 2014
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	This Amendment No. 2 on Form 10-Q/A (this “Amendment No. 2”) amends our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014 that was filed with the U.S. Securities and Exchange Commission (“SEC”) on July 29, 2014 and amended by Amendment No. 1 thereto on Form 10-Q/A filed with the SEC on March 2, 2015 (the “Amended Filing”). We are filing this Amendment No. 2 to update Part II, Item 6 and provide Exhibit 101 to the Amended Filing.Except as set forth in Part II, Item 6 below and in any exhibits attached hereto, no other changes are made to the Amended Filing. The Amended Filing continues to speak as of the date of the Amended Filing. Unless expressly stated, this Amendment No. 2 does not reflect events occurring after the filing date of the Amended Filing, nor does it modify or update in any way the disclosures contained in the Amended Filing.
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	ARCP
Entity Registrant Name	AMERICAN REALTY CAPITAL PROPERTIES, INC.
Entity Central Index Key	0001507385
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		907,924,095

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Deferred Costs and Other Assets, Net

6 Months Ended

Jun. 30, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs and Other Assets, Net

Note 10 — Deferred Costs and Other Assets, Net (As Restated)

Deferred costs and other assets, net consisted of the following as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014 (As Restated)		December 31, 2013 (As Restated)
Deferred costs, net (1)	$	156,911	$	84,746
Accounts receivable, net (2)		65,855		16,254
Straight-line rent receivable		43,892		19,010
Prepaid expenses (1)		17,379		43,801
Leasehold improvements, property and equipment, net (3)		21,028		531
Restricted escrow deposits		49,306		101,813
Derivative assets, at fair value (1)		5,522		9,189
Other assets (1)		58,306		5,317
Total	$	418,199	$	280,661

(1) These line items have been updated since the Amended 10-K. Certain line items have been reclassified and included within the deferred costs and other assets, net in the accompanying consolidated balance sheet. For detail on the restatement and reclassification adjustments, see Note 2 — Restatement of Previously Issued Financial Statements.

(2) Allowance for doubtful accounts was $1.8 million and $0.2 million as of June 30, 2014 and December 31, 2013, respectively.

(3) Amortization expense for leasehold improvements totaled $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively. Accumulated amortization was $0.5 million and $7,000 as of June 30, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $0.8 million and $0.7 million for the three and six months ended June 30, 2014, respectively. Accumulated depreciation was $0.7 million and $5,000 as of June 30, 2014 and December 31, 2013, respectively.

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Mortgage Note Payable (Schedule Of Aggregate Future Principal Payments On Mortgage Notes Payable) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Debt Instrument [Line Items]
July 1, 2014 - December 31, 2014	$ 54,339
2015	11,862
2016	12,516
2017	7,680
2018	13,267
Thereafter	50,140
Total	149,804
Mortgages [Member]
Debt Instrument [Line Items]
July 1, 2014 - December 31, 2014	104,043
2015	270,843
2016	250,881
2017	522,655
2018	252,292
Thereafter	2,724,907
Total	$ 4,125,621

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Credit Facilities (Detail) (USD $)	2 Months Ended	0 Months Ended	6 Months Ended		0 Months Ended
	Feb. 28, 2013	Feb. 28, 2013	Jun. 30, 2014 Financial_Institution		Jun. 06, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Credit facilities			$ 1,896,000,000	[1]		$ 1,969,800,000	[1]
Line of credit facility, undrawn commitment			60,000,000
Senior Secured Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Effective interest rate	3.11%
Senior Secured Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member]
Line of Credit Facility [Line Items]
Extinguishment of debt, amount		124,600,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member]
Line of Credit Facility [Line Items]
Number of financial institutions			20
Line of credit facility, current borrowing capacity			4,600,000,000
Line of credit facility, maximum borrowing capacity			6,000,000,000
Line of credit facility, length of extension option			1 year
Write off of deferred debt issuance cost			3,900,000
Credit facilities			1,900,000,000
Line of credit facility, undrawn commitment			2,700,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage			0.15%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage			0.25%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage			1.35%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.00%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.80%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.80%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity			1,200,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage			1.60%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.15%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.15%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			2.05%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.05%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility, Delayed Draw Component [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity			200,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility, Dollar Denominated [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity			3,150,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility, Multi-Currency Denominated [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity			250,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Line of Credit, Variable Interest Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage			1.50%
Credit facilities			881,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Line of Credit, Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Credit facilities			1,000,000,000
Line of credit, amount bearing fixed interest rate, percentage			2.84%
Senior Secured Credit Facility [Member] | Regions Bank Unsecured Credit Facility [Member] | ARCT IV [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity			800,000,000
Credit facilities			760,000,000
Senior Secured Credit Facility [Member] | Regions Bank Unsecured Credit Facility [Member] | Revolving Credit Facility [Member] | ARCT IV [Member]
Line of Credit Facility [Line Items]
Credit facilities			460,000,000
Senior Secured Credit Facility [Member] | Regions Bank Unsecured Credit Facility [Member] | Term Loan Facility [Member] | ARCT IV [Member]
Line of Credit Facility [Line Items]
Credit facilities			300,000,000
Senior Secured Credit Facility [Member] | Unsecured Credit Facility [Member] | CapLease [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity			150,000,000
Senior Secured Credit Facility [Member] | Unsecured Credit Facility [Member] | Senior Secured Credit Facility [Member] | CapLease [Member]
Line of Credit Facility [Line Items]
Extinguishment of debt, amount					$ 150,000,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Revenues:
Rental income	$ 314,519,000	[1]	$ 52,664,000	[1]	$ 558,934,000	[1]	$ 93,651,000	[1]
Direct financing lease income	1,181,000	[1]	0	[1]	2,187,000	[1]	0	[1]
Operating expense reimbursements	29,256,000	[1]	2,281,000	[1]	50,732,000	[1]	4,191,000	[1]
Cole Capital revenue	37,222,000	[1]	0	[1]	91,479,000	[1]	0	[1]
Total revenues	382,178,000	[1]	54,945,000	[1]	703,332,000	[1]	97,842,000	[1]
Operating expenses:
Cole Capital reallowed fees and commissions	7,068,000	[1]	0	[1]	41,504,000	[1]	0	[1]
Acquisition related	7,201,000	[1],[2]	37,266,000	[1],[2]	20,618,000	[1],[2]	47,593,000	[1],[2]
Merger and other non-routine transactions	7,422,000	[1],[3],[4]	5,865,000	[1],[3],[4]	167,720,000	[1],[3],[5]	129,433,000	[1],[3],[5]
Property operating	39,286,000	[1]	3,086,000	[1]	69,041,000	[1]	5,635,000	[1]
Management fees to affiliates	0	[1]	0	[1]	13,888,000	[1]	12,493,000	[1]
General and administrative	40,012,000	[1],[6]	6,283,000	[1],[6]	96,504,000	[1],[6]	14,055,000	[1],[6]
Depreciation and amortization	250,739,000	[1]	33,681,000	[1]	424,581,000	[1]	60,434,000	[1]
Impairment of real estate	1,556,000	[1],[7]	0	[1],[7]	1,556,000	[1],[7]	0	[1],[7]
Total operating expenses	353,284,000	[1]	86,181,000	[1]	835,412,000	[1]	269,643,000	[1]
Operating income (loss)	28,894,000	[1]	(31,236,000)	[1]	(132,080,000)	[1]	(171,801,000)	[1]
Other (expense) income:
Interest expense, net	(103,897,000)	[1]	(11,424,000)	[1]	(224,848,000)	[1]	(18,225,000)	[1]
Extinguishment of debt, net	(6,469,000)	[1]	0	[1]	(15,868,000)	[1]	0	[1]
Other income, net	11,936,000	[1]	1,523,000	[1]	22,146,000	[1]	2,522,000	[1]
Gain (loss) on derivative instruments, net	14,207,000	[1]	(31,174,000)	[1]	7,086,000	[1]	(31,179,000)	[1]
Loss on disposition of properties and assets held for sale, net	(1,269,000)	[1]	0	[1]	(18,874,000)	[1]	0	[1]
Gain on sale of investments	0	[1]	0	[1]	0	[1]	451,000	[1]
Total other expenses, net	(85,492,000)	[1]	(41,075,000)	[1]	(230,358,000)	[1]	(46,431,000)	[1]
Net loss from continuing operations	(56,598,000)	[1]	(72,311,000)	[1]	(362,438,000)	[1]	(218,232,000)	[1]
Discontinued operations:
Income from operations of held for sale properties	0	[1]	36,000	[1]	0	[1]	20,000	[1]
Net loss from discontinued operations	0	[1]	36,000	[1]	0	[1]	20,000	[1]
Net loss	(56,598,000)	[1],[8]	(72,275,000)	[1],[8]	(362,438,000)	[1]	(218,212,000)	[1]
Net loss attributable to non-controlling interests	1,878,000	[1]	2,672,000	[1]	16,274,000	[1]	4,729,000	[1]
Net loss attributable to the Company	(54,720,000)	[1]	(69,603,000)	[1]	(346,164,000)	[1]	(213,483,000)	[1]
Basic and diluted net loss per share attributable to common stockholders	$ (0.10)	[1]	$ (0.35)	[1]	$ (0.58)	[1]	$ (1.17)	[1]
Affiliated Entity [Member]
Operating expenses:
Acquisition related	113,000		19,900,000		1,700,000		26,800,000
Merger and other non-routine transactions	40,000		255,000		137,800,000		107,000,000
General and administrative	$ 437,000		$ 4,100,000		$ 16,000,000		$ 9,300,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $113,000 and $19.9 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $26.8 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[3] Includes $40,000 and $255,000 to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $137.8 million and $107.0 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[4] This line item caption has been updated to "merger and other non-routine transactions" in the accompanying consolidated statements of operations.

[5] This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

[6] Includes $437,000 and $4.1 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $16.0 million and $9.3 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[7] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

[8] The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 4 — Summary of Significant Accounting Policies (As Restated)

The consolidated financial statements of the Company included herein were prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results for the entire year or any subsequent interim period.

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2013 of the Company, which are included in the Amended 10-K. There have been no significant changes to these policies during the six months ended June 30, 2014, other than the updates described below.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, consolidated joint venture arrangements and its subsidiaries. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests. In addition, as described in Note 1 — Organization, certain affiliates and non-affiliated third parties have been issued OP Units. Holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interest is reflected as equity in the consolidated balance sheets. In addition, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of common shares issued and the carrying value of the OP Units converted is recorded as a component of equity. As of June 30, 2014 and December 31, 2013, there were 24,771,215 and 9,591,174 outstanding OP Units held by third parties (other than the Company), respectively. In addition, as discussed in Note 3 — Mergers and Acquisitions (As Restated), the historical information of ARCT III and ARCT IV has been presented as if the mergers had occurred from the earliest date of common control for each merger.

The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of the qualitative and quantitative significance of fees the Company earns from certain of its relationships and investments. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.

A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations and the difference between consolidating the VIE and accounting for it on the equity method would be material to the Company’s financial statements.

The Company continually evaluates the need to consolidate joint ventures and the managed investment programs based on standards set forth in GAAP as described above.

Investment in Unconsolidated Entities

Investment in Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures as of June 30, 2014 consisted of the Company’s interest in six joint ventures that owned six properties (the “Unconsolidated Joint Ventures”). As of June 30, 2014, the Company owned aggregate equity investments of $98.1 million in the Unconsolidated Joint Ventures. The Company accounts for the Unconsolidated Joint Ventures using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of these investments. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the joint ventures’ earnings and distributions.

Investment in Managed REITs

As of June 30, 2014, the Company owned aggregate equity investments of $3.9 million in the following publicly registered, non-traded REITs: Cole Credit Property Trust IV, Inc. (“CCPT IV”); Cole Corporate Income Trust, Inc. (“CCIT”); Cole Real Estate Income Strategy (Daily NAV), Inc. (“INAV”); Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”); and Cole Credit Property Trust V, Inc. (“CCPT V,” and collectively with CCPT IV, CCIT, INAV and CCIT II, the “Managed REITs”). Prior to the CCPT Acquisition Date, CCPT was a Managed REIT and accounted for using the equity method. As of the CCPT Acquisition Date, the Company had an approximate $5,000 equity investment in CCPT. The Company accounts for these investments using the equity method of accounting, which requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the respective Managed REIT’s earnings and distributions.

Leasehold Improvements and Property and Equipment

The Company leases its office facilities under operating leases. Leasehold improvements related to these are recorded at cost less accumulated amortization. Leasehold improvements are amortized over the lesser of the estimated useful life or remaining lease term.

Property and equipment, which primarily include office furniture, fixtures and equipment and computer hardware and software, are stated at cost less accumulated depreciation. Property and equipment are depreciated on a straight-line method over the estimated useful lives of the assets, which range from five to seven years. The Company reassesses the useful lives of its property and equipment and adjusts the future monthly depreciation expense based on the new useful life, as applicable. If the Company disposes of an asset, the asset and related accumulated depreciation are written off upon disposal.

Impairments

Investment in Unconsolidated Entities

The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of any of its investment in the unconsolidated entities. If an event or change in circumstance has occurred, the Company is required to evaluate its investment in the unconsolidated entity for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an unconsolidated entity for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

Leasehold Improvements and Property and Equipment

Leasehold improvements and property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If this review indicates that the carrying amount of the asset is not recoverable, the Company records an impairment loss, measured at fair value by estimated discounted cash flows or market appraisals. The Company identified eight properties during the three and six months ended June 30, 2014 with impairment indicators four of which the undiscounted future cash flows expected as a result of the use and eventual disposition of the real estate and related assets was less than the carrying amount of each respective properties, as discussed in Note 11 — Fair Value of Financial Instruments (As Restated). The evaluation of an investment in an unconsolidated property for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

Goodwill

In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. Goodwill that arose as a result of the Company’s mergers and acquisitions was recorded in the Company’s consolidated financial statements.

In the event the Company disposes of a property that constitutes a business under U.S. GAAP from a reporting unit with goodwill, the Company will allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business will be based on the relative fair value of the business to the fair value of the reporting unit. The REI segment and Cole Capital each comprise one reporting unit.

The Company will evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The Company’s annual testing date is during the fourth quarter. The Company will test goodwill for impairment by first comparing the book value of net assets to the fair value of each reporting unit. If the fair value is determined to be less than the book value or if qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The Company will estimate the fair value of the reporting units using discounted cash flows and relevant competitor multiples. The evaluation of goodwill for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

The following summarizes the Company’s goodwill activity during the six months ended June 30, 2014 by segment (in thousands):

	REI Segment			Cole Capital		Consolidated
Balance as of January 1, 2014	$	92,789		$	—	$	92,789
Cole Merger (1)		1,654,085			558,835		2,212,920
Goodwill allocated to dispositions (2)		(12,689	)		—		(12,689	)
Balance as of June 30, 2014	$	1,734,185		$	558,835	$	2,293,020

(1) Goodwill recognized from the Cole Merger was assigned to the REI segment and Cole Capital based on the excess consideration paid over the fair value of the assets and liabilities acquired and assumed in each segment. Refer to Note 5 — Acquisitions of CapLease, Cole and CCPT (As Restated) for further discussion.

(2) Goodwill allocated to the cost basis of properties sold or classified as held for sale is included in loss on held for sale assets and disposition of properties, net, in the consolidated statement of operations.

Program Development Costs

The Company pays for organization, registration and offering expenses associated with the sale of common stock of the Managed REITs. The reimbursement of these expenses by the Managed REITs is limited to a certain percentage of the proceeds raised from their offerings, in accordance with their respective advisory agreements and charters. Such expenses paid by the Company on behalf of the Managed REITs in excess of these limits that are expected to be collected are recorded as program development costs. The Company assesses the collectability of the program development costs, considering the offering period and historical and forecasted sales of shares under the Managed REITs’ respective offering and reserves for any balances considered not collectible. No reserves were recorded as of June 30, 2014, as the Company expects to be reimbursed for all of the program development costs by the Managed REITs as additional proceeds from their respective offerings are raised. Program development costs are included in deferred costs and other assets, net in the accompanying consolidated balance sheets.

Acquisition Related Expenses and Merger and Other Non-routine Transaction Related Expenses

All direct costs incurred as a result of a business combination are classified as acquisition costs or merger and other non-routine transaction costs and expensed as incurred. In addition, indirect costs, such as internal salaries, that are tracked and documented in a manner that clearly indicate that the activities driving the cost directly relate to activities necessary to complete, or effect, a business combination are classified as acquisition related expenses. Similar costs incurred in relation to mergers with entities under common control (which are not accounted for as acquisitions) are included in the caption “merger and other non-routine transactions.” Acquisition related expenses include legal and other transaction related costs incurred in connection with self-originated acquisitions including purchases of portfolios. Other non-routine transaction costs are also presented within the line item merger and other non-routine transactions in the consolidated statements of operations.

Merger and other non-routine transaction related expenses include the following costs (amounts in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(As Restated)		(As Restated)		(As Restated)		(As Restated)
Merger related costs:
Strategic advisory services	$	—	$	1,500	$	32,615	$	11,799
Transfer Taxes		—		—		5,109		1,085
Legal fees and expenses		1,563		1,511		4,547		3,191
Personnel costs and other reimbursement		—		255		751		639
Multi-tenant spin off		2,859		—		5,180		—
Proxy support services		—		—		—		—
Other fees and expenses		346		2,594		1,676		5,459
Other non-routine costs
Post-transaction support services		—		—		14,251		2,000
Subordinated distribution fees		—		—		78,244		98,360
Merger consideration		—		—		—		—
Furniture, fixtures and equipment		—		—		14,085		5,800
Legal fees and expenses		—		—		1,826		950
Personnel costs and other reimbursement		275		—		2,718		—
Other fees and expenses		2,379		5		6,718		150
Total	$	7,422	$	5,865	$	167,720	$	129,433

Due from Affiliates

The Company receives or may be entitled to receive compensation and reimbursement for services primarily relating to the Managed REITs’ offerings and the investment, management, financing and disposition of their respective assets. Refer to Note 20 — Related Party Transactions and Arrangements (As Restated) for further explanation.

Reportable Segments

The Company has concluded that it has two reportable segments as it has organized its operations into two segments for management and internal financial reporting purposes, REI and Cole Capital. The identification and aggregation of reportable segments requires the Company’s management to exercise certain judgments. Refer to Note 6 — Segment Reporting (As Restated) for further information.

Revenue Recognition - Cole Capital

Revenue consists of securities sales commissions and dealer manager fees, real estate acquisition fees, property management fees, advisory fees, asset management fees and performance fees for services relating to the Managed REITs’ offerings and the investment and management of their respective assets, in accordance with the respective advisory and dealer manager agreements. The Company records revenue related to acquisition fees, securities sales commissions and dealer manager fees upon completion of a transaction and advisory, asset and property management fees as services are performed. The Company is also reimbursed for certain costs incurred in providing these services. Securities sales commission and dealer manager reimbursements are recorded as revenue as the expenses are incurred. Other reimbursements are recorded as revenue when reimbursements are reasonably assured.

Income Taxes

The Company currently qualifies and has elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. As a REIT, except as discussed below, the Company generally is not subject to federal income tax on taxable income that it distributes to its stockholders so long as it distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

The Company conducts substantially all of its Cole Capital business operations through a TRS. A TRS is a subsidiary of a REIT that is subject to corporate federal, state and local income taxes, as applicable. The Company’s use of a TRS enables it to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. The Company conducts all of its business in the United States, and as a result, the Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. Certain of the Company’s inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation.

The Company provides for income taxes in accordance with current authoritative accounting and tax guidance. The tax expense or benefit related to significant, unusual or extraordinary items is recognized in the quarter in which those items occur. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the quarter in which the change occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or the tax environment changes.

Repurchase Agreements

In certain circumstances, the Company may obtain financing through a repurchase agreement. The Company evaluates the initial transfer of a financial instrument and the related repurchase agreement for sale accounting treatment. In instances where the Company maintains effective control over the transferred securities, the Company accounts for the transaction as a secured borrowing, and accordingly, both the securities and related repurchase agreement payable are recorded separately in the accompanying consolidated balance sheets in investment securities, at fair value and other debt, net, respectively. In instances where the Company does not maintain effective control over the transferred securities, the Company accounts for the transaction as a sale of securities for proceeds consisting of cash and a forward purchase contract.

Recent Accounting Pronouncements

In April 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting yet the pronouncement also requires expanded disclosures for discontinued operations. The Company adopted ASU 2014-08 effective January 1, 2014. Starting with the first quarter of 2014, the results of operations for all properties sold and properties classified as held for sale that do not meet the criteria to qualify as a discontinued operation and were not previously reported in discontinued operations in the Amended 10-K for the year ended December 31, 2013 will be presented within income from continuing operations on the accompanying consolidated statements of income.

In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the impact of the new standard on its financial statements.

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Mergers and Acquisitions

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Mergers and Acquisitions

Note 3 — Mergers and Acquisitions (As Restated)

Completed Mergers and Significant Acquisitions

American Realty Capital Trust III, Inc. Merger

On December 14, 2012, the Company entered into an Agreement and Plan of Merger (the “ARCT III Merger Agreement”) with American Realty Capital Trust III, Inc. (“ARCT III”) and certain subsidiaries of each company. The ARCT III Merger Agreement provided for the merger of ARCT III with and into a subsidiary of the Company (the “ARCT III Merger”). The ARCT III Merger was consummated on February 28, 2013.

Pursuant to the terms and subject to the conditions set forth in the ARCT III Merger Agreement, each outstanding share of common stock of ARCT III, including restricted shares which became vested, was converted into the right to receive (i) 0.95 of a share of the Company’s common stock (the “ARCT III Exchange Ratio”) or (ii) $12.00 in cash. In addition, each outstanding unit of equity ownership of ARCT III’s operating partnership (the “ARCT III OP”) was converted into the right to receive 0.95 of the same class of unit of equity ownership in the OP.

Upon the closing of the ARCT III Merger on February 28, 2013, the Company paid an aggregate of $350 million in cash for 29.2 million shares that elected cash consideration, or 16.5% of the then outstanding shares of ARCT III’s common stock (which is equivalent to 27.7 million shares of the Company’s common stock based on the ARCT III Exchange Ratio). In addition, 140.7 million shares of the Company’s common stock were issued in exchange for 148.1 million shares of ARCT III’s common stock adjusted for the ARCT III Exchange Ratio.

Upon the consummation of the ARCT III Merger, American Realty Capital Trust III Special Limited Partner, LLC (the “ARCT III Special Limited Partner”), the holder of the special limited partner interest in the ARCT III OP, was entitled to subordinated distributions of net sales proceeds from the ARCT III OP which resulted in the issuance of units of limited partner interests in the ARCT III OP, when after applying the ARCT III Exchange Ratio, resulting in the issuance of an additional 7.3 million OP Units to affiliates of the Former Manager. The parties had agreed that such OP Units would be subject to a minimum one-year holding period from the date of issuance before being redeemable by the holder for cash or, at the option of the Company, the Company’s common stock.

Also in connection with the ARCT III Merger, the Company entered into an agreement with ARC and its affiliates to internalize certain functions performed by them prior to the ARCT III Merger, reduce certain fees paid to affiliates and pay certain merger related fees. See Note 20 — Related Party Transactions and Arrangements (As Restated).

Accounting Treatment for the ARCT III Merger

The Company and ARCT III, from inception to the ARCT III Merger date, were considered to be entities under common control. Both entities’ advisors were wholly owned subsidiaries of ARC. ARC and its related parties had significant ownership interests in the Company and ARCT III through the ownership of shares of common stock and other equity interests. In addition, the advisors of both entities were contractually eligible to receive potential fees for their services to both of the companies including asset management fees, incentive fees and other fees and continued to receive fees from the Company prior to the Company’s transition to self-management. Due to the significance of these fees, the advisors and ultimately ARC were determined to have a significant economic interest in both companies in addition to having the power to direct the significant activities of the companies through advisory/management agreements, which qualified them as affiliated companies under common control in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The acquisition of an entity under common control is accounted for on the carryover basis of accounting, whereby the assets and liabilities of the companies are recorded upon the merger on the same basis as they were carried by the companies on the ARCT III Merger date. In addition, U.S. GAAP requires the Company to present historical financial information for all periods that entities were under common control. Therefore, the accompanying consolidated financial statements including the notes thereto are presented as if the ARCT III Merger had occurred at inception.

CapLease, Inc. Merger

On May 28, 2013, the Company entered into an Agreement and Plan of Merger (the “CapLease Merger Agreement”) with CapLease, Inc., a Maryland corporation (“CapLease”), and certain subsidiaries of each company. The CapLease Merger Agreement provided for the merger of CapLease with and into a subsidiary of the Company (the “CapLease Merger”).

On November 5, 2013, the Company completed the CapLease Merger. Pursuant to the terms of the CapLease Merger Agreement, each outstanding share of common stock of CapLease, other than shares owned by the Company, CapLease or any of their respective wholly owned subsidiaries, was converted into the right to receive $8.50. Each outstanding share of preferred stock of CapLease, other than shares owned by the Company, CapLease or any of their respective wholly owned subsidiaries, was converted into the right to receive an amount in cash equal to the sum of $25.00 plus all accrued and unpaid dividends on such shares of preferred stock. In addition, in connection with the merger of Caplease, LP with and into the OP, each outstanding unit of equity ownership of CapLease’s operating partnership, other than units owned by CapLease or any wholly owned subsidiary of CapLease, was converted into the right to receive $8.50. Vesting of CapLease’s outstanding restricted stock was accelerated and restricted stock and any outstanding performance shares were fully earned and received $8.50 per share. In total, cash consideration of $920.7 million was paid to CapLease’s common and preferred shareholders.

Accounting Treatment for the CapLease Merger

The CapLease Merger has been accounted for under the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting, the assets acquired and liabilities assumed from CapLease have been recorded as of the acquisition date at their respective fair values. Any excess of purchase price over the fair values is recorded as goodwill. Results of operations for CapLease are included in the Company’s consolidated financial statements from the date of acquisition.

American Realty Capital Trust IV, Inc. Merger

On July 1, 2013, the Company entered into an Agreement and Plan of Merger, as amended on October 6, 2013 and October 11, 2013 (the “ARCT IV Merger Agreement”), with ARCT IV, and certain subsidiaries of each company. The ARCT IV Merger Agreement provided for the merger of ARCT IV with and into a subsidiary of the OP (the “ARCT IV Merger”). The Company consummated the ARCT IV Merger on January 3, 2014 (the “ARCT IV Merger Date”).

Pursuant to the terms of the ARCT IV Merger Agreement, as amended, each outstanding share of common stock of ARCT IV, including unvested restricted shares that vested in conjunction with the ARCT IV Merger, was exchanged for (i) $9.00 in cash, (ii) 0.5190 of a share of the Company’s common stock (the “ARCT IV Exchange Ratio”) and (iii) 0.5937 of a share of a new series of preferred stock of the Company designated as the 6.70% Series F Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and each outstanding unit of ARCT IV’s operating partnership (each, an “ARCT IV OP Unit”), other than ARCT IV OP Units held by American Realty Capital Trust IV Special Limited Partner, LLC (the “ARCT IV Special Limited Partner”) and American Realty Capital Advisors IV, LLC (the “ARCT IV Advisor”) was exchanged for (i) $9.00 in cash, (ii) 0.5190 of an OP Unit and (iii) 0.5937 of an OP Unit designated as Series F Preferred Units (“Series F OP Units”). In total, the Company paid $651.4 million in cash, issued 36.9 million shares of common stock and 42.2 million shares of Series F Preferred Stock, and issued 0.6 million OP Units and 0.7 million Series F OP Units to the former ARCT IV shareholders and ARCT IV OP Unit holders in connection with the consummation of the ARCT IV Merger. In addition, each outstanding ARCT IV Class B Unit (as defined below) and each outstanding ARCT IV OP Unit held by the ARCT IV Special Limited Partner and the ARCT IV Advisor was converted into 2.3961 OP Units, resulting in the Company issuing 1.2 million OP Units.

On January 3, 2014, the OP entered into a Contribution and Exchange Agreement (the “ARCT IV Contribution and Exchange Agreement”) with the ARCT IV OP, the ARCT IV Special Limited Partner and ARC Real Estate Partners, LLC (“ARC Real Estate”), an entity affiliated with the Former Manager. The ARCT IV Special Limited Partner was entitled to receive certain distributions from the ARCT IV OP, including the subordinated distribution of net sales proceeds resulting from an “investment liquidity event” (as defined in the agreement of limited partnership of the ARCT IV OP). The ARCT IV Merger constituted an “investment liquidity event,” as a result of which the ARCT IV Special Limited Partner, in connection with management’s successful attainment of the 6.0% performance hurdle and the return to ARCT IV’s stockholders of $358.3 million in addition to their initial investment, was entitled to receive a subordinated distribution of net sales proceeds from the ARCT IV OP equal to $63.2 million. Pursuant to the ARCT IV Contribution and Exchange Agreement, the ARCT IV Special Limited Partner contributed its interest in the ARCT IV OP, inclusive of the subordinated distribution proceeds received, to the ARCT IV OP in exchange for 2.8 million equity units of the ARCT IV OP, based on a price per share of $22.50. The fair value of these units at date of issuance was $78.2 million and has been included in merger and other non-routine transactions in the accompanying consolidated statement of operations for the six months ended June 30, 2014. Upon consummation of the ARCT IV Merger, these equity units were immediately converted to 6.7 million OP Units after application of the exchange ratio of 2.3961 per share. In conjunction with the ARCT IV Merger Agreement, the ARCT IV Special Limited Partner agreed to a minimum two-year holding period for these OP units before being redeemable by the holder for cash or, at the option of the Company, the Company’s common stock.

In addition, as part of the ARCT IV Contribution and Exchange Agreement, ARC Real Estate, contributed $750,000 in cash to the ARCT IV OP, effective prior to the consummation of the ARCT IV Merger, in exchange for ARCT IV OP Units. Upon the consummation of the ARCT IV Merger, these equity units converted at an exchange ratio of 2.3961 OP Units per ARCT IV OP Unit, resulting in the Company issuing 0.1 million OP Units.

Accounting Treatment for the ARCT IV Merger

The Company and ARCT IV, from inception to the ARCT IV Merger date, were considered to be entities under common control. Both entities’ advisors were wholly owned subsidiaries of ARC. ARC and its related parties had ownership interests in the Company and ARCT IV through the ownership of shares of common stock, OP Units and other equity interests. In addition, the advisors of both entities were contractually eligible to receive potential fees for their services to both of the companies including asset management fees, incentive fees and other fees and had continued to receive fees from the Company prior to the Company’s transition to self-management. Due to the significance of these fees, the advisors and ultimately ARC were determined to have a significant economic interest in both companies in addition to having the power to direct the activities of the companies through advisory/management agreements, which qualified them as affiliated companies under common control in accordance with U.S. GAAP. The acquisition of an entity under common control is accounted for on the carryover basis of accounting, whereby the assets and liabilities of the companies are recorded upon the merger on the same basis as they were carried by the companies on the ARCT IV Merger date. In addition, U.S. GAAP requires the Company to present historical financial information for all periods that entities were under common control. Therefore, the accompanying consolidated financial statements including the notes thereto are presented as if the ARCT IV Merger, including the impact of the equity transactions entered to consummate the merger, had occurred at inception.

Fortress Portfolio Acquisition

On July 24, 2013, ARC and another related entity, on behalf of the Company and certain other entities sponsored directly or indirectly by ARC, entered into a purchase and sale agreement with affiliates of funds managed by Fortress Investment Group LLC (“Fortress”) for the purchase of 196 properties owned by Fortress, for an aggregate contract purchase price of $972.5 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs, which were allocated to the Company based on the pro rata fair value of the properties acquired by the Company relative to the fair value of all 196 properties to be acquired from Fortress. Of the 196 properties, 120 properties were allocated to and assigned by the Company (the “Fortress Portfolio”). On October 1, 2013, the Company closed on 41 of the 120 properties with a total purchase price of $200.3 million, exclusive of closing costs. During the six months ended June 30, 2014, the Company closed the acquisition of the remaining 79 properties in the Fortress Portfolio for an aggregate contract purchase price of $400.9 million, exclusive of closing costs. The total purchase price of the Fortress Portfolio was $601.2 million, exclusive of closing costs.

Cole Real Estate Investments, Inc. Merger

On October 22, 2013, the Company entered into an agreement and plan of merger (the “Cole Merger Agreement”) with Cole Real Estate Investments, Inc. (“Cole”), a Maryland corporation, and a wholly owned subsidiary of the Company. The Cole Merger Agreement provided for the merger of Cole with and into a wholly owned subsidiary of the Company (the “Cole Merger”). The Company consummated the Cole Merger on February 7, 2014 (the “Cole Acquisition Date”).

Pursuant to the terms of the Cole Merger Agreement, each share of common stock of Cole issued and outstanding immediately prior to the effectiveness of the Cole Merger, including unvested restricted stock units and performance stock units that vested in conjunction with the Cole Merger, other than shares owned by the Company, any subsidiary of the Company or any wholly owned subsidiary of Cole, was converted into the right to receive either (i) 1.0929 shares of common stock of the Company (the “Stock Consideration”) or (ii) $13.82 in cash (the “Cash Consideration” and together with the Stock Consideration, the “Merger Consideration”). Approximately 98% of all outstanding Cole shareholders received Stock Consideration and approximately 2% of outstanding Cole shareholders elected to receive Cash Consideration, pursuant to the terms of the Cole Merger Agreement, resulting in the Company issuing approximately 520.8 million shares of the Company’s common stock and paying $181.8 million in cash to Cole’s shareholders based on their elections.

In addition, the Company issued approximately 2.8 million shares of the Company’s common stock, in the aggregate, to certain executives of Cole pursuant to letter agreements entered into between the Company and such individuals concurrently with the execution of the Cole Merger Agreement, as previously disclosed by the Company. Additionally, effective as of the Cole Acquisition Date, the Company issued, but has not yet allocated, 0.4 million shares with dividend equivalent rights commensurate with the Company’s common stock.

Accounting Treatment for the Cole Merger

The Cole Merger has been accounted for under the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting, the assets acquired and liabilities assumed from Cole have been recorded as of the acquisition date at their respective fair values. Any excess of purchase price over the fair values is recorded as goodwill. Results of operations for Cole are included in the Company’s consolidated financial statements subsequent to the Cole Acquisition Date.

Inland Portfolio Acquisition

On August 8, 2013, ARC and another related entity, on behalf of the Company and certain other entities sponsored directly or indirectly by ARC, entered into a purchase and sale agreement with Inland American Real Estate Trust, Inc. (“Inland”) for the purchase of the equity interests of 67 companies owned by Inland for an aggregate contract purchase price of approximately $2.3 billion, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs. Of the 67 companies, the equity interests of 10 companies (the “Inland Portfolio”) were allocated to the Company for a purchase price of approximately $501.0 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs, which was allocated to the Company based on the pro rata fair value of the Inland Portfolio relative to the fair value of all 67 companies to be acquired from Inland by the Company and the other entities sponsored directly or indirectly by ARC. The Inland Portfolio is comprised of 33 properties. As of June 30, 2014, the Company had closed on 32 of the 33 properties for a total purchase price of $288.2 million, exclusive of closing costs. The Company will not close on the remaining one property.

Cole Credit Property Trust, Inc. Merger

On March 17, 2014, the Company and a wholly owned subsidiary entered into an Agreement and Plan of Merger (the “CCPT Merger Agreement”) with Cole Credit Property Trust, Inc., a Maryland corporation (“CCPT”). The CCPT Merger Agreement provided for the merger of CCPT with and into a subsidiary of the Company (the “CCPT Merger”). The Company consummated the CCPT Merger on May 19, 2014 (the “CCPT Acquisition Date”). The estimated fair value of the consideration transferred at the CCPT Acquisition Date totaled approximately $73.2 million, which was paid in cash.

Pursuant to the CCPT Merger Agreement, the Company commenced a cash tender offer to purchase all of the outstanding shares of common stock of CCPT (the “CCPT Common Stock”) (other than shares owned by CCPT, the Company or any subsidiary of the Company), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated March 31, 2014, and the related Letter of Transmittal (together with any amendments or supplements to the foregoing, the “Offer”), at a price of $7.25 per share (the “Offer Price”), net to the seller in cash, without interest, less any applicable withholding tax. On May 19, 2014, the Company accepted for payment and paid for all shares of CCPT Common Stock that were validly tendered in the Offer. As of the expiration of the Offer, a total of 7,735,069 shares of CCPT Common Stock were validly tendered and not withdrawn, representing approximately 77% of the shares of CCPT Common Stock outstanding.

Immediately following the acceptance for payment and payment for the shares of CCPT Common Stock that were validly tendered in the Offer, the Company exercised its option (the “Top-Up Option”), granted pursuant to the CCPT Merger Agreement, to purchase, at a price per share equal to the Offer Price, 13,457,874 newly issued shares of CCPT Common Stock (collectively, the “Top-Up Shares”). The Top-Up Shares, taken together with the shares of CCPT Common Stock owned, directly or indirectly, by the Company immediately following the acceptance for payment and payment for the shares of CCPT Common Stock that were validly tendered in the Offer, constituted one share more than 90% of the outstanding shares of CCPT Common Stock (after giving effect to the issuance of all shares subject to the Top-Up Option), the applicable threshold required to effect a short-form merger under applicable Maryland law without stockholder approval.

Following the consummation of the Offer and the exercise of the Top-Up Option, in accordance with the CCPT Merger Agreement, the Company completed its acquisition of CCPT by effecting a short-form merger under Maryland law, pursuant to which CCPT was merged with and into a subsidiary of the Company. The CCPT Merger became effective following the filing of the Articles of Merger with the State Department of Assessments and Taxation of Maryland and the filing of the Certificate of Merger with the Secretary of State of the State of Delaware with an effective date of May 19, 2014 (the “Effective Time”).

At the Effective Time, each share of CCPT Common Stock not purchased in the Offer (other than shares held by the CCPT, the Company or any subsidiary of the Company, which were automatically canceled and retired and ceased to exist) was converted into the right to receive an amount, in cash and without interest, equal to the Offer Price.

Accounting Treatment for the CCPT Merger

The CCPT Merger has been accounted for under the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting, the assets acquired and liabilities assumed from CCPT have been recorded as of the acquisition date at their respective fair values. Any excess of purchase price over the fair values is recorded as goodwill. Results of operations for CCPT are included in the Company’s consolidated financial statements subsequent to the CCPT Acquisition Date.

Pending Significant Acquisition

Purchase Agreement for Red Lobster Portfolio

On May 15, 2014, the Company, through a wholly owned subsidiary, entered into a master purchase agreement to acquire 500 properties, substantially all of which are operating as Red Lobster^® restaurants (the “Red Lobster Portfolio”) from a third party. The transaction is structured as a sale-leaseback in which the Company will purchase the Red Lobster Portfolio and will immediately lease the portfolio back to the third party pursuant to the terms of multiple master leases (the “Master Leases”). The overall sale-leaseback transaction consists of 522 Red Lobster^® restaurants and 20 other branded restaurant properties for a purchase price of $1.7 billion.

Other

Abandoned Spin-off of Multi-Tenant Shopping Center Portfolio

On March 13, 2014, the Company announced its intention to spin off its multi-tenant shopping center business (“MT Spin-off”) into a publicly traded REIT, American Realty Capital Centers, Inc., which was expected to operate under the name “ARCenters” and to trade on the NASDAQ Global Market under the symbol “ARCM.” The OP was expected to retain 25% ownership of ARCM. The spin-off was expected to be effectuated through a pro rata taxable special distribution of one share of ARCM common stock for every 10 shares of the Company’s common stock and every 10 OP Units held by third parties in the OP. On April 4, 2014, ARCM filed a Registration Statement on Form 10 to register ARCM’s common stock, par value $0.01 per share, pursuant to Section 12(b) of the Exchange Act so that, upon consummation of the spin-off, shares of ARCM received by holders of the Company’s common stock, or OP Units, as applicable, could freely trade their newly received ARCM common stock. ARCM was expected to be externally managed by the Company. On May 21, 2014, the Company announced that it had reassessed its plans for the multi-tenant shopping center portfolio and entered into a letter of intent to sell such portfolio to Blackstone, expecting to finalize pertinent documentation related thereto within 30 days of such date. The properties included in such sale were the same properties that would have been spun off into ARCM and, consequently, the Company abandoned its proposed spin-off at such time. On June 11, 2014, as described in Note 1 — Organization, indirect subsidiaries of the Company entered into an agreement of purchase and sale with the Purchaser, pursuant to which the parties definitively documented the sale of the Multi-Tenant Portfolio. In light of the Company’s entry into such agreement, it abandoned its previously contemplated spin-off.

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Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Note 15 — Derivatives and Hedging Activities (As Restated)

Risk Management Objective of Using Derivatives

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract and payments of variable-rate amounts if interest rates fall below the floor strike rate on the contract.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2014, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $10.5 million will be reclassified from other comprehensive income as an increase to interest expense. During the three and six months ended June 30, 2014, the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur.

As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest rate swaps		17	$	1,174,367

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	June 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	4,665		$	9,189
Interest rate products	Deferred rent, derivative and other liabilities	$	(9,190	)	$	(1,719	)

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2014 and 2013, respectively (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2014			2013			2014			2013
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$	(9,857	)	$	12,786		$	(13,696	)	$	10,926
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	(2,574	)	$	(1,272	)	$	(4,115	)	$	(1,955	)

In January 2014, the Company entered into an interest rate lock agreement with a notional amount of $250.0 million (the “Treasury Lock”). The Treasury Lock, which had an original maturity date of February 12, 2014, was entered into to hedge part of the Company’s interest rate exposure associated with the variability in future cash flows attributable to changes in the ten-year U.S. treasury rates related to the planned issuance of debt securities in conjunction with the Cole Merger. In connection with the Company’s bond offering in February 2014, the Company settled the Treasury Lock, which was accounted for as cash flow hedge, for $3.9 million, which was recorded to other comprehensive loss and will be amortized into earnings over the ten year term of the Treasury Lock. The Company amortized $0.1 million into interest expense the three and six months ended June 30, 2014 related to the Treasury Lock.

Derivatives Not Designated as Hedging Instruments

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were approximately a gain of $14.2 million and a gain of $7.1 million for the three and six months ended June 30, 2014, respectively. The Company recorded a loss of $31.2 million for the three and six months ended June 30, 2013 relating to the contingent value rights.

As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were not designated as qualifying hedging relationships (dollar amounts in thousands):

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest rate swaps		6	$	234,316

The table below presents the fair value of the Company’s derivative financial instruments not designated as hedges as well as their classification on the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):

Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	June 30, 2014			December 31, 2013
Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities	$	(11,520	)	$	(16,736	)
Interest rate products	Deferred rent, derivative and other liabilities	$	(3,621	)	$	—
Interest rate products	Deferred costs and other assets, net	$	857		$	—

Refer to Note 18 — Preferred and Common Stock for additional information for the Series D Preferred Stock embedded derivative.

Tabular Disclosure Offsetting Derivatives

The table below details a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of June 30, 2014 and December 31, 2013. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets (in thousands).

Offsetting of Derivative Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets			Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2014	$	5,522	$	(24,331	)	$	—	$	5,522	$	(24,331	)	$	—	$	—	$	(18,809	)
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)

Credit-risk-related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of June 30, 2014, the fair value of the interest rate derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was $14.6 million. As of June 30, 2014, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $14.6 million at June 30, 2014.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 11 — Fair Value of Financial Instruments (As Restated)

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The guidance defines three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be infrequent.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2014, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

During the three and six months ended June 30, 2014, real estate assets with carrying amounts of $3.2 million related to four properties were deemed to be impaired and their carrying amounts were reduced to their estimated fair value, resulting in an impairment charge of $1.6 million, which is included in impairment of real estate on the consolidated statements of operations for the three and six months ended June 30, 2014. No impairments were noted during the three and six months ended June 30, 2013. During the year ended December 31, 2013, real estate assets with carrying amounts of $4.5 million related to two properties were deemed to be impaired and their carrying amounts were reduced to their estimated fair value, resulting in an impairment charge of $3.3 million.

The Company’s estimated fair values of its real estate assets were primarily based upon an income approach utilizing a present value technique to discount the expected cash flows using market participant assumptions for market rent and terminal values, which are considered to be Level 3 inputs, or based upon recent comparable sales transactions, which are considered to be Level 2 inputs. The aggregate fair value of impaired real estate assets as of June 30, 2014 and December 31, 2013 was $1.6 million and $1.2 million, respectively.

The following tables present information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Balance as of     June 30, 2014
Assets:
Investments in real estate fund	$	—	$	1,891		$	—		$	1,891
CMBS		—		—			217,313			217,313
Interest rate swap assets		—		5,522			—			5,522
Total assets	$	—	$	7,413		$	217,313		$	224,726
Liabilities:
Interest rate swap liabilities	$	—	$	(12,811	)	$	—		$	(12,811	)
Series D Preferred Stock embedded derivative		—		—			(11,520	)		(11,520	)
Contingent consideration arrangements		—		—			(4,818	)		(4,818	)
Total liabilities	$	—	$	(12,811	)	$	(16,338	)	$	(29,149	)

	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Balance as of December 31, 2013
Assets:
Investments in real estate fund	$	—	$	1,484		$	—		$	1,484
CMBS		—		—			60,583			60,583
Interest rate swap assets		—		9,189			—			9,189
Total assets	$	—	$	10,673		$	60,583		$	71,256
Liabilities:
Interest rate swap liabilities	$	—	$	(1,719	)	$	—		$	(1,719	)
Series D Preferred Stock embedded derivative		—		—			(16,736	)		(16,736	)
Total liabilities	$	—	$	(1,719	)	$	(16,736	)	$	(18,455	)

Investments in real estate fund — The fair value of the Company’s investments in real estate fund is based on published pricing.

CMBS — The fair values of the Company’s CMBS are valued using broker quotations, collateral values, subordination levels and liquidity of the individual securities.

Derivatives — The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.

Series D Preferred Stock embedded derivative — The valuation of this derivative instrument is determined using a binomial option pricing model. Key inputs in the model include the expected term, risk-free interest rate, volatility and dividend yield.

Contingent consideration arrangements — The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the contingent payments related to property acquisitions is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. The estimated fair value of the property-related contingent consideration arrangements totaled $4.8 million as of June 30, 2014 and is included in the accompanying consolidated balance sheet in deferred rent, derivative and other liabilities. There were no property-related contingent consideration arrangements as of December 31, 2013.

The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, due to affiliates and accounts payable approximate their carrying value on the accompanying consolidated balance sheets due to their short-term nature and are classified as Level 1 under the fair value hierarchy.

A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 or Level 3 of the fair value hierarchy during the six months ended June 30, 2014.

The following is a reconciliation of the changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2014 (in thousands):

	CMBS			Series D Preferred Stock Embedded Derivative			Contingent Consideration Arrangements			Total
Beginning balance as of December 31, 2013	$	60,583		$	(16,736	)	$	—		$	43,847
Total gains and losses:
Unrealized gain included in other comprehensive income, net		8,598			—			—			8,598
Changes in fair value included in net income, net		—			5,216			(1,212	)		4,004
Purchases, issuances, settlements and amortization:
Purchases/issuances		151,197			—			(3,606	)		147,591
Amortization included in net income, net		(3,065	)		—			—			(3,065	)
Ending balance as of June 30, 2014	$	217,313		$	(11,520	)	$	(4,818	)	$	200,975

The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (dollar amounts in thousands):

	Level	Carrying Amount at June 30, 2014		Fair Value at June 30, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment	3	$	97,587	$	98,902	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net	3	$	4,227,494	$	4,328,230	$	1,301,114	$	1,305,823
Corporate bonds, net	3		2,546,089		2,568,117		—		—
Convertible debt, net	3		975,003		1,035,581		972,490		976,629
Credit facilities	3		1,896,000		1,896,000		1,819,800		1,819,800
Secured term loan	3		51,296		51,411		58,979		59,049
Unsecured Credit Facility	3		—		—		150,000		150,000
Trust preferred notes	3		26,579		23,485		26,548		23,345
Other debt	3		68,283		68,414		19,278		19,350
Total liabilities		$	9,790,744	$	9,971,238	$	4,348,209	$	4,353,996

Loans held for investment — The fair value of the Company’s fixed-rate loan portfolio is estimated with a discounted cash flow analysis, utilizing scheduled cash flows and discount rates estimated by management to approximate those that a willing buyer and seller might use.

Credit facilities — Management believes that the stated interest rates (which float based on short-term interest rates) approximate market rates. As such, the fair values of these obligations are estimated to be equal to the outstanding principal amounts.

Convertible notes and Corporate bonds — The fair value of the convertible notes and corporate bonds is estimated by an independent third party using market comps from regularly traded bonds with similar terms.

Mortgage notes payable, Trust preferred notes, Other debt and Secured term loan — The fair value of mortgages payable on real estate investments and the secured term loan is estimated by an independent third party using a discounted cash flow analysis, based on management’s estimates of market interest rates.

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Other Debt - Secured Term Loan (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013		Nov. 05, 2013
Debt Instrument [Line Items]
Other debt, net	$ 146,158,000	[1]	$ 104,804,000	[1]
CapLease [Member] | Secured Debt [Member] | Secured Term Loan [Member]
Debt Instrument [Line Items]
Other debt, net	51,300,000				59,800,000
Long-term debt, fair value					60,700,000
Debt Instrument, Interest Rate, Stated Percentage					5.81%
Repayments of Long-term Debt	$ 7,500,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Real Estate Investments

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Real Estate Investments

Note 7 — Real Estate Investments (As Restated)

Excluding the Cole Merger, the ARCT IV Merger and the CCPT Merger, the Company acquired interests in 337 commercial properties, including 18 land parcels, for an aggregate purchase price of $1.5 billion during the six months ended June 30, 2014 (the “2014 Acquisitions”). The Company is in the process of obtaining and reviewing the final third party appraisals for some of the 2014 Acquisitions, and as such, the fair value of the related assets acquired and liabilities assumed during the six months ended June 30, 2014 are provisionally allocated. The following table presents the allocation of the fair value of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
Real estate investments, at cost:
Land	$	109,075		$	416,887	$	239,663		$	493,029
Buildings, fixtures and improvements		482,074			1,129,906		1,185,641			1,424,900
Total tangible assets		591,149			1,546,793		1,425,304			1,917,929
Acquired intangible assets:
In-place leases		30,801			165,576		128,581			211,748
Above-market leases		5,511			—		21,145			—
Assumed intangible liabilities:
Below-market leases		(1,869	)		—		(3,321	)		—
Fair value adjustment of assumed notes payable		—			—		(23,589	)		—
Total purchase price of assets acquired, net		625,592			1,712,369		1,548,120			2,129,677
Notes payable assumed		—			—		(301,532	)		—
Cash paid for acquired real estate investments	$	625,592		$	1,712,369	$	1,246,588		$	2,129,677
Number of properties acquired		122			899		337			1,011

The following table presents unaudited pro forma information as if all of the 2014 Acquisitions and the Cole Merger, ARCT IV Merger and CCPT Merger, as discussed in Note 3 — Mergers and Acquisitions (As Restated), were completed on January 1, 2013 for each period presented below. 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, 2013. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $20.6 million and $47.6 million for the six months ended June 30, 2014 and 2013, respectively, and merger and other non-routine transaction related expenses of $167.7 million and $129.4 million for the six months ended June 30, 2014 and 2013, respectively (in thousands).

	Six Months Ended June 30,
	2014 As Restated			2013 As Restated
Pro forma revenues	$	828,299		$	155,269
Pro forma net income (loss) attributable to stockholders	$	(64,362	)	$	2,023

Future Lease Payments

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 (in thousands):

	Future Minimum Operating Lease Base Rent Payments		Future Minimum Direct Financing Lease Payments(1)
July 1, 2014 - December 31, 2014	$	677,188	$	2,485
2015		1,214,297		4,757
2016		1,191,214		4,674
2017		1,142,109		4,273
2018		1,087,444		3,183
Thereafter		7,706,549		10,052
Total	$	13,018,801	$	29,424

(1) 47 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.

Investment in Direct Financing Leases, Net

The components of the Company’s net investment in direct financing leases as of June 30, 2014 and December 31, 2013 are as follows (in thousands):

	June 30, 2014			December 31, 2013
Future minimum lease payments receivable	$	29,685		$	33,729
Unguaranteed residual value of property		43,884			46,172
Unearned income		(11,475	)		(13,789	)
Net investment in direct financing leases	$	62,094		$	66,112

Development Activities

During the six months ended June 30, 2014, the Company acquired 18 land parcels, upon which single-tenant commercial properties will be developed. Based on budgeted construction costs, the remaining costs to complete the buildings is estimated to be $15.3 million in aggregate. The land acquired for an aggregate amount of $8.2 million is included in land in the accompanying consolidated balance sheet. In addition, during the six months ended June 30, 2014, the Company substantially completed the development of a 450,000 square foot distribution warehouse in Columbia, South Carolina. The build-to-suit project has an estimated total investment of $22.0 million. As of June 30, 2014, the Company had a total investment of $20.4 million, including capitalized interest of $37,000, and an estimated remaining investment of $1.7 million related to the development project.

Prior to the CapLease Acquisition Date, CapLease entered into an agreement with a major Texas-based developer to develop a 150,000 square foot speculative office building in The Woodlands, Texas, adjacent to and part of the same development as an existing office building owned by CapLease since 2012. Costs of the project, which are budgeted to be $34.0 million, are scheduled to be funded by equity contributions from the Company and its developer partner, and $17.0 million of advances during the construction period under a development loan entered into with Amegy Bank. All equity contributions are scheduled to be borne as follows: the Company, 90%; and the developer, 10%; except for cost overruns, which will be borne 50% by each. Because the Company has a controlling financial interest in the investment, the Company consolidates the investment for financial accounting purposes. The Company has an option to purchase, and the developer the option to sell to the Company, in each case at fair market value, the developer’s interest in the project upon (i) substantial completion of the project and (ii) leases being entered into for 95% of the square footage of the project. Construction activity and funding of the project commenced during the quarter ended September 30, 2013 and was expected to be completed during the second half of 2014. As of June 30, 2014, the Company had a total investment of $20.0 million, including capitalized interest of $68,000, and estimated remaining investment of $14.0 million related to the development project.

Tenant Concentration

As of June 30, 2014 and June 30, 2013, there were no tenants exceeding 10% of consolidated annualized rental income. Annualized rental income for net leases is rental income as of the period reported, which includes the effect of tenant concessions such as free rent, as applicable.

Geographic Concentration

As of June 30, 2014, properties located in Texas represented 12.9% of consolidated annualized rental income determined on a straight-line basis. There were no geographic concentrations exceeding 10% of consolidated annualized rental income at June 30, 2013.

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Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Goodwill Rollforward (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Goodwill [Line Items]
Balance as of January 1, 2014	$ 92,789	[1]
Cole Merger	2,212,920	[2]
Goodwill allocated to dispositions	(12,689)	[3]
Balance as of June 30, 2014	2,293,020	[1]
Real Estate Investment Segment [Member]
Goodwill [Line Items]
Balance as of January 1, 2014	92,789
Cole Merger	1,654,085	[2]
Goodwill allocated to dispositions	(12,689)	[3]
Balance as of June 30, 2014	1,734,185
Cole Capital Segment [Member]
Goodwill [Line Items]
Balance as of January 1, 2014	0
Cole Merger	558,835	[2]
Goodwill allocated to dispositions	0	[3]
Balance as of June 30, 2014	$ 558,835

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Goodwill recognized from the Cole Merger was assigned to the REI segment and Cole Capital based on the excess consideration paid over the fair value of the assets and liabilities acquired and assumed in each segment. Refer to Note 5 - Acquisitions of CapLease, Cole and CCPT (As Restated) for further discussion.

[3] Goodwill allocated to the cost basis of properties sold or classified as held for sale is included in loss on held for sale assets and disposition of properties, net, in the consolidated statement of operations.

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Related Party Transactions and Arrangements (Schedule of Commissions, Fees and Expense Reimbursements) (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014		Jun. 30, 2014
Selling Commission Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	$ 6,109,000		$ 35,626,000
Selling Commissions Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	6,109,000		35,626,000
Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	1,909,000		10,861,000
Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	959,000		5,878,000
Other Expense Reimbursement Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	1,951,000		5,935,000
Cole Credit Property Trust IV, Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	(12,000)	[1]	29,113,000
Cole Credit Property Trust IV, Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	(12,000)	[1]	29,113,000
Cole Credit Property Trust IV, Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	(2,000)	[1]	8,771,000
Cole Credit Property Trust IV, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	107,000	[1]	4,971,000
Cole Credit Property Trust IV, Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	(18,000)	[1]	3,749,000
Cole Credit Property Trust V, Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	1,347,000		1,347,000
Cole Credit Property Trust V, Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	1,347,000		1,347,000
Cole Credit Property Trust V, Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	416,000		416,000
Cole Credit Property Trust V, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	178,000		178,000
Cole Credit Property Trust V, Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	415,000		465,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	4,579,000		4,950,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	4,579,000		4,950,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	1,372,000		1,486,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	668,000		721,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	1,372,000		1,486,000
Cole Real Estate Income Strategy [Member] | Selling Commission Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	195,000		216,000
Cole Real Estate Income Strategy [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	195,000		216,000
Cole Real Estate Income Strategy [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	123,000		188,000
Cole Real Estate Income Strategy [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	6,000		8,000
Cole Real Estate Income Strategy [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction Due From To Related Party [Line Items]
Revenue from related parties	$ 182,000		$ 235,000

[1] Due to net cancellations during the quarter, related to shares sold prior to the fund closing on February 25, 2014.

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Acquisitions of CapLease, Cole and CCPT

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Acquisitions of CapLease, Cole and CCPT

Note 5 — Acquisitions of CapLease, Cole and CCPT (As Restated)

CapLease Acquisition

On November 5, 2013 (the “CapLease Acquisition Date”), the Company completed the CapLease Merger, an acquisition of a real estate investment trust that primarily owned and managed a diversified portfolio of single tenant commercial real estate properties subject to long-term leases, the majority of which were net leases, to high credit quality tenants, by acquiring 100% of the outstanding common stock and voting interests of CapLease. The acquisition was accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The Company’s consolidated financial statements include the results of operations of CapLease subsequent to the CapLease Acquisition Date.

The purchase price includes a cash payment of $920.7 million, which was funded by the Company through additional borrowings under its revolving credit facility and the credit facility assumed from CapLease. See Note 13 — Other Debt and Note 14 — Credit Facilities.

The purchase price allocation for the CapLease Merger is considered preliminary, and additional adjustments may be recorded during the measurement period in accordance with U.S. GAAP. The purchase price allocation will be finalized as the Company receives additional information relevant to the acquisition, including a final valuation of the assets purchased and liabilities assumed.

The preliminary purchase price for the acquisition was allocated to assets acquired and liabilities assumed based on their estimated fair value and reflects a goodwill adjustment identified in the Amended 10-K in Note 2 — Restatement of Previously Issued Financial Statements. The following table presents the allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the CapLease Acquisition Date (in thousands):

	As of the CapLease Acquisition Date (1)
Fair value of consideration given	$	920,697
Assets purchased, at fair value:
Land		235,843
Buildings, fixtures and improvements		1,596,481
Land and construction in process		12,352
Acquired intangible lease assets		191,964
Total real estate investments		2,036,640
Cash and cash equivalents		41,799
Investment securities		60,730
Loans held for investment		26,457
Restricted cash		29,119
Deferred costs and other assets, net		21,574
Total identifiable assets purchased		2,216,319
Liabilities assumed, at fair value:
Mortgage notes payable		1,037,510
Secured credit facility		121,000
Other debt		114,208
Below-market leases		57,058
Derivative liabilities		158
Accounts payable and accrued expenses		49,291
Deferred rent, derivative and other liabilities		8,619
Total liabilities assumed		1,387,844
Non-controlling interest retained by third party		567
Net identifiable assets acquired by Company		827,908
Goodwill	$	92,789

(1) As reported in the Amended 10-K.

Management is in the process of further evaluating the purchase price accounting. The fair value of real estate investments and below-market leases have been estimated by the Company with the assistance of third party valuation firms. Based on a preliminary analysis received to-date, the estimated fair value of these assets and liabilities total $2.0 billion and $57.1 million, respectively. The recorded values represent the estimated fair values related to such assets and liabilities. Upon completion of the analysis, including a review of the appraisals and assessment of current market rates, changes to the estimated fair values may result. Such post-closing adjustments are customary in nature in accordance with ASC 805, Business Combinations.

The ascribed value of the non-controlling interest has been estimated based on the fair value of the percentage ownership of The Woodlands, Texas development activity not held by the Company. See Note 7 — Real Estate Investments (As Restated) for further information on this development project.

The fair value of the remaining CapLease assets and liabilities have been calculated in accordance with the Company’s policy on purchase price allocation, as disclosed in the Amended 10-K for the year ended December 31, 2013.

Goodwill of approximately $92.8 million has been preliminarily assigned to the REI segment. The goodwill recognized is attributed to the enhancement of the Company’s year-round rental revenue stream, expected synergies and the assembled work force at CapLease.

The pro forma consolidated statements of operations in Note 7 — Real Estate Investments (As Restated) are presented as if CapLease had been included in the consolidated results of the Company for the entire periods ended June 30, 2014 and 2013.

Cole Acquisition

The Company accounted for the Cole Merger as a business combination under the acquisition method of accounting. Therefore, the Company’s consolidated financial statements include the results of operations of Cole subsequent to the Cole Acquisition Date.

Fair Value of Consideration Transferred

The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of the consideration transferred; thus, the fair values of currently recorded assets and liabilities are subject to change. The estimated fair value of the consideration transferred at the Cole Acquisition Date totaled approximately $7.5 billion and consisted of the following (in thousands):

	As of Cole Acquisition Date (Preliminary)
Estimated Fair Value of Consideration Transferred:
Cash	$	181,775
Common stock		7,285,868
Total consideration transferred	$	7,467,643

The fair value of the 520.8 million shares of common stock issued, excluding those common shares transferred to former Cole executives, was determined based on the closing market price of the Company’s common stock on the Cole Acquisition Date.

Allocation of Consideration

The consideration transferred pursuant to the Cole Merger Agreement was allocated to the assets acquired and liabilities assumed for the REI segment and Cole Capital, based upon their preliminary estimated fair values as of the Cole Acquisition Date. The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of certain intangible assets; thus, the provisional measurements of intangible assets and goodwill are subject to change. Such post-closing adjustments are customary in nature in accordance with ASC 805, Business Combinations. The measurement periods recorded for the period from the Cole Acquisition Date to June 30, 2014 are presented consolidated and by segments in the tables below.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, including all measurement period adjustments, at the Cole Acquisition Date (in thousands):

	Preliminary
	REI Segment		Cole Capital		Total as of Cole Acquisition Date
Identifiable Assets Acquired at Fair Value:
Land	$	1,737,839	$	—	$	1,737,839
Buildings, fixtures and improvements		5,901,827		—		5,901,827
Intangible lease assets		1,324,217		—		1,324,217
Total real estate investments		8,963,883		—		8,963,883
Investment in unconsolidated entities		100,659		3,307		103,966
Investment securities		151,197		—		151,197
Loans held for investment		72,326		—		72,326
Cash and cash equivalents		129,552		20,413		149,965
Restricted cash		15,704		—		15,704
Intangible assets		—		385,368		385,368
Deferred costs and other assets		43,774		50,893		94,667
Due from affiliates		—		3,301		3,301
Total identifiable assets acquired		9,477,095		463,282		9,940,377
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable	$	2,706,585	$	—	$	2,706,585
Credit facilities		1,309,000		—		1,309,000
Other debt, net		49,013		—		49,013
Below-market lease intangibles		212,433		—		212,433
Accounts payable and accrued expenses		87,628		54,615		142,243
Prepaid rent, derivative and other liabilities		67,841		167,458		235,299
Dividends payable		6,271		—		6,271
Due to affiliates		—		44		44
Total liabilities assumed		4,438,771		222,117		4,660,888
Non-controlling interests		24,766		—		24,766
Net identifiable assets acquired		5,013,558		241,165		5,254,723
Goodwill		1,654,085		558,835		2,212,920
Net assets acquired	$	6,667,643	$	800,000	$	7,467,643

The fair value of real estate investments, including acquired lease intangibles, and below-market lease liabilities allocated to the REI segment have been estimated by the Company with the assistance of a third party valuation firm. Based on a preliminary analysis received to date, the estimated fair value of these assets and liabilities total $9.0 billion and $212.4 million, respectively. The recorded values represent the estimated fair values related to such assets and liabilities. Upon completion of the analysis, including a review of the appraisals and assessment of current market rates, changes to the estimated fair values may result.

The intangible assets acquired primarily consist of management and advisory contracts that the Company has with the Managed REITs and are subject to an estimated useful life of approximately four years. The Company recorded $38.0 million of amortization expense for the period from the Cole Acquisition Date to June 30, 2014. The estimated amortization expense for the remainder of the year ending December 31, 2014 is $48.6 million. The estimated amortization expense for each of the years ending December 31, 2015, 2016 and 2017 is $96.3 million and the estimated amortization expense for the year ending December 31, 2018 is $9.8 million.

Goodwill of approximately $1.7 billion has been preliminarily assigned to the REI segment. The goodwill recognized is attributed to the enhancement of the Company’s year-round rental revenue stream, realized and expected synergies, the impact of the merger on lowering the Company’s cost of capital, as well as the benefits of critical mass, improved portfolio diversification and enhanced access to capital markets. Goodwill of approximately $558.8 million has been preliminarily assigned to Cole Capital. The goodwill is primarily supported by management’s belief that Cole Capital brings an established management platform with numerous strategic benefits including growth from new income streams and the ability to offer new products. None of the goodwill is expected to be deductible for income tax purposes.

The fair value of the remaining Cole assets and liabilities have been calculated in accordance with the Company’s policy on purchase price allocation, as disclosed in the Amended10-K for the year ended December 31, 2013.

The amounts of revenue and net income related to Cole property acquisitions and Cole Capital included in the accompanying consolidated statements of operations from the Cole Acquisition Date to the period ended June 30, 2014 were $366.2 million and $32.0 million, respectively.

The pro forma consolidated statements of operations in Note 7 — Real Estate Investments (As Restated) are presented as if Cole had been included in the consolidated results of the Company for the entire periods ended June 30, 2014 and 2013.

CCPT Acquisition

On May 19, 2014, the Company completed its acquisition of CCPT, as discussed in Note 3 — Mergers and Acquisitions (As Restated). The Company accounted for the CCPT Merger as a business combination under the acquisition method of accounting. Therefore, the Company’s consolidated financial statements include the results of operations of CCPT subsequent to the CCPT Acquisition Date.

Fair Value of Consideration Transferred

The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of the consideration transferred; thus, the fair values of currently recorded assets and liabilities are subject to change. The estimated fair value of the consideration transferred at the CCPT Acquisition Date totaled approximately $73.2 million, which was paid in cash. The acquisition was funded by the Company through additional borrowings under its revolving credit facility.

Allocation of Consideration

The consideration transferred pursuant to the CCPT Merger Agreement was allocated to the assets acquired and liabilities assumed based upon their preliminary estimated fair values as of the CCPT Acquisition Date. The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of certain intangible assets; thus, the provisional measurements of intangible assets and goodwill are subject to change. Such post-closing adjustments are customary in nature in accordance with ASC 805, Business Combinations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed by segment at the CCPT Acquisition Date (in thousands):

	Preliminary May 19, 2014
Identifiable Assets Acquired at Fair Value:
Land	$	28,258
Buildings, fixtures and improvements		113,296
Acquired intangible lease assets		17,960
Total real estate investments		159,514
Cash and cash equivalents		167
Restricted cash		2,420
Prepaid expenses and other assets		297
Total identifiable assets acquired		162,398
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable		85,286
Unsecured credit facility		800
Accounts payable and accrued expenses		443
Below-market lease liability		1,752
Due to affiliates		568
Deferred rent and other liabilities		390
Total liabilities assumed		89,239
Net identifiable assets acquired	$	73,159

The fair value of real estate investments, including acquired lease intangibles, and below-market lease liabilities have been estimated by the Company with the assistance of a third party valuation firm. Based on a preliminary analysis received to date, the estimated fair value of these assets and liabilities total $159.5 million and $1.8 million, respectively. The recorded values represent the estimated fair values related to such assets and liabilities. Upon completion of the analysis, including a review of the appraisals and assessment of current market rates, changes to the estimated fair values may result.

The fair value of the remaining CCPT assets and liabilities have been calculated in accordance with the Company’s policy on purchase price allocation, as disclosed in the Amended 10-K for the year ended December 31, 2013.

The amounts of revenue and net loss related to CCPT property acquisitions included in the accompanying consolidated statements of operations from the Cole Acquisition Date to the period ended June 30, 2014 were $1.5 million and $0.3 million, respectively.

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Segment Reporting

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting

Note 6 — Segment Reporting (As Restated)

The Company operates under two segments, REI and Cole Capital.

REI – Through its REI segment, the Company acquires, owns and operates primarily single-tenant, freestanding commercial real estate properties primarily subject to net leases with high credit quality tenants. The Company focuses on investing in properties that are net leased to credit tenants, which are generally large public companies with investment-grade ratings and other creditworthy tenants. The Company’s long-term business strategy is to continue to acquire a diverse portfolio consisting of approximately 70% long-term leases and 30% medium-term leases, with an average remaining primary lease term of approximately 10 to 12 years. The Company considers properties that are leased on a “medium-term” basis to mean properties originally leased long-term (10 years or longer) that currently have a primary remaining lease duration of generally three to eight years, on average. The Company seeks to acquire granular, self-originated single-tenant net lease assets, which may be purchased through sale-leaseback transactions, small portfolio acquisitions and in connection with build-to-suit opportunities, to the extent they are appropriate in terms of capitalization rate and scale. The Company expects this investment strategy to provide for stable income from credit tenants and for growth opportunities from re-leasing of current below market leases. As of June 30, 2014, the Company owned 3,966 properties comprising 106.8 million square feet of single and multi-tenant retail and commercial space located in 49 states, which include properties owned through consolidated joint ventures. As of June 30, 2014, the rentable space at these properties was 98.8% leased with a weighted average remaining lease term of 9.95 years. As of June 30, 2014, the Company also owned 25 commercial mortgage-backed securities (“CMBS”), 14 loans held for investment and, through the Unconsolidated Joint Ventures, had interests in six properties comprising 1.6 million rentable square feet of commercial and retail space.

Cole Capital – Cole Capital is contractually responsible for managing the Managed REITs’ affairs on a day-to-day basis, identifying and making acquisitions and investments on the Managed REITs’ behalf and recommending to each of the Managed REIT’s respective board of directors an approach for providing investors with liquidity. Cole Capital serves as the dealer manager and distributes shares of common stock for certain Managed REITs and advises them regarding offerings, manages relationships with participating broker-dealers and financial advisors and provides assistance in connection with compliance matters relating to the offerings. Cole Capital receives compensation and reimbursement for services relating to the Managed REITs’ offerings and the investment, management, financing and disposition of their respective assets, as applicable. Cole Capital also develops new REIT offerings, including obtaining regulatory approvals from the SEC, the Financial Industry Regulatory Authority, Inc. (“FINRA”) and various blue sky jurisdictions for such offerings.

The Company allocates certain operating expenses, such as audit and legal fees, board of director fees, employee-related costs and benefits and general overhead expenses between its two segments. The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(As Restated)			(As Restated)			(As Restated)			(As Restated)
REI:
Rental income	$	314,519		$	52,664		$	558,934		$	93,651
Direct financing lease income		1,181			—			2,187			—
Operating expense reimbursements		29,256			2,281			50,732			4,191
Total real estate investment revenues		344,956			54,945			611,853			97,842
Acquisition related		7,201			37,266			20,618			47,593
Merger and other non-routine transactions		5,999			5,865			165,793			129,433
Property operating expenses		39,286			3,086			69,041			5,635
Management fees to affiliate		—			—			13,888			12,493
General and administrative expenses		17,977			6,283			53,638			14,055
Depreciation and amortization		225,965			33,681			385,448			60,434
Impairment of real estate		1,556			—			1,556			—
Total operating expenses		297,984			86,181			709,982			269,643
Operating income (loss)		46,972			(31,236	)		(98,129	)		(171,801	)
Interest expense, net		(103,897	)		(11,424	)		(224,848	)		(18,225	)
Extinguishment of debt, net	$	(6,469	)	$	—		$	(15,868	)	$	—
Other (expense) income, net		4,332			1,523			8,291			2,522
Gain (loss) on derivative instruments, net		14,207			(31,174	)		7,086			(31,179	)
Loss on disposition of properties, net		(1,269	)		—			(18,874	)		—
Gain on sale of investments		—			—			—			451
Total other expenses, net		(93,096	)		(41,075	)		(244,213	)		(46,431	)
Net loss from continuing operations		(46,124	)		(72,311	)		(342,342	)		(218,232	)
Discontinued operations:
Income from operations of held for sale properties	$	—		$	36		$	—		$	20
Net income from discontinued operations		—			36			—			20
Net loss	$	(46,124	)	$	(72,275	)	$	(342,342	)	$	(218,212	)
Cole Capital:
Dealer manager and distribution fees, selling commissions and offering reimbursements	$	9,969		$	—		$	52,422		$	—
Transaction service fees		14,411			—			18,970			—
Management fees and reimbursements		12,842			—			20,087			—
Total Cole Capital revenues		37,222			—			91,479			—
Cole Capital reallowed fees and commissions		7,068			—			41,504			—
Merger and other non-routine transactions		1,423			—			1,927			—
General and administrative expenses		22,035			—			42,866			—
Depreciation and amortization		24,774			—			39,133			—
Total operating expenses		55,300			—			125,430			—
Total other income		7,604			—			13,855			—
Net income (loss)	$	(10,474	)	$	—		$	(20,096	)	$	—
Total Company:
Total revenues	$	382,178		$	54,945		$	703,332		$	97,842
Total operating expenses	$	353,284		$	86,181		$	835,412		$	269,643
Total other expense	$	(85,492	)	$	(41,075	)	$	(230,358	)	$	(46,431	)
Loss from continuing operations	$	(56,598	)	$	(72,311	)	$	(362,438	)	$	(218,232	)
Income from discontinued operations	$	—		$	36		$	—		$	20
Net loss	$	(56,598	)	$	(72,275	)	$	(362,438	)	$	(218,212	)

	Total Assets
	June 30, 2014 (As Restated)		December 31, 2013 (As Restated)
REI	$	20,182,178	$	7,809,083
Cole Capital		1,128,318		—
Total Company	$	21,310,496	$	7,809,083

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Investment Securities, at Fair Value

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Investment Securities, at Fair Value

Note 8 — Investment Securities, at Fair Value

Investment securities are considered available-for-sale and, therefore, increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income (loss) as a component of equity on the consolidated balance sheets unless the securities are considered to be other-than-temporarily impaired at which time the losses are reclassified to expense.

The following tables detail the unrealized gains and losses on investment securities as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investments in real estate fund	$	1,621	$	270	$	—		$	1,891
CMBS		208,584		8,775		(46	)		217,313
Total	$	210,205	$	9,045	$	(46	)	$	219,204

	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investments in real estate fund	$	1,589	$	—	$	(105	)	$	1,484
CMBS		60,452		498		(367	)		60,583
Total	$	62,041	$	498	$	(472	)	$	62,067

CMBS

In connection with the Cole Merger, the Company acquired 15 CMBS with an estimated aggregate fair value of $151.2 million as of the Cole Acquisition Date. As of June 30, 2014, the Company owned 25 CMBS with an estimated aggregate fair value of $217.3 million. As of June 30, 2014, certain of these securities were pledged as collateral under repurchase agreements (the “Repurchase Agreements”), as discussed in Note 13 — Other Debt. As of December 31, 2013, the Company owned 10 CMBS with an estimated aggregate fair value of $60.6 million.

As of June 30, 2014, the fair value of one CMBS was below its amortized cost by approximately $46,000. The Company evaluated each of the securities for other-than-temporary impairment at June 30, 2014, and determined that no other-than-temporary impairment charges on its securities were appropriate. The Company believes that none of the unrealized losses on investment securities are other-than-temporary because management expects the Company will receive all contractual principal and interest related to these investments. In addition, the Company is not required, and does not intend, to sell these securities.

The scheduled maturity of the Company’s CMBS as of June 30, 2014 is as follows (in thousands):

	June 30, 2014
	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due after one year through five years		1,202		1,237
Due after five years through 10 years		178,922		186,042
Due after 10 years		28,460		30,034
	$	208,584	$	217,313

Investment in Real Estate Fund

As of June 30, 2014, the Company had investments in a real estate fund that is sponsored by an affiliate of the Former Manager of the Company and which invests primarily in equity securities of other publicly traded REITs. This investment is accounted for under the equity method of accounting because the Company has significant influence but not control.

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Acquisitions of CapLease, Cole and CCPT - Cole Acquisition Narrative (Detail) (USD $) Share data in Millions, unless otherwise specified	0 Months Ended	2 Months Ended	6 Months Ended
	Feb. 07, 2014	Mar. 31, 2014	Jun. 30, 2014		Dec. 31, 2013
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill			$ 2,293,020,000	[1]	$ 92,789,000	[1]
Real Estate Investment Segment [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill			1,734,185,000		92,789,000
Cole Merger [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred	7,467,643,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Amortization expense, remainder of 2014			48,600,000
Amortization expense, 2015			96,300,000
Amortization expense, 2016			96,300,000
Amortization expense, 2017			96,300,000
Amortization expense, 2018			9,800,000
Revenue of acquiree since acquisition date		366,200,000
Earnings or loss of acquiree since acquisition date		32,000,000
Cole Merger [Member] | Management And Advisory Contracts [Member]
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			4 years
Amortization of intangible assets			38,000,000
Cole Merger [Member] | Real Estate Investment Segment [Member]
Business Acquisition [Line Items]
Intangible lease assets	9,000,000,000
Below-market leases	212,400,000
Cole Merger [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares	520.8
Cole Merger [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill	2,212,920,000
Cole Merger [Member] | Real Estate Investment Segment [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill	1,654,085,000
Cole Merger [Member] | Private Capital Management Segment [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill	$ 558,835,000		$ 558,800,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Other Debt - Secured Term Loan Borrowings and Collateral (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Debt Instrument [Line Items]
Borrowings	$ 149,804
Secured Debt [Member] | Loans Held For Investment [Member]
Debt Instrument [Line Items]
Borrowings	31,597
Collateral Carrying Value	44,670
Secured Debt [Member] | Intercompany Mortgage Loans [Member]
Debt Instrument [Line Items]
Borrowings	5,525
Collateral Carrying Value	17,124
Secured Debt [Member] | Commercial Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Borrowings	13,529
Collateral Carrying Value	21,900
Secured Debt [Member] | Secured Term Loan [Member]
Debt Instrument [Line Items]
Borrowings	50,651
Collateral Carrying Value	$ 83,694

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Acquisitions of CapLease, Cole and CCPT - Cole Acquisition Assets Acquired and Liabilities Assumed (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013		Feb. 07, 2014
Identifiable Liabilities Assumed at Fair Value:
Goodwill	$ 2,293,020	[1]	$ 92,789	[1]
Real Estate Investment Segment [Member]
Identifiable Liabilities Assumed at Fair Value:
Goodwill	1,734,185		92,789
Cole Merger [Member]
Identifiable Assets Acquired at Fair Value:
Land					1,737,839
Buildings, fixtures and improvements					5,901,827
Intangible lease assets					1,324,217
Total real estate investments					8,963,883
Investment in unconsolidated entities					103,966
Investment securities					151,197
Loans held for investment					72,326
Cash and cash equivalents					149,965
Restricted cash					15,704
Intangible assets					385,368
Deferred costs and other assets					94,667
Due from affiliates					3,301
Total identifiable assets acquired					9,940,377
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable					2,706,585
Credit facilities					1,309,000
Other debt, net					49,013
Below-market lease intangibles					212,433
Accounts payable and accrued expenses					142,243
Prepaid rent, derivative and other liabilities					235,299
Dividends payable					6,271
Due to affiliates					44
Total liabilities assumed					4,660,888
Non-controlling interests					24,766
Net identifiable assets acquired					5,254,723
Goodwill					2,212,920
Net assets acquired					7,467,643
Cole Merger [Member] | Real Estate Investment Segment [Member]
Identifiable Assets Acquired at Fair Value:
Land					1,737,839
Buildings, fixtures and improvements					5,901,827
Intangible lease assets					1,324,217
Total real estate investments					8,963,883
Investment in unconsolidated entities					100,659
Investment securities					151,197
Loans held for investment					72,326
Cash and cash equivalents					129,552
Restricted cash					15,704
Intangible assets					0
Deferred costs and other assets					43,774
Due from affiliates					0
Total identifiable assets acquired					9,477,095
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable					2,706,585
Credit facilities					1,309,000
Other debt, net					49,013
Below-market lease intangibles					212,433
Accounts payable and accrued expenses					87,628
Prepaid rent, derivative and other liabilities					67,841
Dividends payable					6,271
Due to affiliates					0
Total liabilities assumed					4,438,771
Non-controlling interests					24,766
Net identifiable assets acquired					5,013,558
Goodwill					1,654,085
Net assets acquired					6,667,643
Cole Merger [Member] | Private Capital Management Segment [Member]
Identifiable Assets Acquired at Fair Value:
Land					0
Buildings, fixtures and improvements					0
Intangible lease assets					0
Total real estate investments					0
Investment in unconsolidated entities					3,307
Investment securities					0
Loans held for investment					0
Cash and cash equivalents					20,413
Restricted cash					0
Intangible assets					385,368
Deferred costs and other assets					50,893
Due from affiliates					3,301
Total identifiable assets acquired					463,282
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable					0
Credit facilities					0
Other debt, net					0
Below-market lease intangibles					0
Accounts payable and accrued expenses					54,615
Prepaid rent, derivative and other liabilities					167,458
Dividends payable					0
Due to affiliates					44
Total liabilities assumed					222,117
Non-controlling interests					0
Net identifiable assets acquired					241,165
Goodwill	558,800				558,835
Net assets acquired					$ 800,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Related Party Transactions and Arrangements (Detail) (USD $)	0 Months Ended	3 Months Ended			6 Months Ended			12 Months Ended		2 Months Ended	12 Months Ended	0 Months Ended				3 Months Ended
	Feb. 28, 2013	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013	Dec. 31, 2013		Feb. 28, 2013	Dec. 31, 2012	Feb. 28, 2014	Jan. 03, 2014	Jan. 08, 2014	Oct. 04, 2013	Mar. 31, 2013
Related Party Transaction [Line Items]
Excess annualized core earnings, percentage		20.00%			20.00%
ARCP OP Units Issued to Special Limited Partnership		56,797			56,797
Investment securities, at fair value		$ 219,204,000	[1]	$ 78,002,000	$ 219,204,000	[1]	$ 78,002,000	$ 62,067,000	[1]
Carrying amount of investment		3,917,000			3,917,000
Due from affiliates		73,686,000	[1]		73,686,000	[1]		0	[1]
Available borrowings under the revolving line of credit		60,000,000			60,000,000
Sale of ARCT III OP Units [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Proceeds from Related Party	98,400,000
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		43,809,000		53,221,000	267,471,000		328,054,000
Special Limited Partner [Member]
Related Party Transaction [Line Items]
Value of ARCP OP Units Issued to Special Limited Partnership		800,000			800,000
American Real Estate Income Fund [Member]
Related Party Transaction [Line Items]
Investment securities, at fair value		1,700,000			1,700,000			1,600,000
Dealer Manager Fee [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage of gross offering proceeds		2.00%			2.00%
Former Manager and Affiliates of Former Manager [Member]
Related Party Transaction [Line Items]
Consideration recovered								8,500,000
American Realty Capital Advisors III LLC [Member] | Advisor [Member] | Class B Units [Member]
Related Party Transaction [Line Items]
Antidilutive securities excluded from computation of earnings per share	748,621									603,599	145,022
ARCT III Merger [Member]
Related Party Transaction [Line Items]
Asset Management Fee Percentage, Option 2												0.40%
ARCT III Merger [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Management fee waived				2,000,000			2,400,000
ARCT III Merger [Member] | ARCP [Member]
Related Party Transaction [Line Items]
Asset Management Fee Percentage, Option 1												0.50%
ARCT IV / ARCP Merger [Member] | Special Limited Partner [Member] | ARCP IV [Member]
Related Party Transaction [Line Items]
Business acquisition, equity interest issued or issuable, number of shares													2,800,000
Maximum [Member] | ARCT III Merger [Member] | ARCP [Member]
Related Party Transaction [Line Items]
Unadjusted book value of assets												3,000,000,000
Operating Partnership Unit [Member] | ARC Real Estate Partners, LLC [Member]
Related Party Transaction [Line Items]
Common stock held by related party, percent		2.77%			2.77%			4.37%
Common Stock [Member] | ARCP Merger [Member] | American Realty Capital III Special Limited Partnership, LLC [Member] | Entity Wholly Owned By Sponsor [Member] | Pre-Conversion [Member] | Sale of ARCT III OP Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest, Issuance of Units	7,600,000
Common Stock [Member] | ARCP Merger [Member] | American Realty Capital III Special Limited Partnership, LLC [Member] | Entity Wholly Owned By Sponsor [Member] | Post-Conversion [Member] | Sale of ARCT III OP Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest, Issuance of Units	7,300,000
Common Stock [Member] | ARCP Merger [Member] | American Realty Capital III Special Limited Partnership, LLC [Member] | Entity Wholly Owned By Sponsor [Member] | Post-Conversion [Member] | Class B Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest, Issuance of Units	711,190
Op Units [Member] | ARCT IV / ARCP Merger [Member]
Related Party Transaction [Line Items]
Units Minimum Holding Period													2 years
Op Units [Member] | ARCT IV / ARCP Merger [Member] | ARCP IV [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Shares Converted													6,700,000
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Cole Office And Industrial REIT (CCIT II), Inc. [Member]
Related Party Transaction [Line Items]
Due from affiliates		55,000,000			55,000,000
available borrowings under the revolving line of credit		10,000,000			10,000,000
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Due from affiliates		9,700,000			9,700,000
available borrowings under the revolving line of credit		10,000,000			10,000,000
Restricted Share Plan [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value					12,500,000
Restricted Share Plan [Member] | Employee [Member] | Restricted Stock [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Number of Restricted Common Shares, Granted					796,075
Restricted Share Plan [Member] | Director [Member] | Restricted Stock [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Number of Restricted Common Shares, Granted					87,202
LIBOR [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate					2.20%
Gross Proceeds, Initial Public Offering [Member] | Realty Capital Securities, LLC [Member] | Dealer Manager [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Sales Commissions Earned by Related Party, Percentage of Benchmark		7.00%			7.00%
Amount Available Or Outstanding Under Financing Arrangement [Member] | ARC Properties Advisors, LLC [Member] | Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements				6,300,000			13,800,000
Related Party Transaction, Financing Coordination Fees Earned by Related Party, Percentage of Benchmark				0.75%			0.75%
Gross Proceeds, Common Stock [Member] | Realty Capital Securities, LLC [Member] | Dealer Manager [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Sales Commissions Earned by Related Party, Percentage of Benchmark		3.00%			3.00%
Pre-tax Non-compounded Return on Capital Contribution [Member] | Annual Targeted Investor Return [Member] | American Realty Capital Advisors III LLC [Member] | Advisor [Member] | Sale of ARCT III OP Units [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Cumulative Capital Investment Return, as a Percentage of Benchmark	6.00%									6.00%
Pre-tax Non-compounded Return on Capital Contribution [Member] | Annual Targeted Investor Return [Member] | ARCT IV / ARCP Merger [Member] | American Realty Capital Advisors III LLC [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Cumulative Capital Investment Return, as a Percentage of Benchmark													6.00%
Related Party Transaction, Cumulative Capital Investment Return													358,300,000
Gross Revenue, Stand-alone Single-tenant Net Leased Properties [Member] | American Realty Capital Advisors III LLC [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Property Management Fees Earned by Related Party, Percentage of Benchmark				2.00%			2.00%
Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties [Member] | American Realty Capital Advisors III LLC [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Property Management Fees Earned by Related Party, Percentage of Benchmark				4.00%			4.00%
Gross Revenue, Managed Properties [Member] | Maximum [Member] | American Realty Capital Advisors III LLC [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Property Management Fees Earned by Related Party, Percentage of Benchmark				1.00%			1.00%
Acquisition Related Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		113,000		19,867,000	1,652,000		26,830,000
Acquisition Related Expenses [Member] | Former Manager and Affiliates of Former Manager [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Acquisition Fees Earned by Related Party, Percentage of Benchmark		1.00%			1.00%
Acquisition Related Expenses [Member] | ARCT IV [Member] | Former Manager and Affiliates of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements				6,600,000			13,500,000
Acquisition Related Expenses [Member] | GE Capital Portfolio [Member]
Related Party Transaction [Line Items]
Payments to related parties				1,900,000			1,900,000
Acquisition Related Expenses [Member] | GE Capital Portfolio [Member] | ARCT IV [Member]
Related Party Transaction [Line Items]
Payments to related parties				5,300,000			5,300,000
Related Party Transaction, Acquisition Fees Earned by Related Party, Percentage of Benchmark				0.25%			0.25%
Acquisition Related Expenses [Member] | Fortress Investment Group LLC Portfolio [Member]
Related Party Transaction [Line Items]
Payments to related parties					1,000,000
Acquisition Related Expenses [Member] | Inland Acquisition [Member]
Related Party Transaction [Line Items]
Payments to related parties		100,000			600,000
Acquisition Related Expenses [Member] | Contract Purchase Price [Member] | Fortress Investment Group LLC Portfolio [Member] | ARCT IV [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Acquisition Fees Earned by Related Party, Percentage of Benchmark		0.25%			0.25%
Acquisition Related Expenses [Member] | Contract Purchase Price [Member] | Inland Acquisition [Member] | ARCT IV [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Acquisition Fees Earned by Related Party, Percentage of Benchmark		0.25%			0.25%
Acquisition Related Expenses Reimbursed Expenses [Member] | GE Capital Portfolio [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements				6,100,000			6,100,000
Asset Management Fees [Member] | ARCT IV [Member]
Related Party Transaction [Line Items]
Asset management fee, percentage of assets													0.1875%
Asset Management Fees [Member] | ARCT III [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Cumulative Capital Investment Return, as a Percentage of Benchmark		6.00%			6.00%
Asset Management Fees [Member] | Class B Units [Member] | ARCT IV [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, issued for services								492,483					498,857
Business acquisition, equity interest issued or issuable, per share conversion rate													2.3961
Related party transaction, selling, general and administrative expenses from transactions with related party					13,900,000
Management Fees To Affiliates, Property Management Fees [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					0		800,000
Management Fees To Affiliates, Property Management Fees [Member] | ARC Advisory [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Payments to related parties							2,300,000
Related Party Transactions, Property Management Services Service Period Extension, Days							60 days
Fees and Expense Reimbursements [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		400,000		1,100,000	2,000,000		3,700,000
Equity Awards, Valuation [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements				3,100,000			3,700,000
Equity Awards [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		0		3,068,000	14,074,000		5,676,000
Equity Awards [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					1,600,000
Equity Awards [Member] | ARCT III Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							2,000,000
Equity Awards [Member] | Restricted Stock [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Number of Restricted Common Shares, Granted							325,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value							4,500,000
Tenant Improvement, Furniture And Operating Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		3,500,000			3,800,000
Tenant Improvement And Furniture Costs [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Payments to related parties					8,500,000
Indirect Affiliate Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		3,997,000		0	4,495,000		0
Indirect Affiliate Expenses [Member] | Operating Partnership Unit [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related Party Transactions, Shares Delivered and Retired					916,423
ANST Office Build Out [Member]
Related Party Transaction [Line Items]
Payments to related parties					300,000
ANST Office Build Out [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		335,000			335,000
New York Office [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Payments to related parties		100,000			200,000
New York Office [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		116,000			187,000
Other Related Parties [Member]
Related Party Transaction [Line Items]
Indirect ownership interests, percentage					100.00%
Number of properties		63			63
Dealer Manager [Member] | Gross Proceeds, Initial Public Offering [Member] | Realty Capital Securities, LLC [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Sales Commissions Earned by Related Party, Percentage of Benchmark		7.00%			7.00%
Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties		6,109,000			35,626,000
Selling Commissions Reallowance Expense [Member] | CCPT IV, CCIT II, CCPT V [Member]
Related Party Transaction [Line Items]
Commissions Percentage On Stock Sales And Related Dealer Manager Fees		100.00%			100.00%
Selling Commissions Reallowance Expense [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Revenue from related parties		195,000			216,000
Commissions Percentage On Stock Sales And Related Dealer Manager Fees		100.00%			100.00%
Selling Commissions Reallowance Expense [Member] | Cole Office And Industrial REIT (CCIT II), Inc. [Member]
Related Party Transaction [Line Items]
Revenue from related parties		4,579,000			4,950,000
Selling Commissions Reallowance Expense [Member] | Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Revenue from related parties		1,347,000			1,347,000
Dealer Manager Fee [Member] | Common Class W [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent		0.55%			0.55%
Dealer Manager Fee [Member] | Common Class A [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent		0.55%			0.55%
Dealer Manager Fee [Member] | Common Class I [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent		0.25%			0.25%
Selling Commission Revenue [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Commissions Percentage On Stock Sales And Related Dealer Manager Fees		3.75%			3.75%
Distribution Fee [Member] | Common Class A [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent		0.50%			0.50%
Organization and Offering Fee [Member] | Cole Managed REITs [Member]
Related Party Transaction [Line Items]
Program Development Costs		7,000,000			7,000,000
Brokerage Commission Fee [Member] | ARCT IV Advisor [Member]
Related Party Transaction [Line Items]
Payments to related parties					8,400,000
Strategic and Financial Advisory Services Fee [Member] | ARC Advisory [Member] | Cole Merger [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					14,200,000
Related Party Transaction, Service Fee Percentage		0.25%			0.25%
Strategic and Financial Advisory Services Fee [Member] | RCS Advisory [Member] | MT-Spin Off [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					1,800,000
Other Non-Routine Costs, Legal Fees And Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							61,000
Other Non-Routine Costs, Legal Fees And Expenses [Member] | ARCT III Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							61,000
Other Non-Routine Costs, Legal Fees And Expenses [Member] | Cole Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					2,900,000
Payments to related parties					2,900,000
Purchase of Furniture, Fixtures and Equipment and Unreimbursed Expenses [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Related party transaction, purchases from related party					15,800,000		5,800,000
Post Transaction Support Services [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					11,352,000
Post Transaction Support Services [Member] | Cole Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					0
Post Transaction Support Services [Member] | ARCT III Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							2,000,000
Payments to related parties							2,000,000
Post Transaction Support Services [Member] | ARCT IV Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					1,352,000
Post Transaction Support Services [Member] | ARCT IV / ARCP Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Payments to related parties														10,000,000
Related Party Transactions, Property Management Services Service Period Extension, Days														60 days
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					2,145,000		2,000,000
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | ARCT III Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							2,000,000
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | Cole Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					1,728,000
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | ARCT IV Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					417,000
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | ARC Advisory [Member] | ARCT IV Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Payments to related parties					1,300,000
Lease Agreement and Termination [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Payments to related parties		100,000			100,000
Lease term															15 years
Lease amount															400,000
Revenue from related parties		9,000			17,000
Offering Related Costs [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements		2,000,000		22,669,000	2,150,000		158,657,000
Subordinated Distributions [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					78,244,000		98,360,000
Subordinated Distributions [Member] | ARCT III Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							98,360,000
Subordinated Distributions [Member] | Cole Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					0
Subordinated Distributions [Member] | ARCT IV Merger [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					78,244,000
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned		78,200,000			78,200,000
Subordinated Distributions [Member] | ARCT III [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							98,400,000
Management Fees To Affiliates, Asset Management Fees [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					13,888,000		11,693,000
Management Fees To Affiliates, Asset Management Fees [Member] | Class B Units [Member] | ARCT III Merger [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements																$ 9,400,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Acquisitions of CapLease, Cole and CCPT - CapLease Acquisition (Detail) (USD $)	0 Months Ended
	Nov. 05, 2013		Jun. 30, 2014		Dec. 31, 2013
Liabilities assumed, at fair value:
Goodwill			$ 2,293,020,000	[1]	$ 92,789,000	[1]
CapLease [Member]
Business Acquisition [Line Items]
Fair value of consideration given	920,697,000	[2]
Assets purchased, at fair value:
Land	235,843,000	[2]
Buildings, fixtures and improvements	1,596,481,000	[2]
Land and construction in process	12,352,000	[2]
Acquired intangible lease assets	191,964,000	[2]
Total real estate investments	2,036,640,000	[2]
Cash and cash equivalents	41,799,000	[2]
Investment securities	60,730,000	[2]
Loans held for investment	26,457,000	[2]
Restricted cash	29,119,000	[2]
Deferred costs and other assets, net	21,574,000	[2]
Total identifiable assets acquired	2,216,319,000	[2]
Liabilities assumed, at fair value:
Mortgage notes payable	1,037,510,000	[2]
Secured credit facility	121,000,000	[2]
Other debt	114,208,000	[2]
Below-market leases	57,058,000	[2]
Derivative liabilities	158,000	[2]
Accounts payable and accrued expenses	49,291,000	[2]
Deferred rent, derivative and other liabilities	8,619,000	[2]
Total liabilities assumed	1,387,844,000	[2]
Non-controlling interest retained by third party	567,000	[2]
Net identifiable assets acquired by Company	827,908,000	[2]
Goodwill	$ 92,789,000	[2]

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] As reported in the Amended 10-K.

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Derivatives and Hedging Activities (Schedule of Interest Rate Derivatives) (Detail) (Interest Rate Swap [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2014 Derivative
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments	6
Derivative, Notional Amount	$ 234,316
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments	17
Derivative, Notional Amount	$ 1,174,367

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting

The consolidated financial statements of the Company included herein were prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results for the entire year or any subsequent interim period.

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2013 of the Company, which are included in the Amended 10-K. There have been no significant changes to these policies during the six months ended June 30, 2014, other than the updates described below.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, consolidated joint venture arrangements and its subsidiaries. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests. In addition, as described in Note 1 — Organization, certain affiliates and non-affiliated third parties have been issued OP Units. Holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interest is reflected as equity in the consolidated balance sheets. In addition, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of common shares issued and the carrying value of the OP Units converted is recorded as a component of equity. As of June 30, 2014 and December 31, 2013, there were 24,771,215 and 9,591,174 outstanding OP Units held by third parties (other than the Company), respectively. In addition, as discussed in Note 3 — Mergers and Acquisitions (As Restated), the historical information of ARCT III and ARCT IV has been presented as if the mergers had occurred from the earliest date of common control for each merger.

The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of the qualitative and quantitative significance of fees the Company earns from certain of its relationships and investments. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.

A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations and the difference between consolidating the VIE and accounting for it on the equity method would be material to the Company’s financial statements.

The Company continually evaluates the need to consolidate joint ventures and the managed investment programs based on standards set forth in GAAP as described above.

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

Investment in Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures as of June 30, 2014 consisted of the Company’s interest in six joint ventures that owned six properties (the “Unconsolidated Joint Ventures”). As of June 30, 2014, the Company owned aggregate equity investments of $98.1 million in the Unconsolidated Joint Ventures. The Company accounts for the Unconsolidated Joint Ventures using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of these investments. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the joint ventures’ earnings and distributions.

Investment in Managed REITs

As of June 30, 2014, the Company owned aggregate equity investments of $3.9 million in the following publicly registered, non-traded REITs: Cole Credit Property Trust IV, Inc. (“CCPT IV”); Cole Corporate Income Trust, Inc. (“CCIT”); Cole Real Estate Income Strategy (Daily NAV), Inc. (“INAV”); Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”); and Cole Credit Property Trust V, Inc. (“CCPT V,” and collectively with CCPT IV, CCIT, INAV and CCIT II, the “Managed REITs”). Prior to the CCPT Acquisition Date, CCPT was a Managed REIT and accounted for using the equity method. As of the CCPT Acquisition Date, the Company had an approximate $5,000 equity investment in CCPT. The Company accounts for these investments using the equity method of accounting, which requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the respective Managed REIT’s earnings and distributions.

Leasehold Improvements and Property and Equipment

Leasehold Improvements and Property and Equipment

The Company leases its office facilities under operating leases. Leasehold improvements related to these are recorded at cost less accumulated amortization. Leasehold improvements are amortized over the lesser of the estimated useful life or remaining lease term.

Property and equipment, which primarily include office furniture, fixtures and equipment and computer hardware and software, are stated at cost less accumulated depreciation. Property and equipment are depreciated on a straight-line method over the estimated useful lives of the assets, which range from five to seven years. The Company reassesses the useful lives of its property and equipment and adjusts the future monthly depreciation expense based on the new useful life, as applicable. If the Company disposes of an asset, the asset and related accumulated depreciation are written off upon disposal.

Impairments

Impairments

Investment in Unconsolidated Entities

The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of any of its investment in the unconsolidated entities. If an event or change in circumstance has occurred, the Company is required to evaluate its investment in the unconsolidated entity for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an unconsolidated entity for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

Leasehold Improvements and Property and Equipment

Leasehold improvements and property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If this review indicates that the carrying amount of the asset is not recoverable, the Company records an impairment loss, measured at fair value by estimated discounted cash flows or market appraisals. The Company identified eight properties during the three and six months ended June 30, 2014 with impairment indicators four of which the undiscounted future cash flows expected as a result of the use and eventual disposition of the real estate and related assets was less than the carrying amount of each respective properties, as discussed in Note 11 — Fair Value of Financial Instruments (As Restated). The evaluation of an investment in an unconsolidated property for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

Goodwill

Goodwill

In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. Goodwill that arose as a result of the Company’s mergers and acquisitions was recorded in the Company’s consolidated financial statements.

In the event the Company disposes of a property that constitutes a business under U.S. GAAP from a reporting unit with goodwill, the Company will allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business will be based on the relative fair value of the business to the fair value of the reporting unit. The REI segment and Cole Capital each comprise one reporting unit.

The Company will evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The Company’s annual testing date is during the fourth quarter. The Company will test goodwill for impairment by first comparing the book value of net assets to the fair value of each reporting unit. If the fair value is determined to be less than the book value or if qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The Company will estimate the fair value of the reporting units using discounted cash flows and relevant competitor multiples. The evaluation of goodwill for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

The following summarizes the Company’s goodwill activity during the six months ended June 30, 2014 by segment (in thousands):

	REI Segment			Cole Capital		Consolidated
Balance as of January 1, 2014	$	92,789		$	—	$	92,789
Cole Merger (1)		1,654,085			558,835		2,212,920
Goodwill allocated to dispositions (2)		(12,689	)		—		(12,689	)
Balance as of June 30, 2014	$	1,734,185		$	558,835	$	2,293,020

(1) Goodwill recognized from the Cole Merger was assigned to the REI segment and Cole Capital based on the excess consideration paid over the fair value of the assets and liabilities acquired and assumed in each segment. Refer to Note 5 — Acquisitions of CapLease, Cole and CCPT (As Restated) for further discussion.

(2) Goodwill allocated to the cost basis of properties sold or classified as held for sale is included in loss on held for sale assets and disposition of properties, net, in the consolidated statement of operations.

Program Development Costs

Program Development Costs

The Company pays for organization, registration and offering expenses associated with the sale of common stock of the Managed REITs. The reimbursement of these expenses by the Managed REITs is limited to a certain percentage of the proceeds raised from their offerings, in accordance with their respective advisory agreements and charters. Such expenses paid by the Company on behalf of the Managed REITs in excess of these limits that are expected to be collected are recorded as program development costs. The Company assesses the collectability of the program development costs, considering the offering period and historical and forecasted sales of shares under the Managed REITs’ respective offering and reserves for any balances considered not collectible. No reserves were recorded as of June 30, 2014, as the Company expects to be reimbursed for all of the program development costs by the Managed REITs as additional proceeds from their respective offerings are raised. Program development costs are included in deferred costs and other assets, net in the accompanying consolidated balance sheets.

Acquisition Related Expenses and Merger and Other Non-routine Transaction Related Expenses

Acquisition Related Expenses and Merger and Other Non-routine Transaction Related Expenses

All direct costs incurred as a result of a business combination are classified as acquisition costs or merger and other non-routine transaction costs and expensed as incurred. In addition, indirect costs, such as internal salaries, that are tracked and documented in a manner that clearly indicate that the activities driving the cost directly relate to activities necessary to complete, or effect, a business combination are classified as acquisition related expenses. Similar costs incurred in relation to mergers with entities under common control (which are not accounted for as acquisitions) are included in the caption “merger and other non-routine transactions.” Acquisition related expenses include legal and other transaction related costs incurred in connection with self-originated acquisitions including purchases of portfolios. Other non-routine transaction costs are also presented within the line item merger and other non-routine transactions in the consolidated statements of operations.

Merger and other non-routine transaction related expenses include the following costs (amounts in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(As Restated)		(As Restated)		(As Restated)		(As Restated)
Merger related costs:
Strategic advisory services	$	—	$	1,500	$	32,615	$	11,799
Transfer Taxes		—		—		5,109		1,085
Legal fees and expenses		1,563		1,511		4,547		3,191
Personnel costs and other reimbursement		—		255		751		639
Multi-tenant spin off		2,859		—		5,180		—
Proxy support services		—		—		—		—
Other fees and expenses		346		2,594		1,676		5,459
Other non-routine costs
Post-transaction support services		—		—		14,251		2,000
Subordinated distribution fees		—		—		78,244		98,360
Merger consideration		—		—		—		—
Furniture, fixtures and equipment		—		—		14,085		5,800
Legal fees and expenses		—		—		1,826		950
Personnel costs and other reimbursement		275		—		2,718		—
Other fees and expenses		2,379		5		6,718		150
Total	$	7,422	$	5,865	$	167,720	$	129,433

Due from Affiliates

Due from Affiliates

The Company receives or may be entitled to receive compensation and reimbursement for services primarily relating to the Managed REITs’ offerings and the investment, management, financing and disposition of their respective assets. Refer to Note 20 — Related Party Transactions and Arrangements (As Restated) for further explanation.

Reportable Segments

Reportable Segments

The Company has concluded that it has two reportable segments as it has organized its operations into two segments for management and internal financial reporting purposes, REI and Cole Capital. The identification and aggregation of reportable segments requires the Company’s management to exercise certain judgments. Refer to Note 6 — Segment Reporting (As Restated) for further information.

Revenue Recognition - Private Capital Management Segment

Revenue Recognition - Cole Capital

Revenue consists of securities sales commissions and dealer manager fees, real estate acquisition fees, property management fees, advisory fees, asset management fees and performance fees for services relating to the Managed REITs’ offerings and the investment and management of their respective assets, in accordance with the respective advisory and dealer manager agreements. The Company records revenue related to acquisition fees, securities sales commissions and dealer manager fees upon completion of a transaction and advisory, asset and property management fees as services are performed. The Company is also reimbursed for certain costs incurred in providing these services. Securities sales commission and dealer manager reimbursements are recorded as revenue as the expenses are incurred. Other reimbursements are recorded as revenue when reimbursements are reasonably assured.

Income Taxes

Income Taxes

The Company currently qualifies and has elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. As a REIT, except as discussed below, the Company generally is not subject to federal income tax on taxable income that it distributes to its stockholders so long as it distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

The Company conducts substantially all of its Cole Capital business operations through a TRS. A TRS is a subsidiary of a REIT that is subject to corporate federal, state and local income taxes, as applicable. The Company’s use of a TRS enables it to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. The Company conducts all of its business in the United States, and as a result, the Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. Certain of the Company’s inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation.

The Company provides for income taxes in accordance with current authoritative accounting and tax guidance. The tax expense or benefit related to significant, unusual or extraordinary items is recognized in the quarter in which those items occur. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the quarter in which the change occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or the tax environment changes.

Repurchase Agreements

Repurchase Agreements

In certain circumstances, the Company may obtain financing through a repurchase agreement. The Company evaluates the initial transfer of a financial instrument and the related repurchase agreement for sale accounting treatment. In instances where the Company maintains effective control over the transferred securities, the Company accounts for the transaction as a secured borrowing, and accordingly, both the securities and related repurchase agreement payable are recorded separately in the accompanying consolidated balance sheets in investment securities, at fair value and other debt, net, respectively. In instances where the Company does not maintain effective control over the transferred securities, the Company accounts for the transaction as a sale of securities for proceeds consisting of cash and a forward purchase contract.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting yet the pronouncement also requires expanded disclosures for discontinued operations. The Company adopted ASU 2014-08 effective January 1, 2014. Starting with the first quarter of 2014, the results of operations for all properties sold and properties classified as held for sale that do not meet the criteria to qualify as a discontinued operation and were not previously reported in discontinued operations in the Amended 10-K for the year ended December 31, 2013 will be presented within income from continuing operations on the accompanying consolidated statements of income.

In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the impact of the new standard on its financial statements.

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Organization (Detail) (USD $) In Thousands, unless otherwise specified	0 Months Ended	6 Months Ended
	Jun. 11, 2014 mulit_tenant_property	Jun. 30, 2014
Real Estate Properties [Line Items]
Number of reportable segments		2
General Partner [Member]
Real Estate Properties [Line Items]
General partner ownership interest in OP		97.30%
ARC Properties Operating Partnership, L.P. [Member]
Real Estate Properties [Line Items]
Partnership units, holding period until right to redeem		1 year
Number of properties acquired	67
Business combination, consideration transferred	$ 1,975,000
ARC Properties Operating Partnership, L.P. [Member] | Special Limited Partner [Member]
Real Estate Properties [Line Items]
Limited partner ownership interest in OP, Percent		1.00%
ARC Properties Operating Partnership, L.P. [Member] | Special Limited Partner [Member] | Affiliated Entity [Member]
Real Estate Properties [Line Items]
Limited partner ownership interest in OP, Percent		1.70%

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Other Debt

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Other Debt

Note 13 — Other Debt

Corporate Bond Offering

On February 6, 2014, the OP issued, in a private offering, $2.55 billion aggregate principal amount of senior unsecured notes consisting of $1.3 billion aggregate principal amount of 2.00% senior notes due 2017 (the “2017 Notes”), $750.0 million aggregate principal amount of 3.00% senior notes due 2019 (the “2019 Notes”) and $500.0 million aggregate principal amount of 4.60% senior notes due 2024 (the “2024 Notes,” and, together with the 2017 Notes and 2019 Notes, the “Notes”). The Notes are guaranteed by the Company. The OP may redeem all or a part of any series of the Notes at any time at its option at the redemption prices set forth in the indenture governing the Notes, plus accrued and unpaid interest on the principal amount of the Notes of such series being redeemed to, but excluding, the applicable redemption date. With respect to the 2019 Notes and the 2024 Notes, if such Notes are redeemed on or after January 6, 2019 with respect to the 2019 Notes, or November 6, 2023 with respect to the 2024 Notes, the redemption price will equal 100% of the principal amount of the Notes of the applicable series to be redeemed, plus accrued and unpaid interest on the amount being redeemed to, but excluding, the applicable redemption date. In conjunction with this corporate bond offering, aggregate discounts totaling $4.2 million were recorded. As of June 30, 2014, the unamortized net discount totaled $3.9 million.

Convertible Senior Note Offering

On July 29, 2013, the Company issued $300.0 million of 3.00% convertible senior notes due 2018 and, pursuant to an over-allotment exercise by the underwriters of such offering, issued an additional $10.0 million of such notes on August 1, 2013 (collectively, the “Original 2018 Notes”). On December 10, 2013, the Company issued an additional $287.5 million of the convertible senior notes due 2018 through a reopening of the Original 2018 Notes indenture agreement (the “Reopened 2018 Notes,” together with the Original 2018 Notes, the “2018 Notes”). The 2018 Notes mature on August 1, 2018. The fair value of the Original 2018 Notes and Reopened 2018 Notes was determined at issuance to be $299.6 million and $282.1 million, respectively, resulting in a debt discount of $10.4 million and $5.4 million, respectively, with an offset recorded to additional paid-in capital representing the equity component of the notes for the conversion options. The discount is being amortized to interest expense over the expected lives of the 2018 Notes. As of June 30, 2014, the carrying value of the Original 2018 Notes and Reopened 2018 Notes was $301.5 million and $282.7 million, respectively. The holders may elect to convert the 2018 Notes into cash, common stock of the Company or a combination thereof, at the Company’s option, in limited circumstances prior to February 1, 2018 and may convert the 2018 Notes at any time into such consideration on or after February 1, 2018. The initial conversion rate is 59.805 shares of the Company’s common stock per $1,000 principal amount of 2018 Notes.

On December 10, 2013, the Company issued $402.5 million of 3.75% convertible senior notes due 2020 (the “2020 Notes”). The 2020 Notes mature on December 15, 2020. The fair value of the 2020 Notes was determined at issuance to be $389.7 million, resulting in a debt discount of $12.8 million with an offset recorded to additional paid-in capital representing the equity component of the notes for the conversion options. The discount is being amortized to interest expense over the expected life of the 2020 Notes. As of June 30, 2014, the carrying value of the 2020 Notes was $390.7 million. The holders may elect to convert the 2020 Notes into cash, common stock of the Company or a combination thereof, at the Company’s option, in limited circumstances prior to June 15, 2020 and may convert the 2020 Notes at any time into such consideration on or after June 15, 2020. The initial conversion rate is 66.0262 shares of the Company’s common stock per $1,000 principal amount of 2020 Notes.

The Company funds interest payments on the 2018 Notes and the 2020 Notes from the OP in accordance with the terms of intercompany notes that have substantially the same terms as the 2018 Notes and the 2020 Notes. The remaining unamortized discount on the 2018 Notes and 2020 Notes totaled $25.0 million as of June 30, 2014.

Trust Preferred Notes

As part of the CapLease Merger, the Company assumed $30.9 million in aggregate principal amount of fixed/floating rate preferred notes with a fair value of $26.5 million at the CapLease Acquisition Date. The trust preferred securities represent an unsecured subordinated recourse debt obligation of the Company and require quarterly interest payments calculated at a fixed interest rate equal to 7.68% per annum through January 30, 2016, and subsequently at a variable interest rate equal to LIBOR plus 2.60% per annum. The notes must be redeemed on January 30, 2036, and may be redeemed, in whole or in part, at par, at the Company’s option, at any time. The discount recorded on the notes is being amortized to interest expense on the consolidated statements of operations over the life of the preferred notes. As of June 30, 2014, the carrying value of the preferred securities was $26.6 million, which is included in other debt, net in the accompanying consolidated balance sheets.

Secured Term Loan

As part of the CapLease Merger, the Company assumed a secured term loan with KBC Bank, N.V. with a principal balance of $59.8 million and a fair value of $60.7 million at the CapLease Acquisition Date. The interest coupon on the loan is fixed at 5.81% annually until the loan matures in January 2018. The loan is non-recourse to the Company, subject to limited non-recourse exceptions. During the six months ended June 30, 2014, the Company made principal payments of $7.5 million. The premium is being amortized to interest expense on the consolidated statements of operations over the life of the secured term loan. As of June 30, 2014, the carrying value of the secured term loan was $51.3 million, which is included in other debt, net in the accompanying consolidated balance sheets.

Amounts related to the secured term loan as of June 30, 2014 were as follows (in thousands):

	Borrowings		Collateral Carrying Value
Loans held for investment	$	31,597	$	44,670
Intercompany mortgage loans on CapLease properties		5,525		17,124
CMBS		13,529		21,900
	$	50,651	$	83,694

Other Debt

As part of the CapLease Merger, the Company assumed $19.2 million of senior notes (the “Senior Notes”) that bear interest at an annual interest rate of 7.50%, payable semi-annually on April 1 and October 1, with a fair value of $19.3 million at the CapLease Acquisition Date. The Senior Notes mature on October 1, 2027. The Company has the right to redeem the Senior Notes in whole or in part for cash at any time or from time to time at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus any accrued and unpaid interest. Holders of the Senior Notes may require the Company to repurchase their Senior Notes, in whole or in part, on October 1, 2017 and October 1, 2022, for a cash price equal to 100% of the principal amount of the Senior Notes to be repurchased, plus any accrued and unpaid interest. The discount is being amortized to interest expense on the consolidated statements of operations over the life of the Senior Notes. As of June 30, 2014, the carrying value of the Senior Notes was $19.3 million, which is included in other debt, net in the accompanying consolidated balance sheets.

In conjunction with the CapLease Merger, aggregate net discounts totaling $3.5 million were recorded upon assumption of the trust preferred notes, secured term loan and Senior Notes. As of June 30, 2014, unamortized net discounts were $3.6 million in unamortized net discounts included in other debt, net on the consolidated balance sheets.

Subsequent to June 30, 2014, the Company repaid the $19.2 million outstanding on the Senior Notes at par.

Future Minimum Repayments

The following table summarizes the scheduled aggregate principal repayments on Other Debt subsequent to June 30, 2014 (in thousands):

	Principal Repayment
July 1, 2014 - December 31, 2014	$	54,339
2015		11,862
2016		12,516
2017		7,680
2018		13,267
Thereafter		50,140
	$	149,804

Barclay’s Facility

As of December 31, 2013, the Company had available commitments from Barclays Bank PLC, and other committed parties, for up to $2.1 billion in senior secured term loans (the “Barclays Facility”) which, if funded, would have been available to fund cash amounts payable in connection with the Cole Merger. The Barclays Facility was terminated upon the issuance of the notes in February 2014. In connection with the termination, the Company recorded $32.6 million as amortization of deferred financing costs associated with the Barclays Facility, which is included in interest expense, net in the accompanying consolidated statements of operations.

Repurchase Agreements

As part of the Cole Merger, the Company assumed $49.0 million of repurchase agreements secured by a portion of the Company’s CMBS portfolio. The Repurchase Agreements have interest rates ranging from LIBOR plus 1.35% to 1.75% and mature on various dates from July 2014 through September 2014. Upon maturity, the Company may elect to renew the Repurchase Agreements for 90 days periods until the CMBS mature. The CMBS have a weighted average remaining term of 7.72 years. Under the Repurchase Agreements, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of the pledged assets would require the Company to provide additional collateral to fund margin calls. As of June 30, 2014, the securities held as collateral had a fair value of $144.8 million and an amortized cost of $139.3 million. There was no cash collateral held by the counterparty as of June 30, 2014. The Repurchase Agreements are being accounted for as secured borrowings because the Company maintains effective control of the financed assets. The Repurchase Agreements are non-recourse to the Company and the OP and are included in other debt, net in the accompanying consolidated balance sheets.

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Preferred and Common Stock

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Preferred and Common Stock

Note 18 — Preferred and Common Stock

Series D and Series E Preferred Stock

On September 12, 2013, the Company’s board of directors unanimously approved the issuance of Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”) and the issuance of Series E Cumulative Preferred Stock (“Series E Preferred Stock”).

On September 15, 2013, the Company entered into definitive purchase agreements pursuant to which it agreed to issue Series D Preferred Stock and common stock to certain institutional holders promptly following the close of the CapLease Merger, via a private placement. Pursuant to the definitive purchase agreements, the Company issued approximately 21.7 million shares of Series D Preferred Stock and 15.1 million shares of common stock, for gross proceeds of $288.0 million and $186.0 million, respectively, on November 12, 2013. The Series D Preferred Stock pays dividends at the rate of 5.81% per annum on its face amount of $13.59 per share (equivalent to $0.79 per share on an annualized basis). The Series D Preferred Stock is redeemable by the Company on August 31, 2014 (the “Redemption Date”). Subsequent to that date, or in certain other circumstances, the Series D Preferred Stock is convertible into common stock or Series E Preferred Stock or redeemable into cash, at the discretion of the Company upon such request for conversion by the holders of Series D Preferred Stock.

In the event of a liquidation, the holders of Series D Preferred Stock are entitled to receive the greater of (a) $13.59 per share plus accrued and unpaid dividends (the “Liquidation Preference”) plus a 20% premium; and (b) an amount the Series D Preferred Stock holders would have received had they converted into shares of common stock immediately prior to the liquidation event.

If the Company elects to redeem the Series D Preferred Stock on the Redemption Date, the Company shall pay the greater of: (a) the product of the number of Series D Preferred Stock and the 102% of the Liquidation Preference; and (b) the product of the shares of common stock that would be issued if the Series D Preferred Stock converted immediately prior to the Redemption Date and 102% of the one-day value-weighted average price (“VWAP”) of the common stock.

At any time after the Redemption Date, the holders of Series D Preferred Stock may convert some or all of their outstanding Series D Preferred Stock into shares of common stock. Upon such an election to convert, the Company may elect the following settlement options: (1) convert the shares of Series D Preferred Stock into the number of fully paid and non-assessable common stock obtained by dividing the aggregate Liquidation Preference of such Series D Preferred Stock by the Conversion Price, as defined below; (2) convert the shares of Series D Preferred Stock into an equal number of shares of Series E Preferred Stock, additional shares of Series E Preferred Stock may be issued under certain circumstances; or (3) an amount equal to the product of the number of shares of Series D Preferred Stock and the Cash Conversion Price, as defined below.

The Conversion Price shall be the lowest of (i) a 2% discount to the VWAP of the common stock for the 10 Trading Days prior to the Conversion Election Date; (ii) a 2% discount to the closing price on the Conversion Election Date; and (iii) $13.59. The Cash Conversion Price shall be the greater of: (i) 102% of the Liquidation Preference and (ii) the one-day VWAP of the common stock on the date of the election.

The Company has concluded that the conversion option qualifies as a derivative and should be bifurcated from the host instrument. At issuance, the conversion option had a fair value of $18.7 million. As of June 30, 2014, the fair value of the conversion option had a fair value of $11.5 million, compared to a fair value of $16.7 million as of December 31, 2013. The Company recorded a gain of $5.2 million due to the change in fair value of the conversion option in gain (loss) on derivative instruments, net in the consolidated statements of operations for the six months ended June 30, 2014.

As the holders of Series D Preferred Stock are entitled to receive liquidation preferences that other equity holders are not entitled to, the Company determined the Series D Preferred Stock meets the definition of a deemed liquidation event and therefore should be classified as temporary equity under U.S. GAAP. At the date of issuance, the fair value of the Series D Preferred Stock was $269.3 million. As of June 30, 2014, the Company has determined that a liquidation event is not probable; therefore, the Company has concluded that the Series D Preferred Stock is not currently redeemable or likely to become redeemable pursuant to a liquidation event. As such, the Company has not accreted the initial value of the Series D Preferred Stock.

As of June 30, 2014, there were 21,735,008 authorized and issued shares of Series D Preferred Stock and no authorized and issued shares of Series E Preferred Stock, respectively.

Series F Preferred Stock

On October 6, 2013, in connection with the modification to the ARCT IV Merger Agrement, the Company’s board of directors unanimously approved the issuance of Series F Preferred Stock. Upon consummation of the ARCT IV Merger on January 3, 2014, 42.2 million shares of Series F Preferred Stock were issued to ARCT IV shareholders and 0.7 million units of Series F OP Units were issued to the ARCT IV OP Unit holders. Subsequent to original issuance and through June 30, 2014, 0.5 million Series F OP Units were converted into an equivalent number of shares of Series F Preferred Stock. As of June 30, 2014, there were 42.7 million shares of Series F Preferred Stock and 0.2 million Series F OP Units issued and outstanding.

The Series F Preferred Stock pays cumulative cash dividends at the rate of 6.70% per annum on its liquidation preference of $25.00 per share (equivalent to $1.675 per share on an annual basis). The Series F Preferred Stock is not redeemable by the Company before the fifth anniversary of the date on which such Series F Preferred Stock is issued (the “Initial Redemption Date”), except under circumstances intended to preserve the Company’s status as a real estate investment trust for federal and/or state income tax purposes and except upon the occurrence of a change of control. On and after the Initial Redemption Date, the Company may, at its option, redeem shares of the Series F Preferred Stock, in whole or from time to time in part, at a redemption price of $25.00 per share plus, subject to exceptions, any accrued and unpaid dividends thereon to the date fixed for redemption. The shares of Series F Preferred Stock have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they become convertible and are converted into common stock (or, if applicable, alternative consideration). The Series F Preferred Stock trades on the NASDAQ under the symbol “ARCPP.”

Increases in Authorized Common Stock

On December 9, 2013, the Company filed articles of amendment to its charter to increase the number of authorized shares of common stock to 1.5 billion shares.

Offerings

On August 1, 2012, the Company filed a $500.0 million universal shelf registration statement and a resale registration statement with the SEC. Each registration statement became effective on August 17, 2012. As of June 30, 2014, the Company had issued 2.1 million shares of common stock and no preferred stock, debt or equity-linked security had been issued under the universal shelf registration statement. The resale registration statement, as amended, registers the resale of up to 1,882,248 shares of common stock issued in connection with any future conversion of certain currently outstanding restricted shares, convertible preferred stock or limited partnership interests in the OP.

In January 2013, the Company commenced its at-the-market equity program (the “ATM”) in which it may from time to time offer and sell shares of its common stock having aggregate offering proceeds of up to $60.0 million. The shares will be issued pursuant to the Company’s universal shelf registration statement.

On March 14, 2013, the Company filed a universal automatic shelf registration statement that was automatically declared effective and achieved well-known seasoned issuer (“WKSI”) status. As a result of the delayed filing of certain of our periodic reports with the SEC, we are not currently eligible to use a shelf registration statement for the offer and sale of our securities.

On May 28, 2014, the Company closed on an underwriting agreement relating to a public offering of 138.0 million shares of common stock at a price of $12.00 per share. The net proceeds to the Company were approximately $1.59 billion after deducting underwriting discounts, commissions and offering-related expenses, which include a $2.0 million structuring fee paid to RCS. See Note 25 — Subsequent Events (As Restated) for further discussion.

Dividends

In October 2011, the Company began paying dividends on the 15th day of each month to stockholders of record on the eighth day of such month. On October 23, 2013, the board of directors of the Company authorized an annualized dividend per share of $1.00, which became effective February 7, 2014. The per share annualized dividend of $1.00 reflects an increase of $0.06 per share from an annualized dividend of $0.94 per share. The annualized dividend rate at June 30, 2014 was $1.00 per share.

Common Stock Repurchases

On August 20, 2013, the Company’s board of directors reauthorized its $250.0 million share repurchase program, which was originally authorized in February 2013. During the six months ended June 30, 2014, the Company did not repurchase any shares of common stock under the share repurchase program.

Upon the closing of the ARCT III Merger, on February 28, 2013, 29.2 million shares, or 16.5% of the then-outstanding shares of ARCT III’s common stock, were paid in cash at $12.00 per share, which is equivalent to 27.7 million shares of the Company’s common stock based on the ARCT III Exchange Ratio. In addition, 148.1 million shares of ARCT III’s common stock were converted to shares of the Company’s common stock at the ARCT III Exchange Ratio, resulting in an additional 140.7 million shares of the Company’s common stock outstanding after the exchange.

XML

Derivatives and Hedging Activities (Tabular Disclosure Offsetting Derivatives) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 5,522	$ 9,189
Gross Amounts of Recognized Liabilities	(24,331)	(18,455)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	5,522	9,189
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(24,331)	(18,455)
Financial Instruments	0	0
Cash Collateral Received	0	0
Derivative, Fair Value, Net	$ (18,809)	$ (9,266)

XML

Related Party Transactions and Arrangements (As Restated) (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Related Party Transactions

The following table summarizes the related party fees and expenses incurred by the Company, ARCT III and ARCT IV by category and the aggregate amounts contained in such categories for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Related party transactions:
Expenses and capitalized costs:
Financing fees and reimbursements	$	—	$	6,296	$	—	$	13,796
Offering related costs		2,000		22,669		2,150		158,657
Acquisition related expenses		113		19,867		1,652		26,830
Merger and other non-routine transactions		40		255		137,778		106,935
Management fees to affiliates		—		—		13,888		12,493
General and administrative expenses		437		4,134		16,029		9,343
Indirect affiliate expenses		3,997		—		4,495		—
Cole Capital revenues:
Cole Capital offering related revenue		9,969		—		52,422		—
Cole Capital operating revenue		27,253		—		39,057		—
Total	$	43,809	$	53,221	$	267,471	$	328,054

Offering Related Costs [Member] | ARCT III and ARCT IV [Member]

Schedule of Related Party Transactions

Offering Related Costs

The Company, ARCT III and ARCT IV recorded commissions, fees and offering cost reimbursements as shown in the table below for services provided to the Company, ARCT III and ARCT IV, as applicable, by affiliates of the Former Manager during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Offering related costs:
Commissions and fees	$	—	$	21,754	$	—	$	147,686
Offering costs and other reimbursements		2,000		915		2,150		10,971
Total	$	2,000	$	22,669	$	2,150	$	158,657

Merger And Other Non-Routine Transactions [Member]

Schedule of Related Party Transactions

The tables below shows fees and expenses attributable to each merger and other non-routine transaction during the three and six months ended June 30, 2014 (in thousands):

	Three Months Ended June 30, 2014
	ARCT IV Merger		Internalization and Other		Cole Merger		Multi-tenant Spin- Off		Total
Personnel costs and other reimbursements	$	—	$	—	$	40	$	—	$	40

	Six Months Ended June 30, 2014
	ARCT IV Merger		Internalization and other		Cole Merger		Multi-tenant Spin- Off		Total
Merger related costs:
Strategic advisory services	$	8,400	$	—	$	17,115	$	1,750	$	27,265
Personnel costs and other reimbursements		—		—		72		—		72
Other non-routine transactions:
Subordinated distribution fees		78,244		—		—		—		78,244
Furniture, fixtures and equipment		5,800		10,000		—		—		15,800
Other fees and expenses		—		—		2,900		—		2,900
Personnel costs and other reimbursements		417		—		1,728		—		2,145
Post-transaction support services		1,352		10,000		—		—		11,352
Total	$	94,213	$	20,000	$	21,815	$	1,750	$	137,778

The tables below shows fees and expenses attributable to each merger and other non-routine transaction during the three and six months ended June 30, 2013 (in thousands):

	Three Months Ended June 30, 2013
	ARCT III Merger		ARCT IV Merger		Other		Total
Merger related costs:
Personnel costs and other reimbursements	$	188	$	23	$	44	$	255

	Six Months Ended June 30, 2013
	ARCT III Merger		ARCT IV Merger		Other		Total
Merger related costs:
Legal fees and expenses	$	125	$	—	$	—	$	125
Personnel costs and other reimbursements		522		23		44		589
Other non-routine transactions:
Subordinated distribution fees		98,360		—		—		98,360
Furniture, fixtures and equipment		5,800		—		—		5,800
Legal fees and expenses		61		—		—		61
Post-transaction support services		2,000		—		—		2,000
Total	$	106,868	$	23	$	44	$	106,935

Management Fees To Affiliates [Member]

Schedule of Related Party Transactions

The Company, ARCT III and ARCT IV recorded fees and reimbursements as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company, ARCT III and ARCT IV during the periods indicated (in thousands):

	Six Months Ended June 30,
	2014		2013
Management fees to affiliates:
Asset management fees	$	13,888	$	11,693
Property management fees		—		800
Total	$	13,888	$	12,493

General and Administrative Expense [Member]

Schedule of Related Party Transactions

The Company, ARCT III and ARCT IV recorded general and administrative expenses as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company, ARCT III and ARCT IV during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
General and administrative expenses:
Advisory fees and reimbursements	$	437	$	1,066	$	1,955	$	3,667
Equity awards		—		3,068		14,074		5,676
Total	$	437	$	4,134	$	16,029	$	9,343

Indirect Affiliate Expenses [Member]

Schedule of Related Party Transactions

During 2014, the Company incurred fees and expenses payable to the Company’s affiliates or payable to a third party on behalf of the Company’s affiliates for amenities related to certain buildings, as explained below. No such fees or expenses were incurred during 2013. These expenses are depicted in the table below for the periods indicated (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2014		2014
Indirect affiliate expenses:
Audrain building	$	3,517	$	3,922
ANST office build-out		335		335
New York (405 Park Ave) office		116		187
Dresher, PA office		17		36
North Carolina office		12		15
Total	$	3,997	$	4,495

Due To Affiliate [Member]

Schedule of Related Party Transactions

Due to affiliates, as reported in the accompanying consolidated balance sheets, is comprised of the following amounts discussed above (in thousands):

	June 30, 2014		December 31, 2013
	(as Restated)		(as Restated)
Due to affiliates:
Offering related costs	$	2,000	$	220
Merger and other non-routine transactions		42		38,645
General and administrative		868		59,600
Indirect affiliate expenses		68		—
Management fees to affiliates		—		4,969
Managed REITS and Other		206		—
Total	$	3,184	$	103,434

Commissions, Fees and Expense Reimbursements [Member] | Cole Merger [Member]

Schedule of Related Party Transactions

The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided to the Managed REITs (as described above) during the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three and six months ended June 30, 2013.

	Three Months Ended June 30, 2014
	CCPT IV (1)			CCPT V		CCIT II		INAV		Total
Offering:
Selling commission revenue	$	(12	)	$	1,347	$	4,579	$	195	$	6,109
Selling commissions reallowance expense		(12	)		1,347		4,579		195		6,109
Dealer-manager fee revenue		(2	)		416		1,372		123		1,909
Dealer-manager fees reallowance expense		107			178		668		6		959
Other expense reimbursement revenue		(18	)		415		1,372		182		1,951

(1) Due to net cancellations during the quarter, related to shares sold prior to the fund closing on February 25, 2014.

	Period from the Cole Acquisition Date to June 30, 2014
	CCPT IV		CCPT V		CCIT II		INAV		Total
Offering:
Selling commission revenue	$	29,113	$	1,347	$	4,950	$	216	$	35,626
Selling commissions reallowance expense		29,113		1,347		4,950		216		35,626
Dealer-manager and distribution fee revenue		8,771		416		1,486		188		10,861
Dealer-manager fees reallowance expense		4,971		178		721		8		5,878
Other expense reimbursement revenue		3,749		465		1,486		235		5,935

Fees and Expense Reimbursements [Member] | Cole Merger [Member]

Schedule of Related Party Transactions

The Company recorded fees and expense reimbursements as shown in the table below for services provided primarily to the Managed REITs (as described above) during the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three and six months ended June 30, 2013.

	Three Months Ended June 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	6,787	$	519	$	3,232	$	3,874	$	—	$	(1	)
Asset management fee revenue	$	—	$	—	$	—	$	—	$	—	$	252
Property management and leasing fee revenue	$	—	$	—	$	—	$	—	$	—	$	284
Operating expense reimbursement revenue	$	1,538	$	166	$	758	$	79	$	135	$	—
Advisory and performance fee revenue	$	4,747	$	9	$	4,561	$	115	$	198	$	—

	Period from the Cole Acquisition Date to June 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	10,785	$	585	$	3,727	$	3,874	$	—	$	(1	)
Asset management fee revenue	$	—	$	—	$	—	$	—	$	—	$	403
Property management and leasing fee revenue	$	—	$	—	$	—	$	—	$	—	$	574
Operating expense reimbursement revenue	$	2,603	$	183	$	1,187	$	79	$	135	$	—
Advisory and performance fee revenue	$	7,311	$	9	$	7,156	$	141	$	306	$	—

Investment In The Managed REITs [Member] | Cole Merger [Member]

Schedule of Related Party Transactions

The table below presents certain information related to the Company’s investments in the Managed REITs as of June 30, 2014 (carrying amount in thousands):

	June 30, 2014
Managed REIT	% of Outstanding Shares Owned			Carrying Amount of Investment
CCPT IV		0.01	%	$	137
CCPT V		12.39	%		1,732
CCIT		0.01	%		79
CCIT II		3.79	%		1,809
INAV		0.22	%		160
				$	3,917

XML

Related Party Transactions and Arrangements (Merger and Other Non-Routine Transactions) (Detail) (Affiliated Entity [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 43,809	$ 53,221	$ 267,471	$ 328,054
Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	40	255	72	589
Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			27,265
Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			78,244	98,360
Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			15,800	5,800
Other Non Routine Costs Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			2,900
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			2,145	2,000
Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			11,352
Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			137,778	106,935
Merger Related Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				125
Other Non-Routine Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				61
ARCT IV Merger [Member] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	23	0	23
ARCT IV Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			8,400
ARCT IV Merger [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			78,244
ARCT IV Merger [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			5,800
ARCT IV Merger [Member] | Other Non Routine Costs Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
ARCT IV Merger [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			417
ARCT IV Merger [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			1,352
ARCT IV Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			94,213	23
Internalization And Other [Member] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0		0
Internalization And Other [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Internalization And Other [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Internalization And Other [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			10,000
Internalization And Other [Member] | Other Non Routine Costs Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Internalization And Other [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Internalization And Other [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			10,000
Internalization And Other [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			20,000
Cole Merger [Member] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	40		72
Cole Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			17,115
Cole Merger [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Cole Merger [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Cole Merger [Member] | Other Non Routine Costs Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			2,900
Cole Merger [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			1,728
Cole Merger [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Cole Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			21,815
Cole Merger [Member] | Other Non-Routine Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			2,900
Multi-tenant Spin off [Member] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0		0
Multi-tenant Spin off [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			1,750
Multi-tenant Spin off [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Multi-tenant Spin off [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Multi-tenant Spin off [Member] | Other Non Routine Costs Other Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Multi-tenant Spin off [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Multi-tenant Spin off [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0
Multi-tenant Spin off [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			1,750
ARCT III Merger [Member] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		188		522
ARCT III Merger [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				98,360
ARCT III Merger [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				5,800
ARCT III Merger [Member] | Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				2,000
ARCT III Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				106,868
ARCT III Merger [Member] | Merger Related Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				125
ARCT III Merger [Member] | Other Non-Routine Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				61
Other Acquisitions [Member] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		44		44
Other Acquisitions [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				$ 44

XML

Deferred Costs and Other Assets, Net (Tables)

6 Months Ended

Jun. 30, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Deferred costs and other assets, net consisted of the following as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014 (As Restated)		December 31, 2013 (As Restated)
Deferred costs, net (1)	$	156,911	$	84,746
Accounts receivable, net (2)		65,855		16,254
Straight-line rent receivable		43,892		19,010
Prepaid expenses (1)		17,379		43,801
Leasehold improvements, property and equipment, net (3)		21,028		531
Restricted escrow deposits		49,306		101,813
Derivative assets, at fair value (1)		5,522		9,189
Other assets (1)		58,306		5,317
Total	$	418,199	$	280,661

(1) These line items have been updated since the Amended 10-K. Certain line items have been reclassified and included within the deferred costs and other assets, net in the accompanying consolidated balance sheet. For detail on the restatement and reclassification adjustments, see Note 2 — Restatement of Previously Issued Financial Statements.

(2) Allowance for doubtful accounts was $1.8 million and $0.2 million as of June 30, 2014 and December 31, 2013, respectively.

(3) Amortization expense for leasehold improvements totaled $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively. Accumulated amortization was $0.5 million and $7,000 as of June 30, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $0.8 million and $0.7 million for the three and six months ended June 30, 2014, respectively. Accumulated depreciation was $0.7 million and $5,000 as of June 30, 2014 and December 31, 2013, respectively.

XML

Related Party Transactions and Arrangements (General and Administrative Expenses) (Detail) (Affiliates Of Former Manager [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Advisory Fees and Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 437	$ 1,066	$ 1,955	$ 3,667
Equity Awards [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	3,068	14,074	5,676
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 437	$ 4,134	$ 16,029	$ 9,343

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Net loss attributable to the Company	$ (56,598)	[1],[2]	$ (72,275)	[1],[2]	$ (362,438)	[1]	$ (218,212)	[1]
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments	(7,283)	[1]	14,058	[1]	(9,581)	[1]	12,881	[1]
Unrealized (loss) gain on investment securities, net	5,878	[1]	(1,793)	[1]	8,973	[1]	(1,365)	[1]
Total other comprehensive income (loss)	(1,405)	[1]	12,265	[1]	(608)	[1]	11,516	[1]
Total comprehensive loss attributable to the Company	(58,003)	[1]	(60,010)	[1]	(363,046)	[1]	(206,696)	[1]
Net loss attributable to non-controlling interests	1,878	[1]	2,672	[1]	16,274	[1]	4,729	[1]
Total comprehensive loss attributable to the Company	$ (56,125)	[1]	$ (57,338)	[1]	$ (346,772)	[1]	$ (201,967)	[1]

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

XML

Other Debt - Barclay's Facility (Detail) (Senior Secured Credit Facility [Member], Barclays Bank PLC [Member], USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Senior Secured Credit Facility [Member] | Barclays Bank PLC [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,100.0
Amortization of financing costs	$ 32.6

XML

Restatement of Previously Issued Financial Statements

6 Months Ended

Jun. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statements

Note 2 — Restatement of Previously Issued Financial Statements

The Company has restated its consolidated balance sheets as of June 30, 2014 and December 31, 2013 and its consolidated statements of operations and consolidated statements of comprehensive loss for the three and six months ended June 30, 2014 and 2013. In addition, the Company has restated its consolidated statements of changes in equity and consolidated statements of cash flows for the three and six months ended June 30, 2014 and 2013, along with certain related notes to such restated consolidated financial statements. In addition, the December 31, 2013 and June 30, 2013 balance sheets, as disclosed in Note 3 — Mergers and Acquisitions (As Restated), have also been recast in applying the carryover basis of accounting to include the effects of the merger with American Realty Capital Trust IV, Inc. (“ARCT IV”).

The Company determined that the restatement was necessary after an investigation was conducted by the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) with the assistance of independent counsel and forensic accountants. The Audit Committee initiated the investigation in response to concerns regarding accounting practices and other matters that were first reported to it on September 7, 2014. The restatement corrects errors that were identified as a result of the investigation, as well as certain other errors that were identified by the Company. In addition, the restatement reflects corrections of certain immaterial errors and certain previously identified errors that were identified by the Company in the normal course of business and were determined to be immaterial, both individually and in the aggregate, when the consolidated financial statements for the three and six months ended June 30, 2014 were originally issued. In connection with the restatement, the Company has determined that it would be appropriate to correct such errors.

Year ended December 31, 2013 Error Corrections

Corrections to the Company’s consolidated financial statements for the year ended December 31, 2013 are disclosed within Amendment No. 2 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2013 filed with the U.S. Securities and Exchange Commission (“SEC”) (the “Amended 10-K”). The corrections reported in the Amended 10-K relate primarily to bonus accruals, real estate impairments, goodwill, merger and acquisition related expenses, transfer tax accrual and the accounting and reporting of non-controlling interests.

Three Months Ended and Six Months Ended June 30, 2013 Error Corrections

Merger and Other Non-routine Transaction Related

In light of findings of the investigation conducted by the Audit Committee, the Company performed an internal review of all acquisition, merger and other non-routine transaction related expenses. The work resulted in the identification of the following errors:

• The Company identified $13.0 million of management fees that were improperly classified as merger and other non-routine transaction related expenses. Such amounts have been properly classified as management fees to affiliates for the six months ended June 30, 2013. No such expenses were identified in the three months ended June 30, 2013.

• Upon consummation of the ARCT III Merger (as defined in Note 3 — Mergers and Acquisitions (As Restated)), the OP entered into an agreement with an affiliate to acquire certain furniture, fixtures, equipment (“FF&E”) and other assets. The Company originally capitalized $4.1 million of FF&E costs and expensed $1.7 million of costs during the six months ended June 30, 2013. The Company has concluded that there was no evidence of the receipt and it could not support the value of the FF&E. As such, the Company has expensed the amount originally capitalized and recognized the expense in merger and other non-routine transaction related expense for the six months ended June 30, 2013. No such expenses were identified in the three months ended June 30, 2013. See Note 20 — Related Party Transactions and Arrangements (As Restated) for further discussion.

• The Company has determined that it should have recorded a controlling interest transfer tax liability totaling $1.1 million upon consummation of the ARCT III Merger (each, as defined in Note 3 — Merger and Acquisitions (As Restated)). The accrual and corresponding merger and other non-routine transaction related expense are recorded for the six months ended June 30, 2013. No such expenses were identified in the three months ended June 30, 2013.

• The Company identified $1.0 million of costs during the six months ended June 30, 2013 that were improperly classified as merger and other non-routine transaction related expenses that should have been capitalized as deferred financing costs and amortized accordingly. As such, an adjustment to properly record and amortize the deferred financing costs has been made for the six months ended June 30, 2013. As a result of capitalizing these deferred financing costs, additional interest expense of $0.6 million was recorded for the six months ended June 30, 2013. No such expenses were identified in the three months ended June 30, 2013.

• During the three and six months ended June 30, 2013, the Company improperly classified $0.4 million and $5.9 million, respectively, as “merger-related.” As restated, the amounts have been reclassified from merger and other non-routine transaction related expenses to general and administrative expenses.

• The Company identified a net amount of $87,000 of merger and other non-routine transaction related expenses that were improperly recorded in each of the three and six months ended June 30, 2013. As such, the Company properly decreased merger and other non-routine transaction related expense by this amount in the period.

The Company has updated the caption from “merger and other transaction related” to “merger and other non-routine transactions” to appropriately include non-recurring costs that may not have been incurred solely for a merger transaction. See Note 4 — Summary of Significant Accounting Policies (As Restated) for a further breakout of the merger costs and other non-routine transactions.

In addition, the Company has included $3.5 million and $4.3 million during the three and six months ended June 30, 2013, respectively, in equity-based compensation that was previously reported on a separate line item, within general and administrative expenses.

Operating Fees to Affiliate

The Company identified $0.5 million of operating fees to affiliate was incorrectly recorded in the six months ended June 30, 2013. Therefore, the Company decreased operating fees to affiliate by this amount. No such expenses were identified in the three months ended June 30, 2013.

This line item caption has been updated to “management fees to affiliates” in the accompanying consolidated statements of operations.

Net Loss Attributable to Non-controlling Interests

The original calculation of the net loss attributable to non-controlling interest holders for the six months ended June 30, 2013 excluded expenses that were improperly recorded at the Company level. These expenses were incurred by the OP, and therefore should have been included in the Company’s determination of the net loss attributable to its non-controlling interest holders. In addition, the net loss attributable to the non-controlling interest holders has been adjusted to reflect the impact of the cumulative restatement adjustments discussed and presented herein. As a result, the Company recorded an adjustment of $2.2 million for the three months ended June 30, 2013 and $3.8 million for the six months ended June 30, 2013 for net loss attributable to non-controlling interest holders.

Three Months Ended and Six Months Ended June 30, 2014 Error Corrections

Merger and Other Non-routine Transaction Related

In light of the findings of the investigation conducted by the Audit Committee, the Company performed an internal review of all acquisition, merger and other non-routine transaction related expenses. The work resulted in the identification of the following errors:

• The Company identified a net amount of $16.1 million of merger and other non-routine transaction related expenses that were improperly recorded in the three months ended March 31, 2014. Of this amount, a net amount of $14.5 million has been properly recorded in the year ended December 31, 2013 and a net amount of $1.6 million has been properly recorded in the three months ended June 30, 2014. Additional expenses of $1.2 million were identified and recorded in the three months ended June 30, 2014. These adjustments resulted in a net decrease in merger and other non-routine transaction related expenses of $13.4 million for the six months ended June 30, 2014.

• Upon consummation of the ARCT IV Merger (as defined in Note 3 — Mergers and Acquisitions (As Restated)), the OP entered into an agreement with an affiliate to acquire certain furniture, fixtures, equipment (“FF&E”) and other assets. The Company originally capitalized $2.1 million of FF&E costs during the six months ended June 30, 2014. The Company has concluded that there was no evidence of the receipt and it could not support the value of the FF&E. As such, the Company has expensed the amount originally capitalized and recognized the expense in merger and other non-routine transaction related expense for the six months ended June 30, 2014. No such expenses were identified in the three months ended June 30, 2014. See Note 20 — Related Party Transactions and Arrangements for further discussion.

• The Company identified $0.8 million and $21.3 million of costs during the three and six months ended June 30, 2014, respectively, that were improperly classified as merger and other non-routine transaction related expense that should have been capitalized as deferred financing costs and amortized accordingly. As such, an adjustment to properly record and amortize the deferred financing costs has been made for the three and six months ended June 30, 2014. As a result of capitalizing these deferred financing costs, additional interest expense of $1.3 million and $10.0 million and extinguishment of debt expense of $0.9 million and $3.2 million was recorded for the three and six months ended June 30, 2014, respectively.

• The Company identified $1.4 million of merger and other non-routine transaction related expenses that should have been classified as loss on disposition of properties. Such amount has been properly classified for the three and six months ended June 30, 2014.

• The Company improperly classified $5.2 million and $14.5 million of expenses in the three and six months ended June 30, 2014, respectively, as merger related. However, the Company has determined that such amounts should have been accounted for as general and administrative expenses for the respective periods.

• The Company identified $13.8 million of management fees that were improperly classified as merger and other non-routine transaction related expenses. Such amounts have been properly classified as management fees to affiliates for the six months ended June 30, 2014. No such expenses were identified in the three months ended June 30, 2014.

• Upon consummation of the ARCT III Merger and CapLease Merger (each, as defined in Note 3 – Merger and Acquisitions (As Restated)) in 2013, the Company did not properly accrue a controlling interest transfer tax liability for each respective merger. As such, the Company properly recorded an estimated $8.9 million as of December 31, 2013. The Company considered its existing accrual amount for such liabilities, in determining the liability amounts for the ARCT IV and Cole mergers that were consummated, noting that it had over accrued for such liabilities, and as a result recorded too much expense. Therefore, the Company properly reduced the expense recorded in the period by recording $4.0 million less expense for the six months ended June 30, 2014. No such expenses were identified in the three months ended June 30, 2014.

• The Company improperly classified $0.7 million as merger and other non-routine transaction expenses that should have been classified as acquisition related expenses. Such amount has been properly classified for the three and six months ended June 30, 2014.

The Company has updated the caption from “merger and other transaction related” to “merger and other non-routine transactions” to appropriately include non-recurring costs that may not have been incurred solely for a merger transaction. See Note 4 —Summary of Significant Accounting Policies (As Restated) for a further breakout of the merger costs and non-routine transactions.

Acquisition-Related

The Company identified $0.5 million of general and administrative salary expense had been improperly recorded as acquisition related expense in the three months ended June 30, 2014. Additionally, the Company identified $1.0 million of acquisition related salary expense had been improperly recorded as general and administrative expense in the three months ended March 30, 2014 resulting in a net understatement of acquisition related expenses of $0.5 million in the six months ended June 30, 2014. As such, the Company properly recorded the expense in the three and six months ended June 30, 2014.

The Company identified $1.8 million of acquisition related expense had been recorded twice in the three and six months ended June 30, 2014. As such, the company properly adjusted the acquisition related expense and corresponding cash account.

General and Administrative

The Company’s estimate of annual bonuses of $5.8 million should have been accrued for and expensed as of and for the period ended June 30, 2014, in accordance with the Company’s accounting policy of accruing estimated bonuses throughout the year. As such, the Company recorded the bonus accrual and corresponding general and administrative expense for the three and six months ended June 30, 2014.

The Company identified $0.9 million and $2.5 million of general and administrative expenses that were recorded in the incorrect period. As such, the Company recorded these amounts as additional expense in the three and six months ended June 30, 2014, respectively.

Equity-based Compensation

The investigation found that equity awards made to Nicholas S. Schorsch and Brian S. Block in connection with the Company’s transition from external to internal management contained vesting provisions that, as drafted, were more favorable to them than the Compensation Committee had authorized. In addition, the investigation found that the Compensation Committee’s intention in respect of the OPP was that the maximum award pool opportunity should have been based upon the Company’s equity market capitalization as of the date of the approval of the OPP in October 2013, equaling approximately $120.0 million, rather than $218.1 million which was derived from a pro forma equity market capitalization giving effect to the closing of various transactions as of the Company’s transition to self-management. These items resulted in a decrease to stock-based compensation reported in general and administrative expense for the three and six months ended June 30, 2014 of $2.2 million and $8.4 million, respectively.

In addition, the Company assessed its accrual for distributions recorded on LTIP units, noting distributions had not been properly recorded. As a result, the Company increased the distributions recorded in equity and the accrual recorded for distributions payable for LTIP awards by $6.3 million as of June 30, 2014.

The Company also determined that the documentation of awards granted to its directors provided for accelerated vesting of shares upon voluntary resignation of the directors. As a result, the Company determined there was no required service period for the vesting of such awards, which decreased the stock based compensation reported in general and administrative expense by $1.2 million and increased the expense by $2.1 million for the three and six months ended June 30, 2014, respectively. Based upon the findings of the Audit Committee and the Company in connection with the recent review of the Company’s previously filed financial statements, the Company has subsequently modified such awards to provide that voluntary resignation would not accelerate the vesting of such awards.

The Company originally reported $9.3 million and $31.8 million during the three and six months ended June 30, 2014, respectively, in equity-based compensation in its own line item, however it now reports such compensation as general and administrative expenses.

Depreciation and Amortization

The Company identified that its depreciation expense was understated by $2.3 million in the three months ended March 31, 2014 and was overstated by the same amount in the three months ended June 30, 2014. As such, the Company properly adjusted depreciation expense for these periods.

In addition, the Company improperly recorded depreciation expense of $6.0 million in the three months ended June 30, 2014 for real estate properties acquired as of March 31, 2014. As such, the Company decreased depreciation expense by this amount for the three months ended June 30, 2014 and properly recorded this expense in the three months ended March 31, 2014.

Other Expense

As a result of the restatement corrections, the Company updated its tax provision calculation which resulted in additional tax expense of $2.2 million and $0.9 million for the three and six months ended June 30, 2014, respectively.

Gain (Loss) on Disposition of Properties and Held for Sale Assets

Subsequent to the CapLease Merger and Cole Merger (each, as defined in Note 3 — Mergers and Acquisitions (As Restated)), the Company disposed of certain properties acquired in those mergers. The disposition of such properties resulted in a net gain on disposition for the three months ended June 30, 2014 and a net loss on disposition for the six months ended June 30, 2014; however, the Company incorrectly adjusted its purchase price allocation by adjusting its goodwill recorded in connection with the Mergers by $2.6 million and $10.9 million for the three and six months ended June 30, 2014, respectively. The Company has determined that there was not sufficient evidence to support adjusting its goodwill as a measurement period adjustment. As a result, the Company reversed the measurement period adjustments that were made to goodwill and recognized a net gain and loss on disposition for the three and six months ended June 30, 2014.

In addition, the Company assigned goodwill associated with the certain Mergers to the Company’s REI segment. However, the Company determined that it did not properly account for disposals of real estate because a portion of goodwill was not included in the carrying amount of the associated real estate in its determination of the gain or loss on disposition. To correct the accounting, the Company allocated $2.2 million and $9.2 million in the three and six months ended June 30, 2014, respectively, of goodwill to real estate dispositions, which increased the loss on disposition of properties recognized in the three and six months ended June 30, 2014.

The Company did not properly classify a property as held for sale as of June 30, 2014. As such, the Company adjusted the fair value of the property at that date and recognized a loss on held for sale assets of $1.8 million for the three and six months ended June 30, 2014.

Gain (Loss) on Derivative Instruments

The Company determined that a portion of one of its interest rate swaps was incorrectly designated as effective, rather than ineffective for the three and six months ended June 30, 2014. Therefore, the Company incorrectly recorded the ineffective portion of the hedge through other comprehensive income (“OCI”), rather than earnings. The Company recorded a gain of $0.5 million and $1.5 million for the three and six months ended June 30, 2014, respectively, and reversed the amounts from OCI for the respective periods.

As part of the Cole Merger, the Company acquired a derivative liability in the amount of $10.0 million for interest rate swaps. The swaps were subsequently settled in connection with the extinguishment of the related debt. This settlement should have been recorded as a reduction of the derivative liability acquired, however it was recorded as a loss on derivative instruments in the three months ended March 31, 2014. The Company previously corrected this in the three months ended June 30, 2014. In order to correct the period in which this adjustment was made, the Company decreased the amount recorded as a loss on derivative instruments in the three months ended March 31, 2014 and increased the amount recorded as a loss on derivative instruments in the three months ended June 30, 2014.

The Company identified a swap interest payment of $1.8 million was incorrectly classified as a loss on derivative instruments. To correct the accounting, the Company reclassified the loss on derivative instruments to interest expense in the three and six months ended June 30, 2014. Additionally, the Company identified $2.1 million recorded as loss on derivative instruments that should have been recorded as interest expense. The Company reclassified loss on derivative instruments to interest expense in the six months ended June 30, 2014. No such expenses were identified in the three months ended June 30, 2014.

Interest Expense

The Company determined that the breakage costs of an interest rate lock was incorrectly recorded as interest expense in the six months ended June 30, 2014, rather than OCI and amortized over the term of the lock. As such, $3.9 million of expense was reclassified from interest expense to OCI in the period ended June 30, 2014. No such expenses were identified in the three months ended June 30, 2014.

The Company identified a credit for interest expense of $1.1 million was incorrectly recorded in the three and six months ended June 30, 2014 as the credit was already recorded through a separate transaction. As such, the Company increased interest expense and decreased the receivable for this amount in the three and six months ended June 30, 2014.

The Company concluded that the interest expense related to a swap was underestimated by $1.4 million for the six months ended June 30, 2014. As such, the Company recorded additional interest expense for the respective amount. No such expenses were identified in the three months ended June 30, 2014.

The Company concluded that $5.0 million and $12.8 million of debt extinguishment costs for the three and six months ended June 30, 2014, respectively, which were originally reported as interest expense, should be reported as a separate line item caption within the consolidated statements of operations for the three and six months ended June 30, 2014. As such, the Company decreased interest expense by these amounts for the respective periods.

Net Loss Attributable to Non-controlling Interests

The original calculation of the net loss attributable to non-controlling interest holders for the three and six months ended June 30, 2014 excluded expenses that were improperly recorded at the Company level. These expenses were incurred by the OP, and therefore should have been included in the Company’s determination of the net loss attributable to its non-controlling interest holders. In addition, the net loss attributable to the non-controlling interest holders has been adjusted to reflect the impact of the cumulative restatement adjustments discussed and presented herein. As a result, the Company recorded an adjustment of $1.1 million and $1.4 million for the three and six months ended June 30, 2014, respectively, for net loss attributable to non-controlling interest holders.

Other Changes

Along with restating the consolidated financial statements to correct the errors discussed above, the Company recorded adjustments for certain previously identified immaterial accounting errors related to the three and six months ended June 30, 2014 that arose in the normal course of business. In connection with the original financial statement issuance, the Company assessed the impact of these immaterial errors and concluded that they were not material, individually or in the aggregate, to the consolidated financial statements. However, in conjunction with the restatement, the Company determined that it would be appropriate to correct such errors.

The original calculations of net loss per share for the three and six months ended June 30, 2014 were based on an incorrect weighted average share count. The original weighted average share count treated a portion of certain restricted share awards as outstanding common stock prior to the actual vesting date of such awards, and as a result, the weighted average share count was overstated for both periods. Therefore, the 2014 restated consolidated financial statements reflect decreases of 334,276 shares and 332,939 shares to the weighted average share counts used in the net loss per share calculations for the three and six months ended June 30, 2014.

The Company also recorded certain reclassifications to conform the presentation of its consolidated statement of operations for the six months ended June 30, 2014 and 2013.

In addition to the restatement of the consolidated financial statements, the Company has also restated the following notes for the three months ended June 30, 2014 and June 30, 2013 to reflect the error corrections noted above.

• Note 3 – Mergers and Acquisitions

• Note 4 – Summary of Significant Accounting Policies

• Note 5 – Acquisitions of CapLease, Cole and CCPT

• Note 6 – Segment Reporting

• Note 7 – Real Estate Investments

• Note 10 – Deferred Costs and Other Assets, Net

• Note 11 – Fair Value of Financial Instruments

• Note 12 – Mortgage Notes Payable

• Note 15 – Derivatives and Hedging Activities

• Note 16 – Accounts Payable and Accrued Expenses

• Note 19 – Equity-based Compensation

• Note 20 – Related Party Transactions and Arrangements

• Note 22 – Net Loss Per Share

• Note 23 – Property Dispositions

• Note 24 – Income Taxes

• Note 25 – Subsequent Events

The following tables present the combined impact of all changes, as described above, to the applicable line items in the consolidated financial statements to the Company’s previously issued consolidated financial statements for the periods ended June 30, 2014 and 2013 and the year ended December 31, 2013 (in thousands, except share and per share amounts):

June 30, 2014 and December 31, 2013 Restated Consolidated Balance Sheets

	June 30, 2014												December 31, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported (1)			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	3,361,195		$	—		$	(17,960	)	$	3,343,235		$	1,379,453		$	—		$	855		$	1,380,308
Buildings, fixtures and improvements		12,445,972			(3,623	)		(21,723	)		12,420,626			5,291,031			—			6,369			5,297,400
Land and construction in progress		62,594			—			—			62,594			21,839			—			—			21,839
Acquired intangible lease assets		2,231,675			382			(4,664	)		2,227,393			758,376			382			837			759,595
Total real estate investments, at cost		18,101,436			(3,241	)		(44,347	)		18,053,848			7,450,699			382			8,061			7,459,142
Less: accumulated depreciation and amortization		(661,005	)		(281	)		669			(660,617	)		(267,352	)		(155	)		229			(267,278	)
Total real estate investments, net		17,440,431			(3,522	)		(43,678	)		17,393,231			7,183,347			227			8,290			7,191,864
Investment in unconsolidated entities		102,047			—			—			102,047			—			—			—			—
Investment in direct financing leases, net		62,094			—			—			62,094			66,112			—			—			66,112
Investment securities, at fair value		219,204			—			—			219,204			62,067			—			—			62,067
Loans held for investment, net		97,587			—			—			97,587			26,279			—			—			26,279
Cash and cash equivalents		193,690			—			1,839			195,529			52,725			—			—			52,725
Derivative assets, at fair value (2)		—			—			—			—			9,189			(9,189	)		—			—
Restricted cash		69,544			—			—			69,544			35,921			—			—			35,921
Prepaid Expenses (2)		—			—			—			—			187,930			(187,930	)		—			—
Intangible assets, net		347,618			—			—			347,618			—			—			—			—
Deferred costs and other assets, net		405,056			3,522			9,621			418,199			—			281,865			(1,204	)		280,661
Goodwill		2,304,880			—			(11,860	)		2,293,020			102,419			—			(9,630	)		92,789
Due from affiliates		73,336			—			350			73,686			—			—						—
Deferred Costs (2)		—			—			—			—			81,311			(84,973	)		3,662			—
Assets held for sale		—						38,737			38,737			679			—			(14	)		665
Total assets	$	21,315,487		$	—		$	(4,991	)	$	21,310,496		$	7,807,979		$	—		$	1,104		$	7,809,083
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	4,227,494		$	—		$	—		$	4,227,494		$	1,301,114		$	—		$	—		$	1,301,114
Corporate bonds, net		2,546,089			—			—			2,546,089			—			—			—			—
Convertible debt, net		975,003			—			—			975,003			972,490			—			—			972,490
Senior corporate credit facilities (3)		—			—			—			—			1,819,800			(1,819,800	)		—			—
Secured credit facility (3)		—			—			—			—			150,000			(150,000	)		—			—
Credit facilities		1,896,000			—			—			1,896,000			—			1,969,800			—			1,969,800
Other debt, net		146,158			—			—			146,158			104,804			—			—			104,804
Below-market lease liabilities, net		283,518			—			(1,564	)		281,954			77,789			—			(620	)		77,169
Accounts payable and accrued expenses		154,741			—			20,201			174,942			808,900			—			(78,329	)		730,571
Derivative liabilities, at fair value (4)		—			—			—			—			18,455			(18,455	)		—			—
Deferred rent and other liabilities		218,023			—			5,396			223,419			21,816			18,455			—			40,271
Distributions payable		3,837			—			6,942			10,779			10,278			—			625			10,903
Due to affiliates		835			—			2,349			3,184			—			—			103,434			103,434
Total liabilities		10,451,698			—			33,324			10,485,022			5,285,446			—			25,110			5,310,556

The consolidated balance sheets continue onto the next page.

	June 30, 2014											December 31, 2013
	As Previously Reported			Reclassifications		Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at June 30, 2014 and December 31, 2013, respectively	$	269,299		$	—	$	—		$	269,299		$	269,299		$	—	$	—		$	269,299
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,730,013 and 42,199,547 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively		427			—		—			427			422			—		—			422
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 907,918,821 and 239,234,725 issued and outstanding at June 30, 2014 and December 31, 2013, respectively		9,079			—		—			9,079			2,392			—		—			2,392
Additional paid-in capital		11,904,537			—		(2,862	)		11,901,675			2,939,287			—		1,620			2,940,907
Accumulated other comprehensive income		12,392			—		(5,334	)		7,058			7,666			—		—			7,666
Accumulated deficit		(1,628,354	)		—		(10,854	)		(1,639,208	)		(864,516	)		—		(13,441	)		(877,957	)
Total stockholders’ equity		10,298,081			—		(19,050	)		10,279,031			2,085,251			—		(11,821	)		2,073,430
Non-controlling interests		296,409			—		(19,265	)		277,144			167,983			—		(12,185	)		155,798
Total equity		10,594,490			—		(38,315	)		10,556,175			2,253,234			—		(24,006	)		2,229,228
Total liabilities and equity	$	21,315,487		$	—	$	(4,991	)	$	21,310,496		$	7,807,979		$	—	$	1,104		$	7,809,083

(1) This line item caption has been reclassified and included within deferred costs and other assets, net in the accompanying consolidated balance sheets for the period ended June 30, 2014.

(2) This line item caption has been reclassified and included within credit facilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

(3) This line item caption has been reclassified and included within deferred rent, derivative and other liabilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

June 30, 2013 Restated Consolidated Balance Sheet

	June 30, 2013
	As Previously Reported			ARCT IV Adjustments (1)			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	504,562		$	249,931		$	—		$	—		$	754,493
Buildings, fixtures and improvements		2,043,270			770,009			—			—			2,813,279
Acquired intangible lease assets		318,488			113,465			347			—			432,300
Total real estate investments, at cost		2,866,320			1,133,405			347			—			4,000,072
Less: accumulated depreciation and amortization		(108,765	)		(7,905	)		(132	)		—			(116,802	)
Total real estate investments, net		2,757,555			1,125,500			215			—			3,883,270
Investment in direct financing leases, net		67,518			8,892			—			—			76,410
Investment securities, at fair value		9,920			68,082			—			—			78,002
Cash and cash equivalents		10,958			261,490			—			—			272,448
Derivative assets, at fair value		10,161			41			(10,202	)		—			—
Restricted cash		1,576			—			—			—			1,576
Deferred costs and other assets, net		—			—			128,825			(642	)		128,183
Prepaid expenses and other assets, net		14,626			50,262			(64,888	)		—			—
Receivable for issuance of common stock		—			443			(443	)		—			—
Deferred costs, net		38,443			15,064			(53,507	)		—			—
Assets held for sale		6,028			—			—			(14	)		6,014
Total assets	$	2,916,785		$	1,529,774		$	—		$	(656	)	$	4,445,903
LIABILITIES AND EQUITY
Mortgage notes payable, net		269,918			2,124			—			—			272,042
Senior corporate credit facilities		600,000			—			—			—			—
Credit facilities		—			—			—			—			600,000
Convertible Obligation to Series C Convertible Preferred Stockholders		445,000			—			—			—			445,000
Contingent value rights obligation to preferred and common investors		31,134			—			—			—			31,134
Derivative liabilities		1,186			—			—			—			—
Accounts payable and accrued expenses		12,060			654,518			(103	)		(395	)		666,080
Deferred rent and other liabilities		5,274			1,796			1,289			—			8,359
Distributions payable		1			9,717			—			248			9,966
Due to affiliates		—			—			—			1,349			1,349
Total liabilities		1,364,573			668,155			—			1,202			2,033,930
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,921,213 shares issued and outstanding at June 30, 2013		8			422			—			—			430
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013		1,846			368			—			—			2,214
Additional paid-in capital		1,801,460			901,592			—			3,035			2,706,087
Accumulated other comprehensive income		8,919			(1,337	)		—			—			7,582
Accumulated deficit		(379,502	)		(68,175	)		—			(64	)		(447,741	)
Total stockholders’ equity		1,432,731			832,870			—			2,971			2,268,572
Non-controlling interests		119,481			28,749			—			(4,829	)		143,401
Total equity		1,552,212			861,619			—			(1,858	)		2,411,973
Total liabilities and equity	$	2,916,785		$	1,529,774		$	—		$	(656	)	$	4,445,903

(1) Adjustments to financial statements in order to apply the carryover basis of accounting to include the effects of the merger with ARCT IV.

Restated Consolidated Statements of Operations (for the three months ended June 30, 2014 and 2013)

	Three Months Ended												Three Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	314,843		$	—		$	(324	)	$	314,519		$	52,664		$	—		$	—		$	52,664
Direct financing lease income		1,181			—			—			1,181			—			—			—			—
Operating expense reimbursements		28,545			—			711			29,256			2,281			—			—			2,281
Cole Capital revenue		37,412			(190	)		—			37,222			—			—			—			—
Total revenues		381,981			(190	)		387			382,178			54,945			—			—			54,945
Operating expenses:
Cole Capital reallowed fees and commissions		7,068			—			—			7,068			—			—			—			—
Acquisition related		8,453			—			(1,252	)		7,201			37,289			—			(23	)		37,266
Merger and other transaction related (1)		13,286			—			(5,864	)		7,422			6,393			—			(528	)		5,865
Property operating		39,372			—			(86	)		39,286			3,086			—			—			3,086
General and administrative		19,063			2,788			18,161			40,012			2,361			23			3,899			6,283
Equity-based compensation (2)		9,338			—			(9,338	)		—			3,458			—			(3,458	)		—
Depreciation and amortization		258,993			—			(8,254	)		250,739			33,752			(23	)		(48	)		33,681
Impairment of real estate (3)		—			—			1,556			1,556			—			—			—			—
Total operating expenses		355,573			2,788			(5,077	)		353,284			86,339			—			(158	)		86,181
Operating income (loss)		26,408			(2,978	)		5,464			28,894			(31,394	)		—			158			(31,236	)
Other (expense) income:
Interest expense, net		(99,635	)		(4,619	)		357			(103,897	)		(11,068	)		(356	)		—			(11,424	)
Extinguishment of debt, net (3)		—			—			(6,469	)		(6,469	)		—			—			—			—
Other income, net		6,526			7,597			(2,187	)		11,936			1,167			356			—			1,523
Gain (loss) on derivative instruments, net		21,926			—			(7,719	)		14,207			(40	)		(31,134	)		—			(31,174	)
Loss on contingent value rights		—			—			—			—			(31,134	)		31,134			—			—
Gain on disposition of properties, net		1,510			—			(2,779	)		(1,269	)		—			—			—			—
Total other expenses, net		(69,673	)		2,978			(18,797	)		(85,492	)		(41,075	)		—			—			(41,075	)
Net loss from continuing operations		(43,265	)		—			(13,333	)		(56,598	)		(72,469	)		—			158			(72,311	)
Discontinued operations:
Income from operations of held for sale properties		—			—			—			—			36			—			—			36
Net loss from discontinued operations		—			—			—			—			36			—			—			36
Net loss		(43,265	)		—			(13,333	)		(56,598	)		(72,433	)		—			158			(72,275	)
Net loss attributable to non-controlling interests		2,937			—			(1,059	)		1,878			475			—			2,197			2,672
Net loss attributable to the Company	$	(40,328	)	$	—		$	(14,392	)	$	(54,720	)	$	(71,958	)	$	—		$	2,355		$	(69,603	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.08	)	$	—		$	—		$	(0.10	)	$	(0.36	)	$	—		$	—		$	(0.35	)

(1) This line item caption has been updated to “merger and other non-routine transactions” in the accompanying consolidated statements of operations.

(2) As disclosed above, this line item caption has been reclassified into “general and administrative” in the accompanying consolidated statements of operations.

(3) This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

Restated Consolidated Statements of Operations (for the six months ended June 30, 2014 and 2013)

	Six Months Ended												Six Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	559,288		$	—		$	(354	)	$	558,934		$	93,651		$	—		$	—		$	93,651
Direct financing lease income		2,187			—			—			2,187			—			—			—			—
Operating expense reimbursements		49,641			—			1,091			50,732			4,191			—			—			4,191
Cole Capital revenue		91,479			—			—			91,479			—			—			—			—
Total revenues		702,595			—			737			703,332			97,842			—			—			97,842
Operating expenses:
Cole Capital reallowed fees and commissions		41,504			—			—			41,504			—			—			—			—
Acquisition related		20,337			—			281			20,618			47,616			—			(23	)		47,593
Merger and other non-routine transactions (1)		235,478			—			(67,758	)		167,720			144,162			—			(14,729	)		129,433
Property operating		69,030			—			11			69,041			5,635			—			—			5,635
Management fees to affiliate		—			—			13,888			13,888			—			—			12,493			12,493
General and administrative		44,748			3,911			47,845			96,504			3,815			23			10,217			14,055
Equity-based compensation (2)		31,848			—			(31,848	)		—			4,339			—			(4,339	)		—
Depreciation and amortization		424,356			—			225			424,581			60,505			(23	)		(48	)		60,434
Impairment of real estate (3)		—			—			1,556			1,556			—			—			—			—
Total operating expenses		867,301			3,911			(35,800	)		835,412			266,072			—			3,571			269,643
Operating income (loss)		(164,706	)		(3,911	)		36,537			(132,080	)		(168,230	)		—			(3,571	)		(171,801	)
Other (expense) income:
Interest expense, net		(216,347	)		(8,272	)		(229	)		(224,848	)		(17,124	)		(502	)		(599	)		(18,225	)
Extinguishment of debt, net (4)		—			—			(15,868	)		(15,868	)		—			—			—			—
Other income, net		10,915			12,183			(952	)		22,146			2,020			502			—			2,522
Gain (loss) on derivative instruments, net		1,729			—			5,357			7,086			(45	)		(31,134	)		—			(31,179	)
Loss on contingent value rights		—			—			—			—			(31,134	)		31,134			—			—
Gain (loss) on disposition of properties and held for sale assets, net		4,489			—			(23,363	)		(18,874	)		—			—			—			—
Gain on sale of investments		—			—			—			—			451			—			—			451
Total other expenses, net		(199,214	)		3,911			(35,055	)		(230,358	)		(45,832	)		—			(599	)		(46,431	)
Net loss from continuing operations		(363,920	)		—			1,482			(362,438	)		(214,062	)		—			(4,170	)		(218,232	)
Discontinued operations:
Income from operations of held for sale properties		—			—			—			—			20			—			—			20
Gain on held for sale properties		—			—			—			—			14			—			(14	)		—
Net loss from discontinued operations		—			—			—			—			34			—			(14	)		20
Net loss		(363,920	)		—			1,482			(362,438	)		(214,028	)		—			(4,184	)		(218,212	)
Net loss attributable to non-controlling interests		14,911			—			1,363			16,274			907			—			3,822			4,729
Net loss attributable to the Company	$	(349,009	)	$	—		$	2,845		$	(346,164	)	$	(213,121	)	$	—		$	(362	)	$	(213,483	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.58	)	$	—		$	—		$	(0.58	)	$	(1.16	)	$	—		$	—		$	(1.17	)

(1) This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

(2) As disclosed above, this line item caption has been reclassified into “general and administrative” in the accompanying consolidated statements of operations.

(3) This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

Restated Statements of Comprehensive Loss (for the three months ended June 30, 2014 and 2013)

	Three Months Ended									Three Months Ended
	June 30, 2014									June 30, 2013
	As Previously Reported			Restatement Adjustments			As Restated			As Previously Reported			Restatement Adjustments		As Restated
Net loss (1)	$	(43,265	)	$	(13,333	)	$	(56,598	)	$	(72,433	)	$	158	$	(72,275	)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments		(6,883	)		(400	)		(7,283	)		14,058			—		14,058
Unrealized gain (loss) on investment securities, net		5,878			—			5,878			(1,793	)		—		(1,793	)
Total other comprehensive (loss) income		(1,005	)		(400	)		(1,405	)		12,265			—		12,265
Total comprehensive loss		(44,270	)		(13,733	)		(58,003	)		(60,168	)		158		(60,010	)
Net loss attributable to non-controlling interests		2,937			(1,059	)		1,878			475			2,197		2,672
Total comprehensive loss attributable to the Company	$	(41,333	)	$	(14,792	)	$	(56,125	)	$	(59,693	)	$	2,355	$	(57,338	)

(1) The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

Restated Statements of Comprehensive Loss (for the six months ended June 30, 2014 and 2013)

	Six Months Ended									Six Months Ended
	June 30, 2014									June 30, 2013
	As Previously Reported			Restatement Adjustments			As Restated			As Previously Reported			Restatement Adjustments			As Restated
Net loss	$	(363,920	)	$	1,482		$	(362,438	)	$	(214,028	)	$	(4,184	)	$	(218,212	)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments		(4,247	)		(5,334	)		(9,581	)		12,881			—			12,881
Unrealized gain (loss) on investment securities, net		8,973			—			8,973			(1,365	)		—			(1,365	)
Total other comprehensive (loss) income		4,726			(5,334	)		(608	)		11,516			—			11,516
Total comprehensive loss		(359,194	)		(3,852	)		(363,046	)		(202,512	)		(4,184	)		(206,696	)
Net loss attributable to non-controlling interests		14,911			1,363			16,274			907			3,822			4,729
Total comprehensive loss attributable to the Company	$	(344,283	)	$	(2,489	)	$	(346,772	)	$	(201,605	)	$	(362	)	$	(201,967	)

Restated Statements of Cash Flows

	Six Months Ended												Six Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Cash flows from operating activities:
Net loss	$	(363,920	)	$	—		$	1,482		$	(362,438	)	$	(214,028	)	$	—	$	(4,184	)	$	(218,212	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units		153,885			—			(61,001	)		92,884			108,247			—		(476	)		107,771
Depreciation and amortization		452,446			—			20,738			473,184			64,243			—		537			64,780
Gain on disposition of properties		(4,489	)		—			23,363			18,874			(14	)		—		14			—
Equity-based compensation		31,848			—			(4,584	)		27,264			6,717			—		74			6,791
Equity in income of unconsolidated entities		385			—			—			385			—			—		—			—
Distributions from unconsolidated entities (1)		—			—			4,033			4,033			—			—		—			—
Net direct financing lease adjustments (1)		—			—			—			—			—			—		—			—
Loss on derivative instruments		8,048			—			(15,134	)		(7,086	)		45			—		—			45
Gain on sale of investments, net		—			—			—			—			(451	)		—		—			(451	)
Impairment of real estate		—			—			1,556			1,556
Gain on extinguishment of debt		(8,398	)		—			(8,587	)		(16,985	)		—			—		—			—
Unrealized loss on contingent value rights obligations, net of settlement payments		—			—			—			—			31,134			—		—			31,134
Changes in assets and liabilities:					—			—			—			—			—		—			—
Investment in direct financing leases		525			—			—			525			—			—		—			—
Deferred costs and other assets, net		(62,175	)		—			(31,378	)		(93,553	)		(10,300	)		—		37			(10,263	)
Due from affiliates		(5,335	)		—			(350	)		(5,685	)		—			—		—			—
Accounts payable and accrued expenses		(133,960	)		—			82,189			(51,771	)		4,554			—		(394	)		4,160
Deferred rent, derivative and other liabilities		(35,298	)		—			26,566			(8,732	)		2,676			—		—			2,676
Due to affiliates		223			—			(41,485	)		(41,262	)		—			—		1,349			1,349
Net cash provided by (used in) operating activities		33,785			—			(2,592	)		31,193			(7,177	)		—		(3,043	)		(10,220	)
Cash flows from investing activities:
Investments in real estate and other assets		(1,246,588	)		—			—			(1,246,588	)		(2,129,677	)		—		—			(2,129,677	)
Acquisition of a real estate business, net of cash acquired		(755,701	)		—			(531	)		(756,232	)		—			—		—			—
Investment in direct financing leases		—			—			—			—			(76,410	)		—		—			(76,410	)
Capital expenditures		(46,649	)		21,733			14,927			(9,989	)		(30	)		—		—			(30	)
Real estate developments		—			(21,733	)		—			(21,733	)		—			—		—			—
Distributions from unconsolidated entities (1)		4,033			—			(4,033	)		—			—			—		—			—
Principal repayments received from borrowers		4,155			—			—			4,155			—			—		—			—
Investments in unconsolidated entities		(2,500	)		—			—			(2,500	)		—			—		—			—
Return of investment from unconsolidated entities		—			—			—			—			—			—		—			—
Proceeds from disposition of properties		95,321			—			(498	)		94,823			—			—		—			—
Investment in intangible assets		(266	)		—			—			(266	)		—			—		—			—
Investment in other assets		—			—			—			—			(1,041	)		—		1,041			—
Deposits for real estate investments		(129,602	)		—			—			(129,602	)		(47,086	)		—		—			(47,086	)
Uses and refunds of deposits for real estate investments		196,075			—			—			196,075			—			—		—			—
Purchases of investment securities		—			—			—			—			(81,460	)		—		—			(81,460	)

The consolidated statements of cash flows continue onto the next page.

	Six Months Ended											Six Months Ended
	June 30, 2014											June 30, 2013
	As Previously Reported			Reclassifications		Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Line of credit advances to affiliates	$	(80,300	)	$	—	$	—		$	(80,300	)	$	—		$	—	$	—		$	—
Line of credit repayments from affiliates		15,600			—		—			15,600			—			—		—			—
Proceeds from sale of investment securities		—			—		—			—			44,188			—		—			44,188
Change in restricted cash		—			—		(15,499	)		(15,499	)
Net cash used in investing activities		(1,946,422	)		—		(5,634	)		(1,952,056	)		(2,291,516	)		—		1,041			(2,290,475	)
Cash flows from financing activities:
Proceeds from mortgage notes payable		718,275			—		—			718,275			6,924			—		—			6,924
Payments on mortgage notes payable		(876,874	)		—		—			(876,874	)		—			—		—			—
Payments on other debt		(7,524	)		—		—			(7,524	)		—			—		—			—
Proceeds from credit facilities		3,246,000			—		—			3,246,000			825,000			—		—			825,000
Payments on credit facilities		(4,628,800	)		—		—			(4,628,800	)		(349,604	)		—		—			(349,604	)
Proceeds from corporate bonds		2,545,760			—		—			2,545,760			—			—		—			—
Payments of deferred financing costs		(80,515	)		—		(3,650	)		(84,165	)		(40,488	)		—		(973	)		(41,461	)
Common stock repurchases		—			—		—			—			(350,396	)		—		—			(350,396	)
Proceeds from issuances of preferred shares		—			—		—			—			445,000			—		—			445,000
Proceeds from issuances of common stock, net offering costs		1,595,735			—		(2,273	)		1,593,462			1,810,116			—		(74	)		1,810,042
Consideration to Former Manager for internalization		—			—		—			—			(3,035	)		—		3,035			—
Contributions from non-controlling interest holders		1,043			—		(61	)		982			29,758			—		—			29,758
Distributions to non-controlling interest holders		(16,418	)		—		587			(15,831	)		(3,111	)		—		—			(3,111	)
Distributions paid		(427,541	)		—		(77	)		(427,618	)		(90,740	)		—		—			(90,740	)
Change in restricted cash		(15,539	)		—		15,539			—			(844	)		—		—			(844	)
Net cash provided by financing activities		2,053,602			—		10,065			2,063,667			2,278,580			—		1,988			2,280,568
Net change in cash and cash equivalents		140,965			—		1,839			142,804			(20,113	)		—		(14	)		(20,127	)
Cash and cash equivalents, beginning of period		52,725			—		—			52,725			292,575								292,575
Cash and cash equivalents, end of period	$	193,690		$	—	$	1,839		$	195,529		$	272,462		$	—	$	(14	)	$	272,448

(1) This line item caption has been added and is included in the accompanying consolidated statements of cash flows for the period ended June 30, 2014.

XML

Mergers and Acquisitions (Detail) (USD $)	0 Months Ended	6 Months Ended				0 Months Ended								9 Months Ended		0 Months Ended
	Aug. 08, 2013 Company	Jun. 30, 2014		Jun. 30, 2013		Mar. 13, 2014	Feb. 28, 2013	Nov. 05, 2013		Jan. 03, 2014	Oct. 03, 2013	Oct. 02, 2013 Property	Jul. 24, 2013 Property	Jun. 30, 2014		Feb. 07, 2014	May 19, 2014	May 20, 2014	May 16, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Common stock, par value		0.01	[1]	0.01										$ 0.01	[1]					$ 0.01	[1]
Inland Portfolio [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 501,000,000
Number of properties acquired	10
Common Stock [Member]
Business Acquisition [Line Items]
Shares issued (in shares)		662,305,318	[1],[2]	63,056,895	[1]
Spinoff Of Multi Tenant Shopping Center Portfolio [Member]
Business Acquisition [Line Items]
Common stock, par value						$ 0.01
Ownership percentage						2500.00%
Spin-off, finalization of documentation period						30 days
Spinoff Of Multi Tenant Shopping Center Portfolio [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Spin-off, shares						$ 10
Spinoff Of Multi Tenant Shopping Center Portfolio [Member] | Op Units [Member]
Business Acquisition [Line Items]
Spin-off, shares						$ 10
ARCP Merger [Member] | Member Units [Member]
Business Acquisition [Line Items]
Convertible stock issued during period, shares							95.00%
Business combination, consideration transferred, amount per share							$ 12.00
Payments to acquire businesses, gross							350,000,000
Business combination, acquiree shares exchanged for cash							29,200,000
Percentage of shares outstanding							16.50%
Business combination, acquiree shares equivalent of acquirer shares							27,700,000
Business acquisition, equity interest issued or issuable, number of shares							140,700,000
Business combination, acquiree shares exchanged for acquirer shares							148,100,000
ARCP Merger [Member] | American Realty Capital III Special Limited Partnership, LLC [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares							7,300,000
Units Minimum Holding Period		1 year
CapLease [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross								920,697,000	[3]
CapLease [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, amount per share								$ 8.50
Payments to acquire businesses, gross								920,700,000
Class of warrant or right, value received by each warrant or right								$ 8.50
CapLease [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Class of warrant or right, value received by each warrant or right								$ 8.50
CapLease [Member] | Preferred Stock [Member]
Business Acquisition [Line Items]
Class of warrant or right, value received by each warrant or right								$ 25.00
ARCT IV [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, amount per share										$ 9.00
Payments to acquire businesses, gross										651,400,000
Business acquisition, equity interest issued or issuable, number of shares										600,000
Units Minimum Holding Period		2 years
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 0.5190
ARCT IV [Member] | Member Units [Member] | Contribution and Exchange Agreement [Member]
Business Acquisition [Line Items]
Related party transaction, cumulative capital investment return, threshold percentage							6.00%
ARCT IV [Member] | Member Units [Member] | ARCT IV [Member]
Business Acquisition [Line Items]
Conversion of Stock, Shares Converted										6,700,000
ARCT IV [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares										36,900,000
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 0.5190
ARCT IV [Member] | Series F Preferred Stock [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares										42,200,000
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 0.5937
Preferred stock, dividend rate, percentage										6.70%
ARCT IV [Member] | Series F Preferred Stock [Member] | Preferred Stock [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 0.5937
ARCT IV [Member] | Class B Units [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares										1,200,000
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 2.3961
ARCT IV [Member] | Class B Units [Member] | Member Units [Member] | ARCT IV [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 2.3961
ARCT IV [Member] | American Realty Capital Trust IV, Operating Partnership [Member] | Member Units [Member]
Business Acquisition [Line Items]
Subordinated distributions of net sale proceeds										63,200,000
ARCT IV [Member] | American Realty Capital Trust IV, Operating Partnership [Member] | Member Units [Member] | Special Limited Partner [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares										2,800,000
Business acquisition, equity interest issued or issuable, per share conversion rate										$ 22.50
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned										78,200,000
ARCT IV [Member] | American Realty Capital Trust IV, Operating Partnership [Member] | Series F Preferred Stock [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares										700,000
ARCT IV [Member] | American Realty Capital Advisors III LLC [Member] | Member Units [Member]
Business Acquisition [Line Items]
Related party transaction, cumulative capital investment return										358,300,000
ARCT IV [Member] | American Realty Capital Real Estate Partners, LLC [Member] | Member Units [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross										750,000
ARCT IV [Member] | American Realty Capital Real Estate Partners, LLC [Member] | Class B Units [Member] | Member Units [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares										100,000
Fortress Investment Group LLC Portfolio [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred		400,900,000									200,300,000			601,200,000
Number of properties acquired		79										41
Number of businesses acquired, allocated and assigned													120
Fortress Investment Group LLC Portfolio [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred													972,500,000
Number of properties acquired													196
Cole Merger [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross																181,775,000
Business combination, consideration transferred																7,467,643,000
Cole Merger [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, amount per share																$ 13.82
Payments to acquire businesses, gross																181,800,000
Business acquisition, equity interest issued or issuable, number of shares																520,800,000
Business acquisition, equity interest issued or issuable, per share conversion rate																$ 1.0929
Business acquisition, percentage of voting interests acquired																98.00%
Percent of voting interests that received cash																2.00%
Cole Merger [Member] | Executive Officer [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares																400,000
Shares issued (in shares)																2,800,000
Inland American Real Estate Trust, Inc. [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred		288,200,000
Number of properties acquired		32
Inland American Real Estate Trust, Inc. [Member] | ARCP Inland Portfolio [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred	2,300,000,000
Inland American Real Estate Trust, Inc. [Member] | ARCP Inland Portfolio [Member] | Inland Portfolio [Member]
Business Acquisition [Line Items]
Number of real estate properties	33
Inland American Real Estate Trust, Inc. [Member] | ARCP Inland Portfolio [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Number of properties acquired	67
Cole Credit Property Trust, Inc. [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, amount per share																	$ 7.25
Business combination, consideration transferred																	73,200,000
Cole Credit Property Trust, Inc. [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Shares issued (in shares)																		13,457,874
Business combination, equity interest in acquiree, shares																	7,735,069
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage																	77.00%	90.00%
Number of shares greater than 90% of voting interest acquired																		1
Red Lobster Portfolio [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred																			$ 1,700,000,000
Red Lobster Portfolio [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Number of properties acquired																			500
Number of Purchase Leasebacks																			522

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $2.2 million to affiliates of the Former Manager (as defined in Note 1) for the six months ended June 30, 2014.

[3] As reported in the Amended 10-K.

XML

Other Debt - Convertible Senior Note Offering (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013		Dec. 10, 2013	Aug. 01, 2013	Jul. 29, 2013
Debt Instrument [Line Items]
Convertible senior note	$ 975,003,000	[1]	$ 972,490,000	[1]
2020 Notes [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of convertible debt					402,500,000
Long-term debt, fair value					389,700,000
Debt instrument, unamortized discount	25,000,000				12,800,000
Debt Instrument, Convertible, Conversion Ratio	0.0660262
Debt Instrument, Interest Rate, Stated Percentage					3.75%
Convertible senior note	390,700,000
Original 2018 Notes [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of convertible debt						10,000,000	300,000,000
Long-term debt, fair value	301,500,000					299,600,000
Debt instrument, unamortized discount						10,400,000
Debt Instrument, Convertible, Conversion Ratio	0.059805
Reopened 2018 Notes [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of convertible debt					287,500,000
Long-term debt, fair value	282,700,000				282,100,000
Debt instrument, unamortized discount					$ 5,400,000

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

XML

Related Party Transactions and Arrangements (Management Fees to Affiliates) (Detail) (Affiliates Of Former Manager [Member], USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Management Fees To Affiliates, Asset Management Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 13,888	$ 11,693
Management Fees To Affiliates, Property Management Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	800
Management Fees To Affiliates [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 13,888	$ 12,493

XML

Segment Reporting (Detail) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Segment Reporting Information [Line Items]
Rental income	$ 314,519,000	[1]	$ 52,664,000	[1]	$ 558,934,000	[1]	$ 93,651,000	[1]
Direct financing lease income	1,181,000	[1]	0	[1]	2,187,000	[1]	0	[1]
Operating expense reimbursements	29,256,000	[1]	2,281,000	[1]	50,732,000	[1]	4,191,000	[1]
Total real estate investment revenues	382,178,000	[1]	54,945,000	[1]	703,332,000	[1]	97,842,000	[1]
Total Cole Capital revenues	37,222,000	[1]	0	[1]	91,479,000	[1]	0	[1]
Cole Capital reallowed fees and commissions	7,068,000	[1]	0	[1]	41,504,000	[1]	0	[1]
Acquisition related	7,201,000	[1],[2]	37,266,000	[1],[2]	20,618,000	[1],[2]	47,593,000	[1],[2]
Merger and other non-routine transactions	7,422,000	[1],[3],[4]	5,865,000	[1],[3],[4]	167,720,000	[1],[3],[5]	129,433,000	[1],[3],[5]
Property operating expenses	39,286,000	[1]	3,086,000	[1]	69,041,000	[1]	5,635,000	[1]
Management fees to affiliate					13,888,000		12,493,000
General and administrative expenses	40,012,000	[1],[6]	6,283,000	[1],[6]	96,504,000	[1],[6]	14,055,000	[1],[6]
Depreciation and amortization	250,739,000	[1]	33,681,000	[1]	424,581,000	[1]	60,434,000	[1]
Impairment of real estate	1,556,000	[1],[7]	0	[1],[7]	1,556,000	[1],[7]	0	[1],[7]
Total operating expenses	353,284,000	[1]	86,181,000	[1]	835,412,000	[1]	269,643,000	[1]
Operating income (loss)	28,894,000	[1]	(31,236,000)	[1]	(132,080,000)	[1]	(171,801,000)	[1]
Total other expense	(85,492,000)		(41,075,000)		(230,358,000)		(46,431,000)
Extinguishment of debt, net	(6,469,000)	[7]	0	[7]	16,985,000	[1]	0	[1]
Other (expense) income, net	11,936,000	[1]	1,523,000	[1]	22,146,000	[1]	2,522,000	[1]
Gain (loss) on derivative instruments, net	14,207,000	[1]	(31,174,000)	[1]	7,086,000	[1]	(31,179,000)	[1]
Loss on disposition of properties, net	(1,269,000)	[1]	0	[1]	(18,874,000)	[1]	0	[1]
Gain on sale of investments	0	[1]	0	[1]	0	[1]	451,000	[1]
Total other expenses, net	(85,492,000)	[1]	(41,075,000)	[1]	(230,358,000)	[1]	(46,431,000)	[1]
Net loss from continuing operations	(56,598,000)	[1]	(72,311,000)	[1]	(362,438,000)	[1]	(218,232,000)	[1]
Income from operations of held for sale properties	0	[1]	36,000	[1]	0	[1]	20,000	[1]
Loss from continuing operations	(56,598,000)		(72,311,000)		(362,438,000)		(218,232,000)
Income from discontinued operations	0	[1]	36,000	[1]	0	[1]	20,000	[1]
Net loss	(56,598,000)	[1],[8]	(72,275,000)	[1],[8]	(362,438,000)	[1]	(218,212,000)	[1]
Assets	21,310,496,000	[1]	4,445,903,000		21,310,496,000	[1]	4,445,903,000		7,809,083,000	[1]
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Rental income	314,519,000		52,664,000		558,934,000		93,651,000
Direct financing lease income	1,181,000		0		2,187,000		0
Operating expense reimbursements	29,256,000		2,281,000		50,732,000		4,191,000
Total real estate investment revenues	344,956,000		54,945,000		611,853,000		97,842,000
Acquisition related	7,201,000		37,266,000		20,618,000		47,593,000
Merger and other non-routine transactions	5,999,000		5,865,000		165,793,000		129,433,000
Property operating expenses	39,286,000		3,086,000		69,041,000		5,635,000
Management fees to affiliate	0		0		13,888,000		12,493,000
General and administrative expenses	17,977,000		6,283,000		53,638,000		14,055,000
Depreciation and amortization	225,965,000		33,681,000		385,448,000		60,434,000
Impairment of real estate	1,556,000		0		1,556,000		0
Total operating expenses	297,984,000		86,181,000		709,982,000		269,643,000
Operating income (loss)	46,972,000		(31,236,000)		(98,129,000)		(171,801,000)
Interest expense, net	(103,897,000)		(11,424,000)		(224,848,000)		(18,225,000)
Extinguishment of debt, net	(6,469,000)		0		(15,868,000)		0
Other (expense) income, net	4,332,000		1,523,000		8,291,000		2,522,000
Gain (loss) on derivative instruments, net	14,207,000		(31,174,000)		7,086,000		(31,179,000)
Loss on disposition of properties, net	(1,269,000)		0		(18,874,000)		0
Gain on sale of investments			0		0		451,000
Total other expenses, net	(93,096,000)		(41,075,000)		(244,213,000)		(46,431,000)
Net loss from continuing operations	(46,124,000)		(72,311,000)		(342,342,000)		(218,232,000)
Income from operations of held for sale properties	0		36,000		0		20,000
Income from discontinued operations	0		36,000		0		20,000
Net loss	(46,124,000)		(72,275,000)		(342,342,000)		(218,212,000)
Assets	20,182,178,000				20,182,178,000				7,809,083,000
Cole Capital Segment [Member]
Segment Reporting Information [Line Items]
Dealer manager and distribution fees, selling commissions and offering reimbursements	9,969,000		0		52,422,000		0
Transaction service fees	14,411,000		0		18,970,000		0
Management fees and reimbursements	12,842,000		0		20,087,000		0
Total Cole Capital revenues	37,222,000		0		91,479,000		0
Cole Capital reallowed fees and commissions	7,068,000		0		41,504,000		0
Acquisition related	1,423,000		0		1,927,000		0
General and administrative expenses	22,035,000		0		42,866,000		0
Depreciation and amortization	24,774,000		0		39,133,000		0
Total operating expenses	55,300,000		0		125,430,000		0
Total other expenses, net	7,604,000		0		13,855,000		0
Loss from continuing operations	(10,474,000)		0		(20,096,000)		0
Assets	$ 1,128,318,000				$ 1,128,318,000				$ 0

[1] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Includes $113,000 and $19.9 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $26.8 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[3] Includes $40,000 and $255,000 to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $137.8 million and $107.0 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[4] This line item caption has been updated to "merger and other non-routine transactions" in the accompanying consolidated statements of operations.

[5] This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

[6] Includes $437,000 and $4.1 million to affiliates for the three months ended June 30, 2014 and 2013, respectively, and $16.0 million and $9.3 million to affiliates for the six months ended June 30, 2014 and 2013, respectively.

[7] This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

[8] The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

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Equity-based Compensation (As Restated)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity-based Compensation (As Restated)

Note 19 — Equity-based Compensation (As Restated)

Equity Plan

The Company has adopted the American Realty Capital Properties, Inc. Equity Plan (the “Equity Plan”), which provides for the grant of stock options, stock appreciation rights, restricted shares of common stock, restricted stock units, dividend equivalent rights and other stock-based awards to the Company’s and its affiliates’ non-executive directors, officers and other employees and advisors or consultants who are providing services to the Company or its affiliates.

The Company authorized and reserved a total number of shares equal to 10.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis assuming the redemption of all OP Units for shares of common stock) to be issued at any time under the Equity Plan for equity incentive awards excluding an initial grant of 167,400 shares to the Former Manager in connection with the IPO, all of which were vested as of June 30, 2014. As of June 30, 2014, the Company has awarded 6,796,599 shares under the Equity Plan. In the first quarter of 2014, the Company issued 282,854 shares to its non-executive directors pursuant to the Equity Plan. Upon issuance, the documentation provided for accelerated vesting of shares upon voluntary resignation of the independent directors. As a result, the Company determined there was no required service period and $3.6 million has been recorded as expense during the six months ended June 30, 2014. However, based upon the findings of the Audit Committee and the Company in connection with the recent review of the Company’s previously filed financial statements, the Company subsequently modified such awards to provide that voluntary resignation would not accelerate the vesting of such awards.

The fair value of restricted common stock awards awarded to employees under the Equity Plan is generally determined on the grant date using the closing stock price on NASDAQ that day and is expensed over the requisite service period. The fair value of restricted common stock awarded to non-employees under the Equity Plan is measured based upon the fair value of goods or services received or the equity instruments granted, whichever is more reliably determinable and is typically expensed in full at the date of grant.

Director Stock Plan

The Company has adopted a Non-Executive Director Stock Plan (the “Director Stock Plan”), which provides for the grant of restricted shares of common stock to each of the Company’s independent directors, each of whom is a non-executive director. Awards of restricted stock will vest in accordance with the award agreements, which generally provide for ratable vesting over a five-year period following the date of grant. The awards of restricted stock provide for “distribution equivalents” with respect to this restricted stock, whether or not vested, at the same time and in the same amounts as distributions are paid to the stockholders. At June 30, 2014, a total of 99,000 shares of common stock are reserved for issuance under the Director Stock Plan. As of June 30, 2014, the Company has awarded 45,000 shares under the Director Stock Plan.

The fair value of restricted common stock awards under the Director Stock Plan is determined on the grant date using the closing stock price on NASDAQ that day.

ARCT IV Restricted Share Plan

ARCT IV had an employee and director incentive restricted share plan (the “RSP”), which provided for the automatic grant of 1,333 restricted shares of common stock to each of its independent directors without any further action by ARCT IV’s board of directors or its stockholders on the date of initial election to the board of directors and on the date of each annual stockholder’s meeting thereafter. Restricted stock issued to independent directors vested over a five-year period following the date of grant in increments of 20% per annum. The RSP provided ARCT IV with the ability to grant awards of restricted shares to its directors, officers and employees (if ARCT IV ever had employees), employees of the ARCT IV Advisor and its affiliates, employees of entities that provided services to ARCT IV, directors of the ARCT IV Advisor or of entities that provided services to ARCT IV, certain consultants to ARCT IV and the ARCT IV Advisor and its affiliates or to entities that provided services to ARCT IV.

Immediately prior to the effective time of the ARCT IV Merger, each then-outstanding share of ARCT IV restricted stock fully vested. All shares of ARCT IV common stock then-outstanding as a result of the full vesting of shares of ARCT IV restricted stock, and the satisfaction of any applicable withholding taxes, received shares of the Company’s common stock based on the ARCT IV Exchange Ratio and additional consideration pursuant to the terms of the ARCT IV Merger Agreement.

The following table details the restricted shares activity within the Equity Plan and Director Stock Plan during the six months ended June 30, 2014:

	Equity Plan					Director Stock Plan
	Shares of Restricted Common Stock			Weighted-Average Issue Price		Shares of Restricted Common Stock			Weighted-Average Issue Price
Unvested, December 31, 2013		931,442		$	13.82		18,875		$	13.52
Granted		5,602,989			13.28		3,000			13.99
Vested		458,546			12.94		(21,875	)		13.58
Forfeited		(94,040	)		13.89		—			—
Unvested, June 30, 2014		5,981,845		$	13.38		—		$	—

For the three and six months ended June 30, 2014, compensation expense, excluding Outperformance Bonus expense related to the OPP, for restricted shares was $2.9 million and $20.4 million, respectively, which is recorded in general and administrative on the consolidated statement of operations.

Compensation expense for the six months ended June 30, 2014 includes $11.4 million of compensation expense recorded for 0.8 million restricted shares granted to affiliates.

Multi-Year Outperformance Plan

Upon consummation of the ARCT III Merger, the Company entered into the 2013 Advisor Multi-Year Outperformance Agreement (the “OPP”) with the Former Manager, whereby the Former Manager was able to potentially earn compensation upon the attainment of stockholder value creation targets.

Under the OPP, the Former Manager was granted 8,241,101 long-term incentive plan units of the OP (“LTIP Units”), which could be earned or forfeited based on the Company’s total return to stockholders (including both share price appreciation and common stock distributions) (“Total Return”), for the three-year period that commenced on December 11, 2012.

Pursuant to previous authorization of the Company’s board of directors, as a result of the termination of the Management Agreement, all 8,241,101 LTIP Units became fully earned, vested and convertible into OP units upon the consummation of the Company’s transition to self-management on January 8, 2014 and were converted into OP Units on such date. During the six months ended June 30, 2014, the Company recorded expenses of $1.6 million for the LTIP Units under the OPP, which is recorded in general and administrative in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2013, the Company recorded expenses of $3.1 million and $3.7 million, respectively, for the LTIP Units under the OPP, which is recorded in equity-based compensation in the accompanying consolidated statements of operations. As of June 30, 2014, all LTIP Units under the OPP were earned and $93.9 million of the expense has been allocated to the non-controlling interest on the consolidated balance sheet.

New Multi-Year Outperformance Plan

On October 3, 2013, the Company approved a multi-year outperformance plan (the “New OPP”), which became effective upon the Company’s transition to self-management, which occurred on January 8, 2014. Under the New OPP, individual agreements were entered into between the Company and the participants selected by the Company’s board of directors (the “Participants”) that set forth the Participant’s participation percentage in the New OPP and the number of LTIP Units of the OP subject to the award (“OPP Agreements”). Under the New OPP and the OPP Agreements, the Participants are eligible to earn performance-based bonus awards equal to the Participant’s participation percentage of a pool that is funded up to a maximum award opportunity (the “New OPP Cap”) of approximately 5% of the Company’s equity market capitalization at the time of the approval of the New OPP (“the Initial Market Cap”).

After the Audit Committee’s and the Company’s review of the OPP, such parties have determined that the Compensation Committee’s intention in respect of the OPP was that the maximum award pool opportunity should have been $120.0 million. In October 2013, the Compensation Committee approved an aggregate award pool to be measured by the Company’s market capitalization as of the date of such approval; however, the OPP was definitively documented to measure market capitalization on a pro forma basis as of the Company’s transition to self-management (including the pro forma impact of various transactions expected to be consummated prior to the Company’s transition to self-management on January 8, 2014), which was calculated in December 2013.

Subject to the New OPP Cap, the pool will equal an amount to be determined based on the Company’s level of achievement of total return to stockholders, including both share price appreciation and common stock distributions (“Total Return”), as measured against an absolute hurdle and against a peer group of companies for a three-year performance period that commenced on October 1, 2013 (the “Performance Period”), with valuation dates on which a portion of the LTIP Units up to a specified amount of the New OPP Cap could be earned on the last day of each 12-month period during the Performance Period (each an “Annual Period”) and the initial 24-month period of the Performance Period (the “Interim Period”), as follows:

		Performance Period	Annual Period	Interim Period
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:		21%	7%	14%
Relative Component: 4% of any excess Total Return attained above the median Total Return for the performance period of the Peer Group(1), subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period:
•	100% will be earned if cumulative Total Return achieved is at least:	18%	6%	12%
•	50% will be earned if a cumulative Total Return achieved is:	0%	0%	0%
•	0% will be earned if cumulative Total Return achieved is less than:	0%	0%	0%
•	a percentage from 50% to 100% calculated by linear interpolation will be earned if cumulative Total Return achieved is if between:	0% - 18%	0% - 6%	0% - 12%

(1) The “Peer Group” is comprised of the following companies: EPR Properties; Getty Realty Corporation; Lexington Realty Trust; National Retail Properties, Inc.; Realty Income Corporation; and Spirit Realty Capital, Inc.

The New OPP provides for early calculation and vesting of the award in the event of a change in control of the Company, prior to the end of the Performance Period. The Participants are entitled to receive a tax gross-up in the event that any amounts paid to the Participant under the New OPP constitute “parachute payments” as defined in Section 280G of the Code. The LTIP Units granted under the New OPP represent units of equity ownership in the OP that are structured as a profits interest therein. Subject to the Participant’s continued service through each vesting date, one-third of any earned LTIP Units will vest on October 1, 2016, October 1, 2017 and October 1, 2018, respectively. The Participants are entitled to receive distributions on their LTIP Units to the extent provided for in the LPA, as amended from time to time. During the three and six months ended June 30, 2014, the Company recorded expenses of $2.8 million and $5.3 million, respectively, for the New OPP, which is recorded in equity-based compensation and included with general and administrative expense on the consolidated statement of operations. As of June 30, 2014, the Company recorded a total payable for distributions on LTIP units related to the OPP and the New OPP of $6.9 million.

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Deferred Costs and Other Assets, Net (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014		Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013
Property, Plant and Equipment [Line Items]
Deferred costs, net	$ 156,911	[1]	$ 156,911	[1]	$ 84,746	[1]	$ 0
Accounts receivable, net	65,855	[2]	65,855	[2]	16,254	[2]
Straight-line rent receivable	43,892		43,892		19,010
Prepaid expenses	17,379	[1]	17,379	[1]	43,801	[1]	0
Leasehold improvements, property and equipment, net	21,028	[3]	21,028	[3]	531	[3]
Restricted escrow deposits	49,306		49,306		101,813
Derivative assets, at fair value	5,522	[1]	5,522	[1]	9,189	[1]	0
Other assets	58,306	[1]	58,306	[1]	5,317	[1]
Total	418,199	[4]	418,199	[4]	280,661	[4]	128,183
Allowance for doubtful accounts receivable	1,800		1,800		200
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Amortization	300		500
Accumulated depreciation, depletion and amortization, property, plant, and equipment	500		500		7
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation, depletion and amortization, property, plant, and equipment	700		700		5
Depreciation	$ 800		$ 700

[1] These line items have been updated since the Amended 10-K. Certain line items have been reclassified and included within the deferred costs and other assets, net in the accompanying consolidated balance sheet. For detail on the restatement and reclassification adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[2] Allowance for doubtful accounts was $1.8 million and $0.2 million as of June 30, 2014 and December 31, 2013, respectively.

[3] Amortization expense for leasehold improvements totaled $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively. Accumulated amortization was $0.5 million and $7,000 as of June 30, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $0.8 million and $0.7 million for the three and six months ended June 30, 2014, respectively. Accumulated depreciation was $0.7 million and $5,000 as of June 30, 2014 and December 31, 2013, respectively.

[4] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(As Restated)			(As Restated)			(As Restated)			(As Restated)
REI:
Rental income	$	314,519		$	52,664		$	558,934		$	93,651
Direct financing lease income		1,181			—			2,187			—
Operating expense reimbursements		29,256			2,281			50,732			4,191
Total real estate investment revenues		344,956			54,945			611,853			97,842
Acquisition related		7,201			37,266			20,618			47,593
Merger and other non-routine transactions		5,999			5,865			165,793			129,433
Property operating expenses		39,286			3,086			69,041			5,635
Management fees to affiliate		—			—			13,888			12,493
General and administrative expenses		17,977			6,283			53,638			14,055
Depreciation and amortization		225,965			33,681			385,448			60,434
Impairment of real estate		1,556			—			1,556			—
Total operating expenses		297,984			86,181			709,982			269,643
Operating income (loss)		46,972			(31,236	)		(98,129	)		(171,801	)
Interest expense, net		(103,897	)		(11,424	)		(224,848	)		(18,225	)
Extinguishment of debt, net	$	(6,469	)	$	—		$	(15,868	)	$	—
Other (expense) income, net		4,332			1,523			8,291			2,522
Gain (loss) on derivative instruments, net		14,207			(31,174	)		7,086			(31,179	)
Loss on disposition of properties, net		(1,269	)		—			(18,874	)		—
Gain on sale of investments		—			—			—			451
Total other expenses, net		(93,096	)		(41,075	)		(244,213	)		(46,431	)
Net loss from continuing operations		(46,124	)		(72,311	)		(342,342	)		(218,232	)
Discontinued operations:
Income from operations of held for sale properties	$	—		$	36		$	—		$	20
Net income from discontinued operations		—			36			—			20
Net loss	$	(46,124	)	$	(72,275	)	$	(342,342	)	$	(218,212	)
Cole Capital:
Dealer manager and distribution fees, selling commissions and offering reimbursements	$	9,969		$	—		$	52,422		$	—
Transaction service fees		14,411			—			18,970			—
Management fees and reimbursements		12,842			—			20,087			—
Total Cole Capital revenues		37,222			—			91,479			—
Cole Capital reallowed fees and commissions		7,068			—			41,504			—
Merger and other non-routine transactions		1,423			—			1,927			—
General and administrative expenses		22,035			—			42,866			—
Depreciation and amortization		24,774			—			39,133			—
Total operating expenses		55,300			—			125,430			—
Total other income		7,604			—			13,855			—
Net income (loss)	$	(10,474	)	$	—		$	(20,096	)	$	—
Total Company:
Total revenues	$	382,178		$	54,945		$	703,332		$	97,842
Total operating expenses	$	353,284		$	86,181		$	835,412		$	269,643
Total other expense	$	(85,492	)	$	(41,075	)	$	(230,358	)	$	(46,431	)
Loss from continuing operations	$	(56,598	)	$	(72,311	)	$	(362,438	)	$	(218,232	)
Income from discontinued operations	$	—		$	36		$	—		$	20
Net loss	$	(56,598	)	$	(72,275	)	$	(362,438	)	$	(218,212	)

	Total Assets
	June 30, 2014 (As Restated)		December 31, 2013 (As Restated)
REI	$	20,182,178	$	7,809,083
Cole Capital		1,128,318		—
Total Company	$	21,310,496	$	7,809,083

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Mortgage Notes Payable

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Mortgage Notes Payable

Note 12 — Mortgage Notes Payable (As Restated)

The Company’s mortgage notes payable consist of the following as of June 30, 2014 and December 31, 2013 (dollar amounts in thousands):

	Encumbered Properties		Outstanding Loan Amount		Weighted Average Effective Interest Rate (1)			Weighted Average Maturity (2)
June 30, 2014		757	$	4,125,621		4.90	%		6.00
December 31, 2013		177	$	1,258,661		3.42	%		3.41

(1) Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.40% to 7.20% at June 30, 2014 and 1.83% to 6.28% at December 31, 2013.

(2) Weighted average remaining years until maturity as of June 30, 2014 and December 31, 2013, respectively.

In conjunction with the various mergers and portfolio acquisitions, as described in Note 3 — Mergers and Acquisitions (As Restated), aggregate net premiums totaling $137.4 million were recorded upon the assumption of the mortgages for above-market interest rates. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages using the effective-interest method. As of June 30, 2014, there was $101.9 million in unamortized net premiums included in mortgage notes payable, net on the consolidated balance sheet.

The following table summarizes the scheduled aggregate principal repayments subsequent to June 30, 2014 (in thousands):

Year	Total
July 1, 2014 - December 31, 2014	$	104,043
2015		270,843
2016		250,881
2017		522,655
2018		252,292
Thereafter		2,724,907
Total	$	4,125,621

The Company’s mortgage loan agreements generally require restrictions on corporate guarantees and the maintenance of financial covenants including maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios). As of June 30, 2014, the Company was in compliance with the debt covenants under the mortgage loan agreements.

During the three and six months ended June 30, 2014, the Company paid off $132.8 million and $855.1 million, respectively, of mortgage notes payable, including notes that were subject to interest rate swap agreements. In connection with the debt repayments, the Company paid prepayment fees totaling $3.8 million and $32.9 million for the three and six months ended June 30, 2014, respectively, which are included in Extinguishment of debt, net in the accompanying statements of operations. In addition, the Company paid $10.1 million during the six months ended June 30, 2014 for the settlement of interest rate swaps that were associated with certain of the mortgage notes, which approximated the fair value of the interest rate swaps. No such swap settlements were paid during the three months ended June 30, 2014. The Company wrote off the deferred financing costs and premiums and discounts associated with these mortgages, which resulted in a loss of $2.6 million during the three months ended June 30, 2014 and a gain of $17.0 million during the six months ended June 30, 2014, respectively. The recently paid off mortgages had a weighted average remaining interest rate of 4.86% and a weighted average remaining term of 2.5 years.

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Equity-Based Compensation (Detail) (USD $)	3 Months Ended				6 Months Ended				3 Months Ended	0 Months Ended		9 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Mar. 31, 2014	Dec. 11, 2012	Oct. 21, 2013	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Equity based compensation	$ 0	[1]	$ 0	[1]	$ 27,264,000	[2]	$ 6,791,000	[2]
Director Stock Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation arrangement by share-based payment award, shares issued in period					45,000
Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum authorized amount as a percentage of shares authorized					10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation arrangement by share-based payment award, shares issued in period					6,796,599
Equity Plan [Member] | Non-Executive Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation arrangement by share-based payment award, shares issued in period									282,854
New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Maximum intended award pool opportunity					120,000,000
Restricted Stock [Member] | Director Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Restricted Common Shares, Vested					(21,875)
Number of Restricted Common Shares, Unvested Beginning Balance					18,875				18,875
Number of Restricted Common Shares, Granted					3,000
Number of Restricted Common Shares, Forfeited					0
Number of Restricted Common Shares, Unvested Ending Balance	0				0							0
Equity based compensation					3,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Issue Price, Unvested Beginning Balance					$ 13.52				13.52
Weighted-Average Issue Price, Granted					$ 13.99
Weighted-Average Issue Price, Vested					$ 13.58
Weighted-Average Issue Price, Forfeited					$ 0.00
Weighted-Average Issue Price, Unvested Ending Balance	$ 0.00				$ 0.00							0.00
Restricted Stock [Member] | Director Stock Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted share vesting period					5 years
Number of shares authorized, in shares	99,000				99,000							99,000
Restricted Stock [Member] | Restricted Share Plan [Member] | Director [Member] | ARCT IV [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted share vesting period					5 years
Share-based compensation arrangement by share-based payment award, equity instruments other than options, automatic grant					1,333
Share-based compensation arrangement by share-based payment award, periodic vesting percentage					20.00%
Restricted Stock [Member] | Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Restricted Common Shares, Vested					458,546
Number of Restricted Common Shares, Unvested Beginning Balance					931,442				931,442
Number of Restricted Common Shares, Granted					5,602,989
Number of Restricted Common Shares, Forfeited					(94,040)
Number of Restricted Common Shares, Unvested Ending Balance	5,981,845				5,981,845							5,981,845
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Issue Price, Unvested Beginning Balance					$ 13.82				13.82
Weighted-Average Issue Price, Granted					$ 13.28
Weighted-Average Issue Price, Vested					$ 12.94
Weighted-Average Issue Price, Forfeited					$ 13.89
Weighted-Average Issue Price, Unvested Ending Balance	$ 13.38				$ 13.38							13.38
Equity based compensation	2,900,000				20,400,000
Restricted Stock [Member] | Equity Plan [Member] | Former Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Restricted Common Shares, Vested					(167,400)
Number of Restricted Common Shares, Granted					800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity based compensation					11,400,000
Performance Shares [Member] | Multi-year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity based compensation			3,100,000		93,900,000		3,700,000
Performance Shares [Member] | Multi-year Outperformance Plan [Member] | Former Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Restricted Common Shares, Vested										(8,241,101)
Number of Restricted Common Shares, Granted										8,241,101
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, performance period										3 years
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation arrangement by share-based payment award, periodic vesting percentage					33.30%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity based compensation	2,800,000				5,300,000
Performance based award percentage, as percentage of the company's market capitalization											5.00%
Share-based compensation arrangement by share-based payment award, absolute component threshold percentage	4.00%				4.00%							4.00%
Share-based compensation arrangement by share-based payment award, relative component threshold percentage	4.00%				4.00%							4.00%
Dividends payable	6,900,000				6,900,000							6,900,000
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, absolute component, performance target percentage	21.00%	[3]			21.00%	[3]						21.00%	[3]
Share-based compensation arrangement by share-based payment award, relative component, one hundred percent funding benchmark, performance target percentage	18.00%				18.00%							18.00%
Share-based compensation arrangement by share-based payment award, relative component, fifty percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Share-based compensation arrangement by share-based payment award, relative component, zero percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Performance Period [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, relative component, between fifty and one hundred percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Performance Period [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, relative component, between fifty and one hundred percent funding benchmark, performance target percentage	18.00%				18.00%							18.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Annual Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, absolute component, performance target percentage	7.00%	[3]			7.00%	[3]						7.00%	[3]
Share-based compensation arrangement by share-based payment award, relative component, one hundred percent funding benchmark, performance target percentage	6.00%				6.00%							6.00%
Share-based compensation arrangement by share-based payment award, relative component, fifty percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Share-based compensation arrangement by share-based payment award, relative component, zero percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Annual Period [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, relative component, between fifty and one hundred percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Annual Period [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, relative component, between fifty and one hundred percent funding benchmark, performance target percentage	6.00%				6.00%							6.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Interim Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, absolute component, performance target percentage	14.00%	[3]			14.00%	[3]						14.00%	[3]
Share-based compensation arrangement by share-based payment award, relative component, one hundred percent funding benchmark, performance target percentage	12.00%				12.00%							12.00%
Share-based compensation arrangement by share-based payment award, relative component, fifty percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Share-based compensation arrangement by share-based payment award, relative component, zero percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Interim Period [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, relative component, between fifty and one hundred percent funding benchmark, performance target percentage	0.00%				0.00%							0.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Interim Period [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, relative component, between fifty and one hundred percent funding benchmark, performance target percentage	12.00%				12.00%							12.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Former Manager [Member] | Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, performance period												3 years
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Former Manager [Member] | Annual Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, performance period												12 months
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | Former Manager [Member] | Interim Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation arrangement by share-based payment award, performance period												24 months
Performance Shares [Member] | Merger Related Costs [Member] | Multi-year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity based compensation					$ 1,600,000

[1] As disclosed above, this line item caption has been reclassified into "general and administrative" in the accompanying consolidated statements of operations.

[2] For discussion on the restatement adjustments, see Note 2 - Restatement of Previously Issued Financial Statements.

[3] The "Peer Group" is comprised of the following companies: EPR Properties; Getty Realty Corporation; Lexington Realty Trust; National Retail Properties, Inc.; Realty Income Corporation; and Spirit Realty Capital, Inc.