10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)

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

For the quarterly period ended September 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 and 333-197780

AMERICAN REALTY CAPITAL PROPERTIES, INC.

ARC PROPERTIES OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

Maryland	45-2482685
Delaware	45-1255683
(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 February 27, 2015 was 905,338,684 shares.

Explanatory Note

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

Except as set forth in Part II, Item 6 below and in any exhibits attached hereto, no other changes are made to the Original Filing. The Original Filing continues to speak as of the date of the Original Filing. Unless expressly stated, this Amendment No. 1 does not reflect events occurring after the filing date of the Original Filing, nor does it modify or update in any way the disclosures contained in the Original 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. 1 to Quarterly Report on Form 10-Q/A.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, each registrant has duly caused this Amendment No. 1 to its Quarterly Report on Form 10-Q/A to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN REALTY CAPITAL PROPERTIES, INC.
By:	/s/ MICHAEL SODO
Michael Sodo
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
ARC PROPERTIES OPERATING PARTNERSHIP, L.P.
By:	/s/ GAVIN B. BRANDON
Gavin B. Brandon
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)

Date: March 12, 2015

4

EXHIBITS

The following exhibits are included in, or incorporated by reference into, this Amendment No. 1 to Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2014 (and are numbered in accordance with Item 601 of Regulation S-K):

Exhibit No.	Description
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.
10.53(2)	Equity Purchase Agreement by and between ARC Properties Operating Partnership, L.P. and RCS Capital Corporation, dated as of September 30, 2014
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
31.3(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
31.4(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
32.3(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
32.4(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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014 filed with the Securities and Exchange Commission on March 2, 2015.

5

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Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)¹			2014			2013 (As Restated)¹
REI:
Rental income	$	365,712		$	89,729		$	924,646		$	183,251
Direct financing lease income		625			1,201			2,812			1,201
Operating expense reimbursements		30,984			4,325			81,716			8,516
Total real estate investment revenues		397,321			95,255			1,009,174			192,968
Acquisition related		13,998			26,948			34,616			74,541
Merger and other non-routine transactions		7,613			4,301			173,406			133,734
Property operating		40,977			5,430			110,018			11,065
Management fees to affiliate		—			—			13,888			12,493
General and administrative		14,942			9,866			68,580			23,921
Depreciation and amortization		240,073			62,136			625,521			122,484
Impairment of real estate		2,299			2,074			3,855			2,074
Total operating expenses		319,902			110,755			1,029,884			380,312
Operating income (loss)		77,419			(15,500	)		(20,710	)		(187,344	)
Interest expense, net		(101,643	)		(27,189	)		(326,491	)		(45,414	)
Extinguishment of debt, net		(5,396	)		—			(21,264	)		—
Other income, net		8,508			136			16,799			2,658
Loss on derivative instruments, net		(17,484	)		(38,651	)		(10,398	)		(69,830	)
Loss on disposition of property		(256,894	)		—			(275,768	)		—
Gain (loss) on sale of investments		6,357			(2,246	)		6,357			(1,795	)
Total other expenses, net		(366,552	)		(67,950	)		(610,765	)		(114,381	)
Net loss from continuing operations		(289,133	)		(83,450	)		(631,475	)		(301,725	)
Discontinued operations:
Income from operations of held for sale assets		—			96			—			159
Net income from discontinued operations		—			96			—			159
Net loss	$	(289,133	)	$	(83,354	)	$	(631,475	)	$	(301,566	)
Cole Capital:
Dealer manager and distribution fees, selling commissions and offering reimbursements	$	21,535		$	—		$	73,957		$	—
Transaction service fees		22,972			—			41,942			—
Management fees and reimbursements		15,290			—			35,377			—
Total Cole Capital revenues		59,797			—			151,276			—
Cole Capital reallowed fees and commissions		15,398			—			56,902			—
General and administrative expenses		17,265			—			60,131			—
Merger and other non-routine transactions		19			—			1,946			—
Depreciation and amortization		25,077			—			64,210			—
Total operating expenses		57,759			—			183,189			—
Total other income		(952	)		—			12,903			—
Net loss from continuing operations		1,086			—			(19,010	)		—
Discontinued operations:
Income from operations of held for sale assets		—			—			—			—
Net loss	$	1,086		$	—		$	(19,010	)	$	—
Total Company:
Total revenues	$	457,118		$	95,255		$	1,160,450		$	192,968
Total operating expenses	$	377,661		$	110,755		$	1,213,073		$	380,312
Total other expense	$	(367,504	)	$	(67,950	)	$	(597,862	)	$	(114,381	)
Loss from continuing operations	$	(288,047	)	$	(83,450	)	$	(650,485	)	$	(301,725	)
Income (loss) from discontinued operations	$	—		$	96		$	—		$	159
Net loss	$	(288,047	)	$	(83,354	)	$	(650,485	)	$	(301,566	)

(1) For discussion of the restatement adjustments, see Note 2 — Restatement of Previously Issued Consolidated Financial Statements.

	Total Assets
	September 30, 2014		December 31, 2013
REI	$	21,834,806	$	7,809,083
Cole Capital		1,032,777		—
Total Company	$	22,867,583	$	7,809,083

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Related Party Transactions and Arrangements (Due To Affiliates) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013		Sep. 30, 2013
Related Party Transaction [Line Items]
Due to affiliates	$ 2,757	$ 103,434	[1]	$ 6,107
Affiliated Entity [Member] | Offering Related Costs [Member]
Related Party Transaction [Line Items]
Due to affiliates	2,000	220
Affiliated Entity [Member] | Merger And Other Non-Routine Transactions [Member]
Related Party Transaction [Line Items]
Due to affiliates	0	38,645
Affiliated Entity [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Due to affiliates	63	59,600
Affiliated Entity [Member] | Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Due to affiliates	413	0
Affiliated Entity [Member] | Managed REITS and Other [Member]
Related Party Transaction [Line Items]
Due to affiliates	281	0
Affiliated Entity [Member] | Management Fees To Affiliates [Member]
Related Party Transaction [Line Items]
Due to affiliates	$ 0	$ 4,969

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

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Organization (Detail)	9 Months Ended
	Sep. 30, 2014 Segment
Real Estate Properties [Line Items]
Number of reportable segments	2
ARC Properties Operating Partnership, L.P. [Member]
Real Estate Properties [Line Items]
Partnership units, holding period until right to redeem	1 year
General Partner [Member]
Real Estate Properties [Line Items]
General partner ownership interest in OP, Percent	97.30%
Special Limited Partner [Member] | ARC Properties Operating Partnership, L.P. [Member]
Real Estate Properties [Line Items]
Limited partner ownership interest in OP, Percent	1.00%
Special Limited Partner [Member] | Affiliated Entity [Member] | ARC Properties Operating Partnership, L.P. [Member]
Real Estate Properties [Line Items]
Limited partner ownership interest in OP, Percent	1.70%

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

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
October 1, 2014 - December 31, 2014	$	4,594
2015		12,922
2016		11,575
2017		10,248
2018		7,918
Thereafter		83,934
Total	$	131,191

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Subsequent Events (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014 Building sqft		Feb. 24, 2014 sqft Building
Numberof Buildings Acquired [Roll Forward]
Number of Buildings	4,714
Square feet of property	113,800,000
Real Estate Investment, Aggregate Purchase Price	$ 19,854	[1]
Subsequent Event [Member]
Numberof Buildings Acquired [Roll Forward]
Number of Buildings			4,659
Square feet of property			103,200,000
Real Estate Investment, Aggregate Purchase Price			17,860	[1]
Property Acquisition [Member]
Numberof Buildings Acquired [Roll Forward]
Number of Buildings			(55)	[2]
Square feet of property			(10,600,000)	[2]
Real Estate Investment, Aggregate Purchase Price			$ (1,994)	[1],[2]

[1] Contract purchase price, excluding acquisition and transaction related costs.

[2] Includes the sale of the Multi-Tenant Portfolio, consisting of 71 properties.

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Acquisitions of CapLease, Cole and CCPT - Cole Credit Property Trust Acquisition (Detail) (Cole Credit Property Trust, Inc. [Member], USD $) In Thousands, unless otherwise specified	May 19, 2014
Cole Credit Property Trust, Inc. [Member]
Business Acquisition [Line Items]
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
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

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Subsequent Events - Line of Credit, Agreements, and Waivers (Detail) (USD $)	9 Months Ended		3 Months Ended		0 Months Ended
	Sep. 30, 2014		Sep. 30, 2014		Dec. 23, 2014	Oct. 17, 2014	Dec. 31, 2013		Sep. 30, 2013	Jun. 30, 2014	Nov. 12, 2014	Dec. 23, 2013
Subsequent Event [Line Items]
Write off goodwill	$ 209,259,000	[1]
Mortgage notes held for sale	542,800,000		542,800,000
Secured Debt	3,782,407,000		3,782,407,000				1,301,114,000	[2]	272,015,000
Mortgages [Member]
Subsequent Event [Line Items]
Secured Debt	4,237,464,000	[3]	4,237,464,000	[3]			1,258,661,000
Extinguishment of debt, amount	1,000,000,000		173,300,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity										6,000,000,000
Line of credit facility, current borrowing capacity	4,700,000,000		4,700,000,000
Unsecured Debt [Member] | Additional Funding Agreement Terms [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity							391,000,000
Unsecured Debt [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Secured Debt							4,300,000,000
Multi Tenant Properties [Member]
Subsequent Event [Line Items]
Write off goodwill	195,500,000
Subsequent Event [Member] | Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, current borrowing capacity										4,650,000,000	4,000,000,000	3,600,000,000
Subsequent Event [Member] | Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Swingline Facility [Member]
Subsequent Event [Line Items]
Extinguishment of debt, amount					25,000,000
Subsequent Event [Member] | Multi Tenant Properties [Member]
Subsequent Event [Line Items]
Sale of business, consideration						2,000,000,000
Subsequent Event [Member] | Multi Tenant Properties [Member] | Joint Venture Between Affiliates Of Blackstone Real Estate Partners VII and DDR Corporation [Member]
Subsequent Event [Line Items]
Sale of business, consideration						1,900,000,000
Net proceeds						1,300,000,000
Net proceeds, payment for line of credit						1,200,000,000
Loss on Sale of business						261,100,000
Write off goodwill						195,500,000
Mortgage notes held for sale						542,800,000
Subsequent Event [Member] | Multi Tenant Properties [Member] | Unrelated Third Party Member
Subsequent Event [Line Items]
Sale of business, consideration						$ 52,800,000

[1] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

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

[3] Includes $542.8 million of mortgage notes held for sale.

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Restatement of Previously Reported Financial Information - Narrative (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended				12 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Merger and other one-time transactions	$ 13,998	[1]	$ 26,948	[1],[2]	$ 34,616	[1]	$ 74,541	[1],[2]
Management fees to affiliates	0		0	[2]	13,888		12,493	[2]
Equity based compensation			0		32,805		13,981	[2]
Impairment of real estate	2,299		2,074	[2]	3,855		2,074	[2]	3,300
Net loss attributable to non-controlling interests	(7,649)		(3,153)	[2]	(23,923)		(7,882)	[2]
Due to affiliates	2,757		6,107		2,757		6,107		103,434	[2]
Error Corrections [Member]
Merger and other one-time transactions			0				(23)
Management fees to affiliates			0				12,493
Equity based compensation			(7,180)				68
Number of impaired properties							1
Impairment of real estate			2,074				2,074
Net loss attributable to non-controlling interests			(2,928)				(6,750)
Due to affiliates			6,107				6,107
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
Error Corrections [Member] | Expenses Improperly Categorized As Merger Related [Member] | General and Administrative Expense [Member]
Merger and other one-time transactions			300				6,100
Error Corrections [Member] | Costs Expenses Which Should Have Been Capitalized As Deferred Financing Costs [Member]
Merger and other one-time transactions			1,200				2,200
Error Corrections [Member] | Controlling Interest Transfer Tax Liability [Member]
Merger and other one-time transactions			0				1,100
Error Corrections [Member] | Operating Fees to Affiliates Improperly Recorded For Future Period [Member]
Management fees to affiliates			0				500
Error Corrections [Member] | Furniture, Fixtures and Equipment Capitalized Not Received [Member]
Merger and other one-time transactions			0				4,100
Error Corrections [Member] | Furniture, Fixtures and Equipment Expenses Not Received [Member]
Merger and other one-time transactions			0				1,700
Error Corrections [Member] | Expenses Reclassified to General and Administrative Expense [Member]
Equity based compensation			7,200				11,500
Error Corrections [Member] | Expenses Incorrectly Recorded In Future Period [Member]
Merger and other one-time transactions			$ 167				$ 254

[1] Includes $1.7 million to affiliates for the nine months ended September 30, 2014, and $10.1 million and $36.9 million to affiliates for the three and nine months ended September 30, 2013, respectively.

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

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Fair Value of Financial Instruments Fair Value of Financial Instruments (Narrative) (Detail) (USD $)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2014 Property	Sep. 30, 2013 Property		Sep. 30, 2014 Property	Sep. 30, 2013 Property		Dec. 31, 2013 Property
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Number of properties impaired	5	1		9	1		2
Impairment of real estate	$ 2,299,000	$ 2,074,000	[1]	$ 3,855,000	$ 2,074,000	[1]	$ 3,300,000
Real Estate Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Assets, Fair Value Disclosure	2,800,000			2,800,000			1,200,000
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Real estate investment property, net, impaired	$ 5,100,000	$ 2,600,000		$ 8,200,000	$ 2,600,000		$ 4,500,000

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

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Equity-Based Compensation (Detail) (USD $)	3 Months Ended	9 Months Ended			3 Months Ended	0 Months Ended			11 Months Ended	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Jan. 08, 2014	Dec. 11, 2012	Oct. 21, 2013	Sep. 30, 2014	Mar. 31, 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	$ 32,805,000	$ 13,981,000	[1]
ARC Properties Operating Partnership, L.P. [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Equity based compensation		32,805,000	13,981,000
Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Maximum authorized amount as a percentage of shares authorized		10.00%
Shares issued in period		6,834,695
Equity Plan [Member] | ARC Properties Operating Partnership, L.P. [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares issued in period		6,834,695
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]
Shares issued in period		45,000
Director Stock Plan [Member] | Director [Member] | Op Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares issued in period		45,000
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] | 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]
Equity instruments other than options, automatic grant		1,333
Restricted share vesting period		5 years
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		634,208
Number of Restricted Common Shares, Unvested Beginning Balance		931,442								931,442
Number of Restricted Common Shares, Granted		5,641,085
Number of Restricted Common Shares, Forfeited		(134,825)
Number of Restricted Common Shares, Unvested Ending Balance		5,803,494			5,803,494				5,803,494
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 (in dollars per share)		$ 13.82								13.82
Weighted-Average Issue Price, Granted (in dollars per share)		$ 13.28
Weighted-Average Issue Price, Vested (in dollars per share)		$ 12.97
Weighted-Average Issue Price, Forfeited (in dollars per share)		$ 13.92
Weighted-Average Issue Price, Unvested Ending Balance (in dollars per share)		$ 13.38			$ 13.38				$ 13.38
Equity based compensation		23,200,000			2,800,000
Restricted Stock [Member] | Equity Plan [Member] | Affiliated Entity [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, 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
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
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 (in dollars per share)		$ 13.52								13.52
Weighted-Average Issue Price, Granted (in dollars per share)		$ 13.99
Weighted-Average Issue Price, Vested (in dollars per share)		$ 13.44
Weighted-Average Issue Price, Forfeited (in dollars per share)		$ 0.00
Weighted-Average Issue Price, Unvested Ending Balance (in dollars per share)		$ 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
Performance Shares [Member] | Multi-year Outperformance Plan [Member] | Non-Controlling Interests [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		93,900,000
Performance Shares [Member] | Multi-year Outperformance Plan [Member] | ARC Properties Operating Partnership, L.P. [Member] | Merger Related Costs [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
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]
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]
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]
Performance based award percentage, as percentage of the company's market capitalization								5.00%
Absolute component threshold percentage		400.00%			400.00%				400.00%
Relative component threshold percentage		400.00%			400.00%				400.00%
Dividends payable		6,900,000			6,900,000				6,900,000
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]
Absolute component, performance target percentage		7.00%			7.00%				7.00%
Relative component, 100% funding benchmark, performance target percentage		6.00%			6.00%				6.00%
Relative component, 50% funding benchmark, performance target percentage		0.00%			0.00%				0.00%
Relative component, 0% 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]
Relative component, between 50% and 100% 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]
Relative component, between 50% and 100% 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]
Absolute component, performance target percentage		14.00%			14.00%				14.00%
Relative component, 100% funding benchmark, performance target percentage		12.00%			12.00%				12.00%
Relative component, 50% funding benchmark, performance target percentage		0.00%			0.00%				0.00%
Relative component, 0% 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]
Relative component, between 50% and 100% 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]
Relative component, between 50% and 100% percent funding benchmark, performance target percentage		12.00%			12.00%				12.00%
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]
Absolute component, performance target percentage		21.00%			21.00%				21.00%
Relative component, 100% funding benchmark, performance target percentage		18.00%			18.00%				18.00%
Relative component, 50% funding benchmark, performance target percentage		0.00%			0.00%				0.00%
Relative component, 0% 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]
Relative component, between 50% and 100% 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]
Relative component, between 50% and 100% percent funding benchmark, performance target percentage		18.00%			18.00%				18.00%
Performance Shares [Member] | New Multi-Year Outperformance Plan [Member] | ARC Properties Operating Partnership, L.P. [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		$ 8,000,000			$ 2,700,000
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]
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]
Performance period									24 months
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]
Performance period									3 years
Non-Executive Directors [Member] | Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares issued in period										282,854

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

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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Designated as Hedging Instrument [Member]

Schedule of Interest Rate Derivatives

As of September 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		18	$	1,249,188

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 September 30, 2014 and December 31, 2013 (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	7,610		$	9,189
Interest rate products	Deferred rent, derivative and other liabilities	$	(4,751	)	$	(1,719	)

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 nine months ended ended September 30, 2014 and 2013, respectively (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 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)	$	14,920		$	(2,372	)	$	13,624		$	15,682
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (ineffective portion)	$	(6,452	)	$	(1,263	)	$	(9,403	)	$	(3,218	)

Not Designated as Hedging Instrument [Member]

Schedule of Interest Rate Derivatives

As of September 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		4	$	144,800

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 not designated as hedges as well as their classification on the consolidated balance sheets as of September 30, 2014 and December 31, 2013 (in thousands):

Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	1,165		$	—
Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities	$	—		$	(16,736	)
Interest rate products	Deferred rent, derivative and other liabilities	$	(1,235	)	$	—

Offsetting Assets

The table below details a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of September 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 (amounts 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
September 30, 2014	$	8,775	$	(5,986	)	$	—	$	8,775	$	(5,986	)	$	—	$	—	$	2,789
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)

Offsetting Liabilities

The table below details a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of September 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 (amounts 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
September 30, 2014	$	8,775	$	(5,986	)	$	—	$	8,775	$	(5,986	)	$	—	$	—	$	2,789
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)

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Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Note 23 — Income Taxes

As a REIT, the General Partner generally is not subject to federal income tax, with the exception of its TRS. However, the General Partner, including its TRS, and the Operating Partnership are still subject to certain state and local income taxes in the various jurisdictions in which they operate.

Based on the above, Cole Capital’s business, substantially all of which is conducted through a TRS, recognized a provision for federal and state income taxes of $1.1 million and a benefit of $12.6 million for the three and nine months ended September 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 nine months ended September 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 tax expense of $2.0 million and $5.9 million during the three and nine months ended September 30, 2014, respectively, and $0.1 million and $0.4 million during the three and nine months ended September 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 nine months ended September 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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Fair Value of Financial Instruments (Fair Value of Assets and Liabilities, Measured on a Recurring Basis) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013		Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate fund	$ 59,131	$ 62,067	[1]
Interest rate swap assets	8,775	9,189		0
Interest rate swap liabilities				0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate fund		1,484
CMBS	59,077	60,583
Interest rate swap assets	8,775	9,189
Total assets	67,852	71,256
Interest rate swap liabilities	(5,986)	(1,719)
Series D Preferred Stock embedded derivative		(16,736)
Total liabilities	(5,986)	(18,455)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate fund		0
CMBS	0	0
Interest rate swap assets	0	0
Total assets	0	0
Interest rate swap liabilities	0	0
Series D Preferred Stock embedded derivative		0
Total liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate fund		1,484
CMBS	0	0
Interest rate swap assets	8,775	9,189
Total assets	8,775	10,673
Interest rate swap liabilities	(5,986)	(1,719)
Series D Preferred Stock embedded derivative		0
Total liabilities	(5,986)	(1,719)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate fund		0
CMBS	59,077	60,583
Interest rate swap assets	0	0
Total assets	59,077	60,583
Interest rate swap liabilities	0	0
Series D Preferred Stock embedded derivative		(16,736)
Total liabilities	$ 0	$ (16,736)

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

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Summary of Operating Income From Continued Operations Of Multi-Tenant Portfolio (Detail) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Long Lived Assets Held-for-sale [Line Items]
Total revenue	$ 457,118,000		$ 95,255,000	[1],[2]	$ 1,160,450,000		$ 192,968,000	[1],[2]
Total expenses	(377,661,000)		(110,755,000)	[1],[2]	(1,213,073,000)		(380,312,000)	[1],[2]
Income from assets held for sale	0		96,000	[1]	0		159,000	[1]
Multi Tenant Properties [Member]
Long Lived Assets Held-for-sale [Line Items]
Total revenue	47,511				119,467
Total expenses	(49,490)				(124,069)
Income from assets held for sale	(1,979)				(4,602)
Loss on assets held for sale	$ (262,233)	[3]			$ (262,233)	[3]

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

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

[3] Loss on assets held for sale includes the write-off of $195.5 million of goodwill allocated to the cost basis of the Multi-Tenant Portfolio.

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Real Estate Investments (Detail) (USD $)	3 Months Ended				9 Months Ended				36 Months Ended
	Sep. 30, 2014 sqft		Sep. 30, 2013		Sep. 30, 2014 sqft		Sep. 30, 2013 Property		Dec. 31, 2013		Jun. 27, 2013 Property
Business Acquisition [Line Items]
Number of properties acquired							71
Assets Acquired and Liabilities Assumed
Acquisition related(2)	$ 13,998,000	[1]	$ 26,948,000	[1],[2]	$ 34,616,000	[1]	$ 74,541,000	[1],[2]
Merger and other non-routine transactions(3)	7,632,000	[3]	4,301,000	[2],[3]	175,352,000	[3]	133,734,000	[2],[3]
Future Minimum Operating Lease Base Rent Payments
Future Minimum Payments, October 1, 2014 - December 31, 2014	897,524,000				897,524,000
Future Minimum Payments, 2015	1,413,737,000				1,413,737,000
Future Minimum Payments, 2016	1,394,782,000				1,394,782,000
Future Minimum Payments, 2017	1,348,156,000				1,348,156,000
Future Minimum Payments, 2018	1,296,944,000				1,296,944,000
Future Minimum Payments, Thereafter	11,759,055,000				11,759,055,000
Future Minimum Payments, Total	18,110,198,000				18,110,198,000
Future Minimum Direct Financing Lease Payments
Future Minimum Direct Financing Lease Payments, October 1, 2014 - December 31, 2014	1,239,000	[4]			1,239,000	[4]
Future Minimum Direct Financing Lease Payments, 2015	4,757,000	[4]			4,757,000	[4]
Future Minimum Direct Financing Lease Payments, 2016	4,674,000	[4]			4,674,000	[4]
Future Minimum Direct Financing Lease Payments, 2017	4,273,000	[4]			4,273,000	[4]
Future Minimum Direct Financing Lease Payments, 2018	3,183,000	[4]			3,183,000	[4]
Future Minimum Direct Financing Lease Payments, Thereafter	10,313,000	[4]			10,313,000	[4]
Investment in Direct Financing Leases, Net
Future Minimum Direct Financing Lease Payments, Total	28,439,000	[4]			28,439,000	[4]
Future minimum lease payments receivable	28,439,000				28,439,000				33,729,000
Unguaranteed residual value of property	39,852,000				39,852,000				46,172,000
Unearned income	(10,850,000)				(10,850,000)				(13,789,000)
Net investment in direct financing leases	57,441,000		75,403,000		57,441,000		75,403,000		66,112,000	[2]
Land	3,487,824,000		1,013,888,000		3,487,824,000		1,013,888,000		1,380,308,000	[2]
Development Activities
Number of square feet	113,800,000				113,800,000
Land and construction in progress	86,973,000				86,973,000				21,839,000	[2]
Texas | Lease Revenue [Member] | Geographic Concentration Risk [Member]
Development Activities
Concentration risk, number of customers (in number of tenants)					1
Concentration risk, percentage					12.60%
The Woodlands, Texas [Member]
Investment in Direct Financing Leases, Net
Estimated cost to complete construction					10,200,000
Development Activities
Number of square feet	150,000				150,000
Investment amount, total					34,000,000
Land and construction in progress	23,800,000				23,800,000
Interest costs capitalized					69,000
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%				95.00%
Developer Partner [Member] | The Woodlands, Texas [Member]
Development Activities
Equity contributions percentage									10.00%
Acquisitions, 2014, Cole Merger and American Realty Capital Trust IV [Member]
Assets Acquired and Liabilities Assumed
Acquisition related(2)					34,600,000		74,500,000
Merger and other non-routine transactions(3)					175,400,000		133,700,000
Pro Forma Information
Pro forma revenues					1,397,494,000		1,138,600,000
Pro forma net income (loss) attributable to stockholders					(349,572,000)		(283,031,000)
GE Capital Portfolio [Member]
Future Minimum Direct Financing Lease Payments
Capital leased assets, number of units											41
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Number of land parcels acquired					28
Number of properties acquired	753		650		1,092		1,670
Assets Acquired and Liabilities Assumed
Land	608,875,000		258,019,000		823,795,000		754,012,000
Buildings, fixtures and improvements	1,309,751,000		730,159,000		2,486,868,000		2,161,831,000
Total tangible assets	1,918,626,000		988,178,000		3,310,663,000		2,915,843,000
Acquired intangible assets: In-place leases	354,409,000		118,212,000		522,568,000		330,191,000
Above-market leases	82,023,000		0		110,230,000		0
Below-market leases	(84,071,000)		(4,200,000)		(101,108,000)		(4,200,000)
Fair value adjustment of assumed notes payable	0		0		(23,531,000)		0
Total purchase price of assets acquired, net	2,270,987,000		1,102,190,000		3,818,822,000		3,241,834,000
Notes payable assumed	0		0		(301,532,000)		0
Cash paid for acquired real estate investments	2,270,987,000		1,102,190,000		3,517,290,000		3,241,834,000
Investment in Direct Financing Leases, Net
Estimated cost to complete construction					28,100,000
Land	14,900,000				14,900,000
Acquisitions, 2014, Excluding Cole Merger, ARCT IV Merger And CCPT Merger [Member]
Business Acquisition [Line Items]
Number of land parcels acquired					28
Purchase price					$ 3,800,000,000
Number of properties acquired					1,092

[1] Includes $1.7 million to affiliates for the nine months ended September 30, 2014, and $10.1 million and $36.9 million to affiliates for the three and nine months ended September 30, 2013, respectively.

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

[3] Includes $137.8 million to affiliates for the nine months ended September 30, 2014, and $2.3 million and $109.2 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[4] 41 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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Other Debt - Other Debt (Detail) (USD $)	0 Months Ended
	Jul. 14, 2014	Jul. 30, 2014	Sep. 30, 2014	Dec. 31, 2013		Nov. 05, 2013
Debt Instrument [Line Items]
Other debt, net			$ 48,587,000	$ 104,804,000	[1]
Senior Notes [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
Long-term debt, fair value						19,300,000
Write off of unamortized (premium) discount	(100,000)
Interest rate, stated percentage						7.50%
Unamortized premium						100,000
Trust Preferred Notes [Member] | CapLease [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Other debt, net						30,900,000
Long-term debt, fair value						26,500,000
Unamortized discount						4,400,000
Write off of unamortized (premium) discount		$ (4,400,000)

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

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Restated Consolidated Balance Sheets (Parenthetical) (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013		Sep. 30, 2013
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	[1]	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000	[1]	750,000,000
Common stock, issued	907,964,521	239,234,725	[1]	222,351,780
Common stock, outstanding (in shares)	907,964,521	239,234,725	[1]	222,351,780
Convertible Preferred Stock [Member]
Convertible preferred stock, par value (in dollars per share)				$ 0.01
Convertible preferred stock, shares authorized				100,000,000
Convertible preferred stock, issued				42,215,346
Convertible preferred stock, outstanding (in shares)				42,215,346

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

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Related Party Transactions and Arrangements (Management Fees to Affiliates) (Detail) (Affiliates Of Former Manager [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Management Fees To Affiliates, Asset Management Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 0	$ 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	0	0	800
Management Fees To Affiliates [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 0	$ 13,888	$ 12,493

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Loans Held for Investment (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013		Feb. 07, 2014	Nov. 05, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, net	$ 96,981		$ 26,279	[1]
Real Estate Investment Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans held for investment	14
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%
CapLease [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment	26,457	[2]
Mortgage Receivable [Member] | Cole Merger [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mortgage notes receivable	2
Mortgage Receivable [Member] | Cole Merger [Member] | Estimate of Fair Value Measurement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment					72,300
Loans Held for Investment [Member] | CapLease [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans held for investment			12
Loans Held for Investment [Member] | CapLease [Member] | Estimate of Fair Value Measurement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment						$ 26,500

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

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

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Other Debt - Convertible Senior Note Offering (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013		Sep. 30, 2013	Jul. 29, 2013	Aug. 01, 2013	Dec. 10, 2013
Debt Instrument [Line Items]
Convertible senior note	$ 976,251,000	$ 972,490,000	[1]	$ 300,975,000
Convertible Senior Note [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount					300,000,000
Interest rate, stated percentage					3.00%
Original 2018 Notes [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount						10,000,000
Long-term debt, fair value	302,100,000					299,600,000
Unamortized discount						10,400,000
Convertible debt, conversion ratio	0.059805
Reopened 2018 Notes [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount							287,500,000
Long-term debt, fair value	283,000,000						282,100,000
Unamortized discount							5,400,000
2020 Notes [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount							402,500,000
Interest rate, stated percentage							3.75%
Long-term debt, fair value							389,700,000
Unamortized discount	23,700,000						12,800,000
Convertible debt, conversion ratio	0.0660262
Convertible senior note	$ 391,200,000

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

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Fair Value of Financial Instruments (Fair Value of Financial Instruments by Balance Sheet Location) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 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	$ 12,157,586	$ 4,348,208
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	12,269,206	4,353,996
Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment	96,981	26,279
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment	97,607	26,435
Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	4,327,454	1,301,114
Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	4,407,627	1,305,823
Convertible Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	976,251	972,490
Convertible Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	998,441	976,629
Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	19,277
Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	19,350
Senior Unsecured Note [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	2,546,294	0
Senior Unsecured Note [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	2,553,566	0
Credit Facilities [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	150,000
Credit Facilities [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	150,000
Credit Facilities [Member] | Senior Secured Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	4,259,000	1,819,800
Credit Facilities [Member] | Senior Secured Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	4,259,000	1,819,800
Secured Term Loan [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	48,587	58,979
Secured Term Loan [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	50,572	59,049
Trust Preferred Notes [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	26,548
Trust Preferred Notes [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 0	$ 23,345

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Other Debt - Secured Term Loan (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013		Nov. 05, 2013
Debt Instrument [Line Items]
Other debt, net	$ 48,587,000	$ 104,804,000	[1]
Maturities of Long-term Debt [Abstract]
October 1, 2014 - December 31, 2014	2,700,000
2015	11,900,000
2016	12,500,000
2017	7,700,000
2018	13,300,000
Secured Debt [Member] | Secured Term Loan [Member]
Debt Instrument [Line Items]
Unamortized premium	600,000
CapLease [Member] | Secured Debt [Member] | Secured Term Loan [Member]
Debt Instrument [Line Items]
Other debt, net	48,600,000			59,800,000
Long-term debt, fair value				60,700,000
Unamortized premium				800,000
Interest rate, stated percentage				5.81%
Repayments of other long-term debt	$ 10,200,000

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

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Deferred Costs and Other Assets, Net (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014		Sep. 30, 2014		Dec. 31, 2013		Sep. 30, 2013
Property, Plant and Equipment [Line Items]
Deferred costs, net	$ 150,026,000		$ 150,026,000		$ 84,746,000		$ 0
Accounts receivable, net	70,224,000	[1]	70,224,000	[1]	16,254,000	[1]
Straight-line rent receivable	68,694,000		68,694,000		19,010,000
Prepaid expenses	18,764,000		18,764,000		43,801,000
Leasehold improvements, property and equipment, net	30,153,000	[2]	30,153,000	[2]	531,000	[2]
Restricted escrow deposits	43,740,000		43,740,000		101,813,000
Derivative assets, at fair value	8,775,000		8,775,000		9,189,000		0
Other assets	56,230,000		56,230,000		5,317,000
Deferred costs and other assets, net	446,606,000		446,606,000		280,661,000	[3]	132,851,000
Allowance for doubtful accounts	1,900,000		1,900,000		200,000
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Amortization	300,000		900,000
Accumulated depreciation and amortization	900,000		900,000		7,000
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	1,100,000		1,100,000		5,000
Depreciation and amortization	$ 500,000		$ 1,100,000

[1] Allowance for doubtful accounts was $1.9 million and $0.2 million as of September 30, 2014 and December 31, 2013, respectively.

[2] Amortization expense for leasehold improvements totaled $0.3 million and $0.9 million for the three and nine months ended September 30, 2014, respectively. Accumulated amortization was $0.9 million and $7,000 as of September 30, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $0.5 million and $1.1 million for the three and nine months ended September 30, 2014, respectively. Accumulated depreciation was $1.1 million and $5,000 as of September 30, 2014 and December 31, 2013, respectively.

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

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Segment Reporting - Narrative (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2014 Segment sqft Building	Dec. 31, 2013 Security
Segment Reporting Information [Line Items]
Number of reportable segments	2
Number of owned properties	4,714
Square feet of property	113,800,000
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Number of loans held for investment	14
Real Estate Investment Segment [Member] | Consolidated Properties [Member]
Segment Reporting Information [Line Items]
Number of owned properties	4,714
Square feet of property	113,800,000
Number of states in which entity operates	49
Percentage of rentable space leased	99.20%
Real estate property, weighted average remaining lease term	11 years 6 months 0 days
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
Commercial Mortgage Backed Securities [Member]
Segment Reporting Information [Line Items]
Number of securities acquired		10
Commercial Mortgage Backed Securities [Member] | Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Number of securities acquired	10

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Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Note 15 — Derivatives and Hedging Activities

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 nine months ended September 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 $10.3 million will be reclassified from other comprehensive income as an increase to interest expense.

As of September 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		18	$	1,249,188

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 September 30, 2014 and December 31, 2013 (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	7,610		$	9,189
Interest rate products	Deferred rent, derivative and other liabilities	$	(4,751	)	$	(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 nine months ended ended September 30, 2014 and 2013, respectively (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 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)	$	14,920		$	(2,372	)	$	13,624		$	15,682
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (ineffective portion)	$	(6,452	)	$	(1,263	)	$	(9,403	)	$	(3,218	)

In January 2014, the Company entered into an interest rate lock agreement with a notional amount of $250.0 million (the “Treasury Lock Agreement”). The Treasury Lock Agreement, 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 Agreement, 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 and $0.2 million into interest expense for the three and nine months ended September 30, 2014, respectively, 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 loss of $17.5 million and a loss of $10.4 million for the three and nine months ended September 30, 2014, respectively. The Company recorded a loss of $38.7 million and $69.8 million for the three and nine months ended September 30, 2013 relating to the contingent value rights.

As of September 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		4	$	144,800

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 September 30, 2014 and December 31, 2013 (in thousands):

Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	1,165		$	—
Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities	$	—		$	(16,736	)
Interest rate products	Deferred rent, derivative and other liabilities	$	(1,235	)	$	—

The Series D Preferred Stock was redeemed on September 2, 2014. Refer to Note 18 — Preferred and Common Stock and OP Units for further discussion.

Tabular Disclosure of Offsetting Derivatives

The table below details a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of September 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 (amounts 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
September 30, 2014	$	8,775	$	(5,986	)	$	—	$	8,775	$	(5,986	)	$	—	$	—	$	2,789
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 September 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 $7.7 million. As of September 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 $7.7 million at September 30, 2014.

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Related Party Transactions and Arrangements (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Related party transactions:
Expenses and capitalized costs:
Financing fees and reimbursements	$	—	$	—	$	—	$	13,796
Offering related costs		—		666		2,150		159,323
Acquisition related expenses		—		10,064		1,652		36,894
Merger and other non-routine transactions		—		2,298		137,778		109,233
Management fees to affiliates		—		—		13,888		12,493
General and administrative expenses		60		7,004		16,089		16,347
Indirect affiliate expenses		5,595		—		10,090		—
Cole Capital revenues:
Cole Capital offering related revenue		21,535		—		73,957		—
Cole Capital operating revenue		38,262		—		77,319		—
Total	$	65,452	$	20,032	$	332,923	$	348,086

Commissions, Fees and Expense Reimbursements [Member]

Schedule of Related Party Transactions

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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Offering related costs:
Commissions and fees	$	—	$	546	$	—	$	148,232
Offering costs and other reimbursements		—		120		2,150		11,091
Total	$	—	$	666	$	2,150	$	159,323

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 September 30, 2014 and the period from the Cole Acquisition Date to September 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 nine months ended September 30, 2013.

	Three Months Ended September 30, 2014
	CCPT IV (1)			CCPT V		CCIT			CCIT II		INAV		Total
Offering:
Selling commission revenue	$	—		$	5,988		(4	)	$	7,123	$	258	$	13,365
Selling commissions reallowance expense		—			5,988		(4	)		7,123		258		13,365
Dealer manager fee revenue		—			1,764		(1	)		2,167		175		4,105
Dealer manager fees reallowance expense		—			953		(1	)		1,055		12		2,019
Other expense reimbursement revenue		(47	)		1,766		—			2,176		170		4,065

(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 September 30, 2014
	CCPT IV		CCPT V		CCIT			CCIT II		INAV		Total
Offering:
Selling commission revenue	$	29,113	$	7,335		(4	)	$	12,073	$	474	$	48,991
Selling commissions reallowance expense		29,113		7,335		(4	)		12,073		474		48,991
Dealer manager and distribution fee revenue		8,771		2,180		(1	)		3,653		363		14,966
Dealer manager fees reallowance expense		4,971		1,131		(1	)		1,776		20		7,897
Other expense reimbursement revenue		3,702		2,231		—			3,662		405		10,000

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 September 30, 2014 (carrying amount in thousands):

	September 30, 2014
Managed REIT	% of Outstanding Shares Owned			Carrying Amount of Investment
CCPT IV		0.01	%		134
CCPT V		2.40	%		2,096
CCIT		0.01	%		77
CCIT II		1.44	%		1,741
INAV		0.18	%		157
				$	4,205

Merger And Other Non-Routine Transactions [Member]

Schedule of Related Party Transactions

The table below shows fees and expenses attributable to each merger and other non-routine transaction during the nine months ended September 30, 2014 (in thousands). No related party transactions classified as merger and other non-routine transactions in the accompanying consolidated statements of operations were incurred during the three months ended September 30, 2014.

	Nine Months Ended September 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 nine months ended September 30, 2013 (in thousands):

	Three Months Ended September 30, 2013
	ARCT IV Merger		Cole Merger		Other		Total
Merger related costs:
Strategic advisory services	$	750	$	—	$	—	$	750
Personnel costs and other reimbursements		180		85		83		348
Other non-routine transactions:
Post-transaction support services		1,200		—		—		1,200
Total	$	2,130	$	85	$	83	$	2,298

	Nine Months Ended September 30, 2013
	ARCT III Merger		ARCT IV Merger		Cole Merger		Other		Total
Merger related costs:
Strategic advisory services	$	—	$	750	$	—	$	—	$	750
Legal fees and expenses		125		—		—		—		125
Personnel costs and other reimbursements		522		203		85		127		937
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		1,200		—		—		3,200
Total	$	106,868	$	2,153	$	85	$	127	$	109,233

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):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
General and administrative expenses:
Advisory fees and reimbursements	$	60	$	866	$	2,015	$	4,533
Equity awards		—		6,138		14,074		11,814
Total	$	60	$	7,004	$	16,089	$	16,347

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 September 30,		Nine Months Ended September 30,
	2014		2014
Indirect affiliate expenses:
Audrain building	$	4,769	$	8,691
ANST office build-out		114		449
New York (405 Park Ave) office		677		864
Dresher, PA office		24		60
North Carolina office		11		26
Total	$	5,595	$	10,090

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):

	September 30, 2014		December 31, 2013
	(as Restated)		(as Restated)
Due to affiliates:
Offering related costs	$	2,000	$	220
Merger and other non-routine transactions		—		38,645
General and administrative		63		59,600
Indirect affiliate costs		413		—
Managed REITs and other		281		—
Management fees to affiliates		—		4,969
Total	$	2,757	$	103,434

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 September 30, 2014 and the period from the Cole Acquisition Date to September 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 nine months ended September 30, 2013.

	Three Months Ended September 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	16,573	$	3,279		1,216	$	1,827	$	—	$	77
Asset management fee revenue		—		—		—		—		—		251
Property management and leasing fee revenue		—		—		—		—		—		178
Operating expense reimbursement revenue		1,589		957		716		237		151		—
Advisory and performance fee revenue		5,521		80		4,839		467		304		—
	Period from the Cole Acquisition Date to September 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	27,358	$	3,864		4,943	$	5,700	$	—	$	77
Asset management fee revenue		—		—		—		—		—		654
Property management and leasing fee revenue		—		—		—		—		—		752
Operating expense reimbursement revenue		4,192		1,140		1,903		316		286		—
Advisory and performance fee revenue		12,832		89		11,995		608		610		—

XML

Deferred Costs and Other Assets, Net (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):

	September 30, 2014		December 31, 2013 (As Restated)
Deferred costs, net	$	150,026	$	84,746
Accounts receivable, net (1)		70,224		16,254
Straight-line rent receivable		68,694		19,010
Prepaid expenses		18,764		43,801
Leasehold improvements, property and equipment, net (2)		30,153		531
Restricted escrow deposits		43,740		101,813
Derivative assets, at fair value		8,775		9,189
Other assets		56,230		5,317
	$	446,606	$	280,661

(1) Allowance for doubtful accounts was $1.9 million and $0.2 million as of September 30, 2014 and December 31, 2013, respectively.

(2) Amortization expense for leasehold improvements totaled $0.3 million and $0.9 million for the three and nine months ended September 30, 2014, respectively. Accumulated amortization was $0.9 million and $7,000 as of September 30, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $0.5 million and $1.1 million for the three and nine months ended September 30, 2014, respectively. Accumulated depreciation was $1.1 million and $5,000 as of September 30, 2014 and December 31, 2013, respectively.

XML

Investment Securities, at Fair Value - Narrative (Detail) (USD $)	3 Months Ended	9 Months Ended			12 Months Ended	0 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013		Dec. 31, 2013 Security	Sep. 29, 2014
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	$ 59,077,000	$ 59,077,000	$ 9,480,000		$ 62,067,000
Proceeds from sale of investment securities		159,049,000	111,402,000	[1]
Equity method investment, realized gain (loss) on sale	178,000
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired					10
Investment securities, at fair value	59,077,000	59,077,000			60,583,000
Commercial Mortgage Backed Securities [Member] | Cole Capital [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of investment securities						158,000,000
Securities, gross realized gain (loss)						6,200,000
Commercial Mortgage Backed Securities [Member] | Real Estate Investment Segment [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired		10
Cole Merger [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired		15
Estimate of Fair Value Measurement [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value					60,600,000
Estimate of Fair Value Measurement [Member] | Cole Merger [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	151,200,000	151,200,000
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	$ 59,077,000	$ 59,077,000

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

XML

Derivatives and Hedging Activities (Tabular Disclosure Offsetting Derivatives) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 8,775	$ 9,189
Gross Amounts of Recognized Liabilities	(5,986)	(18,455)
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	8,775	9,189
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	(5,986)	(18,455)
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 2,789	$ (9,266)

XML

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Schedule of Goodwill

The following summarizes the Company’s goodwill activity during the nine months ended September 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)		(209,259	)		—		(209,259	)
Balance as of September 30, 2014	$	1,537,615		$	558,835	$	2,096,450

(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 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 September 30,					Nine Months Ended September 30,
	2014		2013 (As Corrected)			2014		2013 (As Corrected)
Merger related costs:
Strategic advisory services	$	3,150	$	750		$	35,765	$	12,549
Transfer taxes		—		—			5,109		1,085
Legal fees and expenses		579		2,052			5,126		5,242
Personnel costs and other reimbursements		—		348			751		987
Multi-tenant spin-off		2,270		—			7,450		—
Other fees and expenses		—		(52	)		1,676		5,408
Other non-routine costs
Post-transaction support services		—		1,200			14,251		3,200
Subordinated distribution fees		—		—			78,244		98,360
Furniture, fixtures and equipment		—		—			14,085		5,800
Legal fees and expenses		743		—			2,569		950
Personnel costs and other reimbursements		—		—			2,718		—
Other fees and expenses		890		3			7,608		153
Total	$	7,632	$	4,301		$	175,352	$	133,734

XML

Property Dispositions (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Summary of Operating Income From Continued Operations Of Multi-Tenant Portfolio

The following table summarizes the operating income from continued operations of the Multi-Tenant Portfolio for the three and nine months ended September 30, 2014 and 2013 (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Total revenue	$	47,511		$	—	$	119,467		$	—
Total expenses		(49,490	)		—		(124,069	)		—
Income from assets held for sale	$	(1,979	)	$	—	$	(4,602	)	$	—
Loss on assets held for sale(1)	$	(262,233	)		—	$	(262,233	)		—

(1) Loss on assets held for sale includes the write-off of $195.5 million of goodwill allocated to the cost basis of the Multi-Tenant Portfolio.

XML

Acquisitions of CapLease, Cole and CCPT - Cole Acquisition Narrative (Detail) (USD $)	0 Months Ended	8 Months Ended	9 Months Ended	0 Months Ended
	Feb. 07, 2014	Sep. 30, 2014	Sep. 30, 2014	Nov. 05, 2013	May 19, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill		$ 2,096,450,000	$ 2,096,450,000			$ 92,789,000	[1]
Cole Merger [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred	7,467,643,000
Total real estate investments		8,963,883,000	8,963,883,000
Below-market leases		212,433,000	212,433,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Amortization expense, remainder of 2014		24,300,000	24,300,000
Amortization expense, 2015		96,300,000	96,300,000
Amortization expense, 2016		96,300,000	96,300,000
Amortization expense, 2017		96,300,000	96,300,000
Amortization expense, 2018		9,800,000	9,800,000
Goodwill		2,212,920,000	2,212,920,000
Revenue of acquiree since acquisition date		625,800,000
Earnings or loss of acquiree since acquisition date		68,900,000
Cole Merger [Member] | Management And Advisory Contracts [Member]
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			4 years
Amortization of intangible assets			62,300,000
Cole Merger [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares	520,800,000			520,800,000
Cole Credit Property Trust, Inc. [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred					73,200,000
Total real estate investments					159,514,000
Below-market leases					1,752,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Revenue of acquiree since acquisition date			5,000,000
Earnings or loss of acquiree since acquisition date			2,300,000
Real Estate Investment Segment [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill		1,537,615,000	1,537,615,000			92,789,000
Real Estate Investment Segment [Member] | Cole Merger [Member]
Business Acquisition [Line Items]
Total real estate investments		8,963,883,000	8,963,883,000
Below-market leases		212,433,000	212,433,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill		1,654,085,000	1,654,085,000
Real Estate Investment Segment [Member] | Cole Credit Property Trust, Inc. [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Real estate investments acquired					159,514,000
Below-market lease liabilities					1,752,000
Cole Capital Segment [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill		558,835,000	558,835,000			0
Cole Capital Segment [Member] | Cole Merger [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Goodwill		$ 558,835,000	$ 558,835,000

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

XML

Related Party Transactions and Arrangements (Indirect Affiliate Expenses) (Detail) (Affiliated Entity [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 65,452	$ 20,032	$ 332,923	$ 348,086
Audrain Building [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	4,769		8,691
ANST Office Build Out [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	114		449
New York Office [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	677		864
Dresher, PA Office [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	24		60
North Carolina Office [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	11		26
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 5,595	$ 0	$ 10,090	$ 0

XML

Mergers and Acquisitions (Detail) (USD $)	9 Months Ended		0 Months Ended	9 Months Ended		0 Months Ended			11 Months Ended		0 Months Ended		6 Months Ended	0 Months Ended		3 Months Ended	0 Months Ended
	Sep. 30, 2013 Property		Mar. 13, 2014	Sep. 30, 2014		Feb. 28, 2013	Aug. 08, 2013 Company	Nov. 05, 2013	Sep. 30, 2014		Feb. 07, 2014	Jan. 03, 2014	Jun. 30, 2014	Oct. 03, 2013 Property	Jul. 24, 2013 Property	Sep. 30, 2014 Property	May 19, 2014	May 20, 2014	May 16, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Number of properties acquired	71
Common stock, par value	$ 0.01			0.01					$ 0.01							$ 0.01				$ 0.01	[1]
Spinoff Of Multi Tenant Shopping Center Portfolio [Member]
Business Acquisition [Line Items]
Common stock, par value			$ 0.01
Ownership percentage			25.00%
Spin-off, finalization of documentation period			30 days
Series F Preferred Stock [Member]
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage				6.70%
Common Stock [Member]
Business Acquisition [Line Items]
Shares issued (in shares)	63,055,919	[1]		662,305,318	[2]
Common Stock [Member] | Spinoff Of Multi Tenant Shopping Center Portfolio [Member]
Business Acquisition [Line Items]
Spin-off, shares			$ 10
Op Units [Member] | Spinoff Of Multi Tenant Shopping Center Portfolio [Member]
Business Acquisition [Line Items]
Spin-off, shares			$ 10
ARCP Merger [Member] | Member Units [Member] | American Realty Capital III Special Limited Partnership, LLC [Member]
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares						7,300,000
Units minimum holding period				1 year
Inland Portfolio [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred							$ 501,000,000
Number of properties acquired							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
CapLease [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross								920,697,000	920,697,000	[3]
CapLease [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Class of warrant or right, value received by each warrant or right (in dollars per share)								$ 8.50
CapLease [Member] | Preferred Stock [Member]
Business Acquisition [Line Items]
Class of warrant or right, value received by each warrant or right (in dollars per share)								$ 25.00
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 (in dollars per share)								$ 8.50
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			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] | Common Stock [Member] | Executive Officer [Member]
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares											365,321
Shares issued (in shares)											2,800,000
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] | Series F Preferred Stock [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] | Member Units [Member] | Class B 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] | Member Units [Member] | American Realty Capital Trust IV, Operating Partnership [Member]
Business Acquisition [Line Items]
Subordinated distributions of net sale proceeds												63,200,000
ARCT IV [Member] | Member Units [Member] | American Realty Capital Trust IV, Operating Partnership [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												$ 22.5
Business acquisition, equity interest issued or issuable, value assigned												78,200,000
ARCT IV [Member] | Member Units [Member] | American Realty Capital Trust IV, Operating Partnership [Member] | Series F Preferred Stock [Member]
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares												700,000
ARCT IV [Member] | Member Units [Member] | American Realty Capital Advisors III LLC [Member]
Business Acquisition [Line Items]
Related party transaction, cumulative capital investment return												358,300,000
ARCT IV [Member] | Member Units [Member] | American Realty Capital Real Estate Partners, LLC [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross												750,000
ARCT IV [Member] | Member Units [Member] | American Realty Capital Real Estate Partners, LLC [Member] | Class B Units [Member]
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares												100,000
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] | Preferred Stock [Member] | Series F Preferred Stock [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, per share conversion rate												$ 0.5937
ARCT IV [Member] | ARC Properties Operating Partnership, L.P. [Member] | Member Units [Member]
Business Acquisition [Line Items]
Conversion of Stock, Shares Converted												6,700,000
ARCT IV [Member] | ARC Properties Operating Partnership, L.P. [Member] | Member Units [Member] | Class B Units [Member]
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, per share conversion rate												$ 2.3961
Fortress Investment Group LLC Portfolio [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred				601,200,000										200,300,000		400,900,000
Number of properties acquired														41		79
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
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] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Number of properties acquired							67
Inland American Real Estate Trust, Inc. [Member] | Inland Portfolio [Member] | ARCP Inland Portfolio [Member]
Business Acquisition [Line Items]
Number of real estate properties							33
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] | ARC Properties Operating Partnership, L.P. [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred																			$ 1,700,000,000
Red Lobster Portfolio [Member] | ARC Properties Operating Partnership, L.P. [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 Consolidated Financial Statements.

[2] Includes $2.2 million to affiliates for the nine months ended September 30, 2014.

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

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Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

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

	September 30, 2014		December 31, 2013
Accrued other	$	72,703	$	683,197
Accrued interest		41,411		14,189
Accrued real estate taxes		61,450		24,658
Accounts payable		4,774		5,887
Accrued merger costs		—		2,640
	$	180,338	$	730,571

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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Cash flows from operating activities:
Net loss	$ (650,485)		$ (301,566)	[1],[2]
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of common units in connection with the ARCT III and ARCT IV mergers	92,884		107,771	[1]
Depreciation and amortization	744,545		131,605	[1]
Loss on held for sale assets and disposition of properties, net	275,768		0	[1]
Equity-based compensation	32,805		13,981	[1]
Equity in income of unconsolidated entities	(247)		0	[1]
Distributions from unconsolidated entities	6,149		0	[1]
Loss on derivative instruments	10,398		144	[1]
Unrealized loss on investments	0		14	[1]
(Gain) loss on sale of investments, net	(6,357)		1,795	[1]
Impairment of real estate	3,855		2,074	[1]
Loss on extinguishment of debt	(14,637)		0	[1]
Unrealized loss on contingent value rights obligations, net of settlement payments	0		49,314	[1]
Loss on extinguishment of Series C Stock	0		4,827	[1]
Changes in assets and liabilities:
Investment in direct financing leases	1,147		148	[1]
Deferred costs, intangible and other assets, net	(116,614)		(20,513)	[1]
Due from affiliates	(2,365)		(4,105)	[1]
Accounts payable and accrued expenses	(53,434)		10,435	[1]
Deferred rent, derivative and other liabilities	(20,748)		5,911	[1]
Due from affiliates	(37,520)		6,107	[1]
Due to affiliates			6,107
Net cash provided by (used in) operating activities	265,144		7,942	[1]
Cash flows from investing activities:
Investments in real estate and other assets	(3,517,290)		(3,241,834)	[1]
Acquisition of a real estate business, net of cash acquired	(756,232)		0	[1]
Investment in direct financing leases	0		(75,551)	[1]
Capital expenditures	(30,168)		(113)	[1]
Real estate developments	(33,610)		0	[1]
Leasing costs	(3,210)		0	[1]
Principal repayments received from borrowers	5,091		0	[1]
Investments in unconsolidated entities	(2,699)		0	[1]
Proceeds from disposition of properties	129,212		0	[1]
Investment in leasehold improvements, property and equipment	(11,074)		0	[1]
Deposits for real estate investments	(205,896)		(31,115)	[1]
Uses and refunds of deposits for real estate investments	278,362		0	[1]
Purchases of investment securities	0		(81,464)	[1]
Line of credit advances to affiliates	(130,300)		0	[1]
Line of credit repayments from affiliates	80,300		0	[1]
Proceeds from sale of investment securities	159,049		111,402	[1]
Change in restricted cash	(18,709)		0	[1]
Net cash used in investing activities	(4,057,174)		(3,318,675)	[1]
Cash flows from financing activities:
Proceeds from mortgage notes payable	1,007,787		6,897	[1]
Payments on mortgage notes payable	(1,028,017)		0	[1]
Payments on other debt	(109,312)		0	[1]
Proceeds from credit facilities	5,689,000		1,570,000	[1]
Payments on credit facilities	(4,708,800)		(384,604)	[1]
Proceeds from corporate bonds	2,545,760		(53,397)	[1]
Payments of deferred financing costs	(92,233)		(2,165)	[1]
Proceeds from issuance of convertible debt	0		310,000	[1]
Common stock repurchases	0		(358,093)	[1]
Proceeds from issuances of preferred shares	0		445,000	[1]
Proceeds from issuances of common stock, net offering costs	1,593,345		1,807,197	[1]
Redemption of Series D Preferred Stock	(316,126)		0	[1]
Contributions from non-controlling interest holders	982		29,758	[1]
Distributions to non-controlling interest holders	(22,673)		(5,615)	[1]
Distributions paid	(675,098)		(157,646)	[1]
Payments from affiliates, net	0		(376)	[1]
Change in restricted cash	0		(572)	[1]
Net cash provided by financing activities	3,884,615		3,206,384	[1]
Net change in cash and cash equivalents	92,585		(104,349)	[1]
Cash and cash equivalents, beginning of period	52,725	[1]	292,575	[1]
Cash and cash equivalents, end of period	145,310		188,226	[1]
Supplemental Disclosures:
Cash paid for interest	248,698		18,774	[1]
Cash paid for income taxes	7,761		625	[1]
Non-cash investing and financing activities:
Accrued capital expenditures and real estate developments	12,634		0	[1]
Common stock issued through distribution reinvestment plan	0		25,568	[1]
ARC Properties Operating Partnership, L.P. [Member]
Cash flows from operating activities:
Net loss	(650,485)		(301,566)
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of common units in connection with the ARCT III and ARCT IV mergers	92,884		107,771
Depreciation and amortization	744,545		131,605
Loss on held for sale assets and disposition of properties, net	275,768		0
Equity-based compensation	32,805		13,981
Equity in income of unconsolidated entities	(247)		0
Distributions from unconsolidated entities	6,149		0
Loss on derivative instruments	10,398		144
Unrealized loss on investments	0		14
(Gain) loss on sale of investments, net	(6,357)		1,795
Impairment of real estate	3,855		2,074
Loss on extinguishment of debt	(14,637)		0
Unrealized loss on contingent value rights obligations, net of settlement payments	0		49,314
Loss on extinguishment of Series C Stock	0		4,827
Changes in assets and liabilities:
Investment in direct financing leases	1,147		148
Deferred costs, intangible and other assets, net	(116,614)		(20,513)
Accounts payable and accrued expenses	(53,434)		10,435
Deferred rent, derivative and other liabilities	(20,748)		5,911
Due from affiliates	(2,365)		(4,105)
Due to affiliates	(37,520)		6,107
Net cash provided by (used in) operating activities	265,144		7,942
Cash flows from investing activities:
Investments in real estate and other assets	(3,517,290)		(3,241,834)
Acquisition of a real estate business, net of cash acquired	(756,232)		0
Investment in direct financing leases	0		(75,551)
Capital expenditures	(30,168)		(113)
Real estate developments	(33,610)		0
Leasing costs	(3,210)		0
Principal repayments received from borrowers	5,091		0
Investments in unconsolidated entities	(2,699)		0
Proceeds from disposition of properties	129,212		0
Investment in leasehold improvements, property and equipment	(11,074)		0
Deposits for real estate investments	(205,896)		(31,115)
Uses and refunds of deposits for real estate investments	278,362		0
Purchases of investment securities	0		(81,464)
Line of credit advances to affiliates	(130,300)		0
Line of credit repayments from affiliates	80,300		0
Proceeds from sale of investment securities	159,049		111,402
Change in restricted cash	(18,709)		0
Net cash used in investing activities	(4,057,174)		(3,318,675)
Cash flows from financing activities:
Proceeds from mortgage notes payable	1,007,787		6,897
Payments on mortgage notes payable	(1,028,017)		0
Payments on other debt	(109,312)		0
Proceeds from credit facilities	5,689,000		1,570,000
Payments on credit facilities	(4,708,800)		(384,604)
Proceeds from corporate bonds	2,545,760		(53,397)
Payments of deferred financing costs	(92,233)		(2,165)
Proceeds from issuance of convertible debt	0		310,000
Common stock repurchases	0		(358,093)
Proceeds from issuances of preferred shares	0		445,000
Proceeds from issuances of common stock, net offering costs	1,593,345		1,807,197
Redemption of Series D Preferred Stock	(316,126)		0
Contributions from non-controlling interest holders	982		29,758
Distributions to non-controlling interest holders	(22,673)		(5,615)
Distributions paid	(675,098)		(157,646)
Payments from affiliates, net	0		(376)
Change in restricted cash	0		(572)
Net cash provided by financing activities	3,884,615		3,206,384
Net change in cash and cash equivalents	92,585		104,349
Cash and cash equivalents, beginning of period	52,725	[1]	292,575
Cash and cash equivalents, end of period	145,310		188,226
Supplemental Disclosures:
Cash paid for interest	248,698		18,774
Cash paid for income taxes	7,761		625
Non-cash investing and financing activities:
Accrued capital expenditures and real estate developments	12,634		0
Common stock issued through distribution reinvestment plan	$ 0		$ 25,568

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

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

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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			9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to the Company	$ (280,398)	$ (80,201)	[1]	$ (626,562)	$ (293,684)	[1]
Less: dividends declared on preferred shares and participating securities	37,643	199		84,366	625
Net loss attributable to common stockholders	(318,041)	(80,400)		(710,928)	(294,309)
Weighted average common units outstanding	902,096,102	221,707,920		756,289,984	196,254,575
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$ (0.35)	$ (0.36)	[1]	$ (0.94)	$ (1.50)	[1]
Basic and diluted net loss per unit attributable to common unitholders		$ (0.36)			$ (1.50)
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 (in shares)				5,807,504
ARC Properties Operating Partnership, L.P. [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to the Company	(288,202)	(83,354)		(650,720)	(301,566)
Less: dividends declared on preferred shares and participating securities	37,643	199		84,366	625
Net loss attributable to common stockholders	$ (325,845)	$ (83,553)		$ (735,086)	$ (302,191)
Weighted average common units outstanding	926,801,361	231,682,236		781,112,325	204,318,637
Basic and diluted net loss per unit attributable to common unitholders	$ (0.35)	$ (0.36)		$ (0.94)	$ (1.48)

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

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Summary of Significant Accounting Policies (Detail) (USD $)	0 Months Ended	3 Months Ended	9 Months Ended			3 Months Ended	12 Months Ended
	May 16, 2014	Sep. 30, 2013	Sep. 30, 2014 Segment Building	Sep. 30, 2013		Sep. 30, 2014 Property JointVenture	Dec. 31, 2013	May 19, 2014
Schedule of Equity Method Investments [Line Items]
Number of owned properties			4,714			4,714
Carrying amount of investment			$ 4,205,000			$ 4,205,000
Income from investment securities		0	247,000	0	[1]
Aggregate carrying value			145,500,000			145,500,000
Number of Operating Segments			1
Number of reportable segments			2
Reverse Section 1031 like-kind exchange agreement, period	180 days
Unconsolidated Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures			6			6
Number of owned properties			6			6
Carrying amount of investment			96,400,000			96,400,000
Income from investment securities			1,600,000			200,000
Unconsolidated Managed Real Estate Investment Trusts [Member]
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment			4,400,000			4,400,000
Income from investment securities		0	(1,400,000)	0		400,000
Member Units [Member]
Schedule of Equity Method Investments [Line Items]
Antidilutive securities excluded from computation of earnings per share			24,690,496				9,591,173
Cole Credit Property Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment								$ 5,000
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

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

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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 September 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Level 1		Level 2			Level 3			Balance as of September 30, 2014
Assets:
CMBS		—		—			59,077			59,077
Interest rate swap assets		—		8,775			—			8,775
Total assets	$	—	$	8,775		$	59,077		$	67,852
Liabilities:
Interest rate swap liabilities	$	—	$	(5,986	)	$	—		$	(5,986	)
Total liabilities	$	—	$	(5,986	)	$	—		$	(5,986	)
	Level 1		Level 2			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, Liabilities 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 nine months ended September 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		9,456			—			—			9,456
Changes in fair value included in net income, net		—			(13,574	)		(990	)		(14,564	)
Purchases, issuances, settlements and amortization:
Fair value at purchase/issuance		151,197			—			(3,606	)		147,591
Sale of CMBS acquired in the Cole Merger		(151,248	)								(151,248	)
Reclassification of previous unrealized gains on investment securities into net loss-CMBS		(7,417	)		—			—			(7,417	)
Return of principal received		(3,678	)		—			—			(3,678	)
Amortization included in net income, net		184			—			—			184
Reclassification of contingent consideration to held for sale		—			—			4,596			4,596
Redemption of Series D		—			30,310			—			30,310
Ending balance	$	59,077		$	—		$	—		$	59,077

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 September 30, 2014		Fair Value at September 30, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment		3	$	96,981	$	97,607	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net		3	$	4,327,454	$	4,407,627	$	1,301,114	$	1,305,823
Corporate bonds, net		3		2,546,294		2,553,566		—		—
Convertible debt, net		3		976,251		998,441		972,490		976,629
Credit facilities		3		4,259,000		4,259,000		1,819,800		1,819,800
Secured term loan		3		48,587		50,572		58,979		59,049
Trust preferred notes		3		—		—		26,548		23,345
Unsecured Credit Facility		3		—		—		150,000		150,000
Other debt		3		—		—		19,277		19,350
Total liabilities			$	12,157,586	$	12,269,206	$	4,348,208	$	4,353,996

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Equity-based Compensation

9 Months Ended

Sep. 30, 2014

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

Equity-based Compensation

Note 19 — Equity-based Compensation

Equity Plan

The General Partner 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 General Partner’s and its affiliates’ non-executive directors, officers and other employees and advisors or consultants who are providing services to the General Partner or its affiliates. For each share awarded under the Equity Plan, the Operating Partnership issues a General Partner OP Unit to the General Partner with identical terms.

The General Partner 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 September 30, 2014. As of September 30, 2014, the General Partner has awarded 6,834,695 shares under the Equity Plan and the Operating Partnership has issued 6,834,695 General Partner OP Units to the General Partner underlying such shares issued 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 nine months ended September 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 General Partner 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 General Partner’s non-executive directors. 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 September 30, 2014, a total of 99,000 shares of common stock are reserved for issuance under the Director Stock Plan. As of September 30, 2014, the General Partner has awarded 45,000 shares under the Director Stock Plan and the Operating Partnership has issued 45,000 General Partner OP Units to the General Partner in connection with the Director Stock Plan.

The fair value of restricted common stock awards, as well as the underlying General Partner OP Units, 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 and additional consideration pursuant to the terms of the ARCT IV Merger Agreement based on the ARCT IV Exchange Ratio. Concurrently, for each share of ARCP common stock or Series F Preferred Stock issued, the Operating Partnership issued a General Partner OP Unit or General Partner Series F Preferred Unit to the General Partner, respectively.

The following table details the restricted shares activity within the Equity Plan and Director Stock Plan during the nine months ended September 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		5,641,085			13.28		3,000			13.99
Vested		(634,208	)		12.97		(21,875	)		13.44
Forfeited		(134,825	)		13.92		—			—
Unvested, September 30, 2014		5,803,494		$	13.38		—		$	—

For the three and nine months ended September 30, 2014, compensation expense, excluding Outperformance Bonus expense related to the OPP, for restricted shares was $2.8 million and $23.2 million, respectively, which is recorded in general and administrative on the consolidated statement of operations.

Compensation expense for the nine months ended September 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 Company’s 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 General Partner’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 General Partner’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 to OP Units on such date. During the nine months ended September 30, 2014, the Operating Partnership 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. As of September 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 General Partner approved a multi-year outperformance plan (the “New OPP”), which became effective upon the General Partner’s transition to self-management, which occurred on January 8, 2014. Under the New OPP, individual agreements were entered into between the General Partner and the participants selected by the General Partner’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 General Partner’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 General Partner’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 General Partner’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 General Partner’s transition to self-management (including the pro forma impact of various transactions expected to be consummated prior to the General Partner’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 General Partner’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 General Partner, 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 nine months ended September 30, 2014, the Company recorded expenses of $2.7 million and $8.0 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 September 30, 2014, the Company had 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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Preferred and Common Stock and OP Units

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Preferred and Common Stock and OP Units

Note 18 — Preferred and Common Stock and OP Units

Series D and Series E Preferred Stock and OP Units

On September 12, 2013, the General Partner’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”). Concurrently, the Operating Partnership was approved to issue to the General Partner Series D Cumulative Convertible Preferred Units (“Series D Preferred Units”) and Series E Cumulative Preferred Units (“Series E Preferred Units”), if applicable.

On September 15, 2013, the General Partner entered into definitive purchase agreements pursuant to which it agreed to issue Series D Preferred Stock and common stock to certain institutional holders, necessitating that the Operating Partnership concurrently issue to the General Partner Series D Preferred Units and General Partner OP Units, promptly following the close of the CapLease Merger. Pursuant to the definitive purchase agreements, the General Partner issued approximately 21.7 million shares of Series D Preferred Stock and 15.1 million shares of ARCP common stock, for gross proceeds of $288.0 million and $186.0 million, respectively, on November 8, 2013. The Operating Partnership concurrently issued 21.7 million Series D Preferred Units and 15.1 million General Partner OP Units to the General Partner. The Series D Preferred Stock and Series D Preferred Units pay dividends at the rate of 5.81% per annum on their face amount of $13.59 per share (equivalent to $0.79 per share on an annualized basis). The Company redeemed all outstanding Series D Preferred Stock and Units on September 2, 2014 (the “Redemption Date”) for $316.1 million in cash.

As the holders of Series D Preferred Stock were entitled to receive liquidation preferences that other equity holders were not entitled to, the Company classified the Series D Preferred Stock as temporary equity. At the date of issuance, the fair value of the Series D Preferred Stock was $269.3 million.

Prior to redemption, the General Partner had concluded that the conversion option qualified 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 December 31, 2013, the fair value of the conversion option was $16.7 million. The Company recorded losses of $18.8 million and $13.6 million upon redemption of the conversion option in gain (loss) on derivative instruments, net in the consolidated statements of operations for the three and nine months ended September 30, 2014, respectively.

As of September 30, 2014, there were no issued shares of Series D Preferred Stock and no authorized and issued shares of Series E Preferred Stock. Therefore, no equivalent units were issued and outstanding at the Operating Partnership.

Series F Preferred Stock and Series F Preferred Units

On October 6, 2013, in connection with the modification to the ARCT IV Merger, the General Partner’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, resulting in the Operating Partnership concurrently issuing 42.2 million General Partner Series F Preferred Units to the General Partner, and 0.7 million Limited Partner Series F Preferred Units were issued to the ARCT IV OP Unit holders. Subsequent to original issuance and through September 30, 2014, 0.6 million Limited Partner Series F Preferred Units were converted into an equivalent number of the General Partner’s Series F Preferred Stock. Concurrently, 0.6 million General Partner Series F Preferred Units were issued to the General Partner. As of September 30, 2014, there were 42.8 million shares of Series F Preferred Stock and 0.1 million Series F OP Units issued and outstanding.

The Series F Preferred Units contain the same terms as the Series F Preferred Stock. Therefore, the Series F Preferred Stock/Units will pay cumulative cash dividends at the rate of 6.70% per annum on their liquidation preference of $25.00 per share/unit (equivalent to $1.675 per share/unit 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 General Partner’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 General Partner’s common stock or General Partner OP Units (or, if applicable, alternative consideration). The Series F Preferred Stock of the General Partner 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 General Partner 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 September 30, 2014, the General Partner 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. Concurrently with the General Partner’s issuance of the $2.1 million shares of common stock referenced above, the Operating Partnership issued 2.1 million General Partner OP Units to the General Partner. The resale registration statement, as amended, registers the resale of up to 1,882,248 shares of ARCP’s common stock issued in connection with any future conversion of certain currently outstanding restricted shares, preferred stock or Limited Partner OP Units.

In January 2013, the General Partner commenced its “at the market” equity offering program (“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 General Partner’s universal shelf registration statement. For each share of common stock the General Partner sells under the ATM, the Operating Partnership will issue a corresponding General Partner OP Unit to the General Partner.

On March 14, 2013, the General Partner 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, the General Partner is not currently eligible to use a shelf registration statement for the offer and sale of our securities.

On May 28, 2014, the General Partner closed on a public offering of 138.0 million shares of ARCP common stock at a price of $12.00 per share. The net proceeds to ARCP 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. Concurrently, the Operating Partnership issued the General Partner 138.0 million General Partner OP Units.

Dividends

In October 2011, the Company began paying dividends on the 15th day of each month to stockholders/unitholders of record on the eighth day of such month. On October 23, 2013, the board of directors of ARCP authorized an annualized dividend per share of $1.00, which became effective February 7, 2014. The per share/unit 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 September 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 nine months ended September 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.

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Commitments and Contingencies (Cole Litigation Matters) (Detail) (USD $)	0 Months Ended
	Jul. 31, 2014	Apr. 30, 2013 Lawsuits	Sep. 30, 2014 Lawsuits
Loss Contingencies [Line Items]
Plaintiff reimbursed amount	$ 100,000
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 [Member] | Putative Class Action [Member] | Stayed Litigation [Member]
Loss Contingencies [Line Items]
Number of lawsuits		3
Claims Under The Securities Act of 1933 [Member] | Class Action [Member] | Stayed Litigation [Member]
Loss Contingencies [Line Items]
Number of lawsuits		2
Breach of Fiduciary Duty [Member] | Class Action Versus American Realty Capital Properties, Cole and Cole Board of Directors [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of lawsuits			11

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Restated Consolidated Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013		Sep. 30, 2013		Dec. 31, 2012
Real estate investments, at cost:
Land	$ 3,487,824	$ 1,380,308	[1]	$ 1,013,888
Buildings, fixtures and improvements	12,355,029	5,297,400	[1]	3,549,272
Acquired intangible lease assets	2,424,076	759,595	[1]	550,658
Total real estate investments, at cost	18,353,902	7,459,142	[1]	5,113,818
Less: accumulated depreciation and amortization	(828,624)	(267,278)	[1]	(179,016)
Total real estate investments, net	17,525,278	7,191,864	[1]	4,934,802
Cash and cash equivalents	145,310	52,725	[1]	188,226	[1]	292,575	[1]
Investment in direct financing leases, net	57,441	66,112	[1]	75,403
Investment securities, at fair value	59,077	62,067		9,480
Derivative assets, at fair value	8,775	9,189		0
Restricted cash	72,754	35,921	[1]	1,680
Prepaid expenses and other assets				0
Receivable for Issuances of common stock				0
Deferred costs, net	150,026	84,746		0
Assets held for sale	1,887,872	665	[1]	6,014
Deferred costs and other assets, net	446,606	280,661	[1]	132,851
Total assets	22,867,583	7,809,083	[1]	5,348,456
LIABILITIES AND EQUITY
Mortgage notes payable	3,782,407	1,301,114	[1]	272,015
Convertible debt	976,251	972,490	[1]	300,975
Senior corporate credit facility	4,259,000	1,969,800	[1]	1,310,000
Convertible obligation to Series C Convertible Preferred stockholders, at fair value				449,827
Contingent value rights obligation to preferred and common investors, at fair value				49,314
Below-market lease liabilities, net	318,494	77,169	[1]	3,580
Derivative liabilities, at fair value				0
Accounts payable and accrued expenses	180,338	730,571	[1]	670,972
Deferred rent and other liabilities	195,256	40,271	[1]	12,987
Distributions payable	9,927	10,903	[1]	10,318
Due to affiliates	2,757	103,434	[1]	6,107
Total liabilities	12,864,693	5,310,556	[1]	3,086,095
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013	9,080	2,392	[1]	2,223
Additional paid-in capital	11,905,338	2,940,907	[1]	2,710,990
Accumulated other comprehensive income	8,600	7,666	[1]	4,885
Accumulated deficit	(2,182,731)	(877,957)	[1]	(599,793)
Total stockholders' equity	9,740,715	2,073,430	[1]	2,118,727
Non-controlling interests	262,175	155,798	[1]	143,634
Total equity	10,002,890	2,229,228	[1]	2,262,361	[1]	1,668,760	[1]
Total liabilities and equity	22,867,583	7,809,083	[1]	5,348,456
Convertible Preferred Stock [Member]
LIABILITIES AND EQUITY
Convertible preferred stock				422
As Previously Reported [Member]
Real estate investments, at cost:
Land				521,139	[2]
Buildings, fixtures and improvements				2,121,178	[2]
Acquired intangible lease assets				328,733	[2]
Total real estate investments, at cost				2,971,050	[2]
Less: accumulated depreciation and amortization				(148,162)	[2]
Total real estate investments, net				2,822,888	[2]
Cash and cash equivalents				150,481	[2],[3]	156,873	[3]
Investment in direct financing leases, net				57,449	[2]
Investment securities, at fair value				9,480	[2]
Derivative assets, at fair value				7,088	[2]
Restricted cash				1,680	[2]
Prepaid expenses and other assets				48,165	[2]
Receivable for Issuances of common stock				0	[2]
Deferred costs, net				47,754	[2]
Assets held for sale				6,028	[2]
Deferred costs and other assets, net				0	[2]
Total assets				3,151,013	[2]
LIABILITIES AND EQUITY
Mortgage notes payable				269,891	[2]
Convertible debt				300,975	[2]
Senior corporate credit facility				600,000	[2]
Convertible obligation to Series C Convertible Preferred stockholders, at fair value				449,827	[2]
Contingent value rights obligation to preferred and common investors, at fair value				49,314	[2]
Below-market lease liabilities, net				4,200	[2]
Derivative liabilities, at fair value				0	[2]
Accounts payable and accrued expenses				14,740	[2]
Deferred rent and other liabilities				9,189	[2]
Distributions payable				72	[2]
Due to affiliates				0	[2]
Total liabilities				1,698,208	[2]
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013				1,848	[2]
Additional paid-in capital				1,803,315	[2]
Accumulated other comprehensive income				4,857	[2]
Accumulated deficit				(480,817)	[2]
Total stockholders' equity				1,329,203	[2]
Non-controlling interests				123,602	[2]
Total equity				1,452,805	[2]
Total liabilities and equity				3,151,013	[2]
As Previously Reported [Member] | Convertible Preferred Stock [Member]
LIABILITIES AND EQUITY
Convertible preferred stock				0	[2]
Reclassifications And Immaterial Adjustments [Member]
Real estate investments, at cost:
Land				0
Buildings, fixtures and improvements				0
Acquired intangible lease assets				347
Total real estate investments, at cost				347
Less: accumulated depreciation and amortization				(143)
Total real estate investments, net				204
Cash and cash equivalents				0
Investment in direct financing leases, net				0
Investment securities, at fair value				0
Derivative assets, at fair value				(7,116)
Restricted cash				0
Prepaid expenses and other assets				(63,276)
Receivable for Issuances of common stock				(14,311)
Deferred costs, net				(47,754)
Assets held for sale				0
Deferred costs and other assets, net				132,253
Total assets				0
LIABILITIES AND EQUITY
Mortgage notes payable				0
Convertible debt				0
Senior corporate credit facility				0
Convertible obligation to Series C Convertible Preferred stockholders, at fair value				0
Contingent value rights obligation to preferred and common investors, at fair value				0
Below-market lease liabilities, net				0
Derivative liabilities, at fair value				0
Accounts payable and accrued expenses				(897)
Deferred rent and other liabilities				897
Distributions payable				0
Due to affiliates				0
Total liabilities				0
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013				0
Additional paid-in capital				0
Accumulated other comprehensive income				0
Accumulated deficit				0
Total stockholders' equity				0
Non-controlling interests				0
Total equity				0
Total liabilities and equity				0
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member]
Real estate investments, at cost:
Land				494,330	[4]
Buildings, fixtures and improvements				1,429,122	[4]
Acquired intangible lease assets				221,663	[4]
Total real estate investments, at cost				2,145,115	[4]
Less: accumulated depreciation and amortization				(30,941)	[4]
Total real estate investments, net				2,114,174	[4]
Cash and cash equivalents				37,745	[4]	135,702	[4]
Investment in direct financing leases, net				17,954	[4]
Investment securities, at fair value				0	[4]
Derivative assets, at fair value				28	[4]
Restricted cash				0	[4]
Prepaid expenses and other assets				15,111	[4]
Receivable for Issuances of common stock				14,311	[4]
Deferred costs, net				0	[4]
Assets held for sale				0	[4]
Deferred costs and other assets, net				0	[4]
Total assets				2,199,323	[4]
LIABILITIES AND EQUITY
Mortgage notes payable				2,124	[4]
Convertible debt				0	[4]
Senior corporate credit facility				710,000	[4]
Convertible obligation to Series C Convertible Preferred stockholders, at fair value				0	[4]
Contingent value rights obligation to preferred and common investors, at fair value				0	[4]
Below-market lease liabilities, net				0	[4]
Derivative liabilities, at fair value				0	[4]
Accounts payable and accrued expenses				662,432	[4]
Deferred rent and other liabilities				2,901	[4]
Distributions payable				9,810	[4]
Due to affiliates				0	[4]
Total liabilities				1,387,267	[4]
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013				375	[4]
Additional paid-in capital				904,640	[4]
Accumulated other comprehensive income				28	[4]
Accumulated deficit				(121,392)	[4]
Total stockholders' equity				784,073	[4]
Non-controlling interests				27,983	[4]
Total equity				812,056	[4]
Total liabilities and equity				2,199,323	[4]
Reclassifications And Immaterial Adjustments [Member] | Convertible Preferred Stock [Member]
LIABILITIES AND EQUITY
Convertible preferred stock				0
Reclassifications And Immaterial Adjustments [Member] | Convertible Preferred Stock [Member] | ARCT IV [Member]
LIABILITIES AND EQUITY
Convertible preferred stock				422	[4]
Error Corrections [Member]
Real estate investments, at cost:
Land				(1,581)
Buildings, fixtures and improvements				(1,028)
Acquired intangible lease assets				(85)
Total real estate investments, at cost				(2,694)
Less: accumulated depreciation and amortization				230
Total real estate investments, net				(2,464)
Cash and cash equivalents				0		0
Investment in direct financing leases, net				0
Investment securities, at fair value				0
Derivative assets, at fair value				0
Restricted cash				0
Prepaid expenses and other assets				0
Receivable for Issuances of common stock				0
Deferred costs, net				0
Assets held for sale				(14)
Deferred costs and other assets, net				598
Total assets				(1,880)
LIABILITIES AND EQUITY
Mortgage notes payable				0
Convertible debt				0
Senior corporate credit facility				0
Convertible obligation to Series C Convertible Preferred stockholders, at fair value				0
Contingent value rights obligation to preferred and common investors, at fair value				0
Below-market lease liabilities, net				(620)
Derivative liabilities, at fair value				0
Accounts payable and accrued expenses				(5,303)
Deferred rent and other liabilities				0
Distributions payable				436
Due to affiliates				6,107
Total liabilities				620
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013				0
Additional paid-in capital				3,035
Accumulated other comprehensive income				0
Accumulated deficit				2,416
Total stockholders' equity				5,451
Non-controlling interests				(7,951)
Total equity				(2,500)
Total liabilities and equity				(1,880)
Error Corrections [Member] | Convertible Preferred Stock [Member]
LIABILITIES AND EQUITY
Convertible preferred stock				$ 0

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

[2] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

[3] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the nine month period ended September 30, 2013.

[4] These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

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Mortgage Notes Payable (Tables) (Mortgages [Member])

9 Months Ended

Sep. 30, 2014

Mortgages [Member]

Schedule of Mortgage Notes Payable

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

	Encumbered Properties		Outstanding Loan Amount		Weighted Average Effective Interest Rate (2)			Weighted Average Maturity (3)
September 30, 2014 (1)		806	$	4,237,464		4.80	%		6.27
December 31, 2013		177	$	1,258,661		3.42	%		3.41

(1) Includes $542.8 million of mortgage notes held for sale.

(2) Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.43% to 7.20% at September 30, 2014 and 1.83% to 6.28% at December 31, 2013.

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

Schedule Of Aggregate Principal Payments Of Mortgages

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

Year	Total
October 1, 2014 - December 31, 2014	$	101,258
2015		162,126
2016		263,679
2017		506,980
2018		260,654
Thereafter		2,942,767
Total	$	4,237,464

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Related Party Transactions and Arrangements

9 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions and Arrangements

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 (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 its affiliates that were not sufficiently documented or that otherwise warrant scrutiny. The Company is in the process of evaluating these payments and, upon completion of its evaluation, will consider its alternatives with regard to recovery of any such payments that it concludes were inappropriate. No asset has been recognized in the accompanying consolidated 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Related party transactions:
Expenses and capitalized costs:
Financing fees and reimbursements	$	—	$	—	$	—	$	13,796
Offering related costs		—		666		2,150		159,323
Acquisition related expenses		—		10,064		1,652		36,894
Merger and other non-routine transactions		—		2,298		137,778		109,233
Management fees to affiliates		—		—		13,888		12,493
General and administrative expenses		60		7,004		16,089		16,347
Indirect affiliate expenses		5,595		—		10,090		—
Cole Capital revenues:
Cole Capital offering related revenue		21,535		—		73,957		—
Cole Capital operating revenue		38,262		—		77,319		—
Total	$	65,452	$	20,032	$	332,923	$	348,086

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

Financing Fees and Reimbursements

During the nine months ended September 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 $13.8 million 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, respectively, 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 nine months ended September 30, 2014 or during the three months ended September 30, 2013. 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Offering related costs:
Commissions and fees	$	—	$	546	$	—	$	148,232
Offering costs and other reimbursements		—		120		2,150		11,091
Total	$	—	$	666	$	2,150	$	159,323

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. 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 nine months ended September 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. No fees were incurred during the three months ended September 30, 2014 or during the nine months ended September 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 nine months ended September 30, 2013, these fees and additional reimbursements totaled $2.5 million and $15.7 million, respectively. No such fees were incurred during the nine months ended September 30, 2014.

During the nine months ended September 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 by the Company during the three months ended September 30, 2013 or during the nine months ended September 30, 2014 in relation to the GE Capital Portfolio.

During the three and nine months ended September 30, 2013, ARCT IV incurred and paid a fee of $3.5 million (equal to 0.25% of the contract price) to RCS related to its acquisition of certain properties in the GE Capital Portfolio. During the three and nine months ended September 30, 2013, ARCT IV incurred and paid $8.2 million and $13.8 million, respectively, to ARC related to this transaction. Additionally, during the three months and nine months ended September 30, 2013, ARC refunded $4.1 million of reimbursements previously charged in 2013 and 2012. No such fees were incurred during the nine months ended September 30, 2014.

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 table below shows fees and expenses attributable to each merger and other non-routine transaction during the nine months ended September 30, 2014 (in thousands). No related party transactions classified as merger and other non-routine transactions in the accompanying consolidated statements of operations were incurred during the three months ended September 30, 2014.

	Nine Months Ended September 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 nine months ended September 30, 2013 (in thousands):

	Three Months Ended September 30, 2013
	ARCT IV Merger		Cole Merger		Other		Total
Merger related costs:
Strategic advisory services	$	750	$	—	$	—	$	750
Personnel costs and other reimbursements		180		85		83		348
Other non-routine transactions:
Post-transaction support services		1,200		—		—		1,200
Total	$	2,130	$	85	$	83	$	2,298

	Nine Months Ended September 30, 2013
	ARCT III Merger		ARCT IV Merger		Cole Merger		Other		Total
Merger related costs:
Strategic advisory services	$	—	$	750	$	—	$	—	$	750
Legal fees and expenses		125		—		—		—		125
Personnel costs and other reimbursements		522		203		85		127		937
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		1,200		—		—		3,200
Total	$	106,868	$	2,153	$	85	$	127	$	109,233

Merger Related Costs

ARCT IV Merger

ARCT IV entered into an agreement with RCS, RCS Advisory, and ANST under which they agreed to provide advisory and information agent services in connection with the ARCT IV Merger and the related proxy solicitation seeking approval of such merger by ARCT IV’s stockholders. The agreement provided that these services included facilitation of the preparation, distribution and accumulation of proxy materials, stockholder, analyst and financial advisor communications and consultation on materials and communications made to the public and regulatory agencies regarding the ARCT IV Merger. ARCT IV incurred and paid $0.8 million in fees and reimbursed $0.2 million of expenses pursuant to this agreement during the three and nine months ended September 30, 2013. No fees were incurred in connection with this agreement during the nine months ended September 30, 2014.

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. No fees were incurred under this agreement during the nine months ended September 30, 2013 or during the three months ended September 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 nine months ended September 30, 2014. These fees are included in merger and other non-routine transactions in the accompanying consolidated statement of operations. Reimbursement expenses of $0.1 million were incurred under this agreement during the three and nine months ended September 30, 2013.

Pursuant to the Transaction Management Services Agreement dated December 9, 2013, the Company 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 nine months ended September 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 nine months ended September 30, 2014. No fees were incurred under this agreement during the nine months ended September 30, 2013 or during the three months ended September 30, 2014.

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 nine months ended September 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 nine months ended September 30, 2014 and 2013, respectively. No costs were incurred during the three months ended September 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 nine months ended September 30, 2014. No such expenses were incurred during the three months ended September 30, 2014 or nine months ended September 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 nine months ended September 30, 2013. No fees were incurred during the three months ended September 30, 2013 or for the nine months ended September 30, 2014 in connection with this agreement.

ARCT IV entered into an agreement with ARC Advisory and RCS Advisory under which they agreed to provide support services including legal, accounting, marketing, human resources and information technology, among other services, until the earlier of the ARCT IV Merger closing date or one year (and an agreed upon period of up to 60 days following the ARCT IV Merger). ARCT IV incurred $1.2 million in expenses pursuant to this agreement during the three and nine months ended September 30, 2013. No fees were incurred during the nine months ended September 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 nine months ended September 30, 2014. No such fees were incurred during the three months ended September 30, 2014 or during the nine months ended September 30, 2013.

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):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		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 $3.8 million and $6.1 million during the three and nine months ended September 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 nine months ended September 30, 2013. No such fees were incurred during the three months ended September 30, 2013 or during the nine months ended September 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 nine months ended September 30, 2014. No additional expense was recorded during the three months ended September 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 nine months ended September 30, 2013. No such fees were incurred during the three months ended September 30, 2013 or during the nine months ended September 30, 2014.

Quarterly Incentive Fee

Prior to the termination of the amended and restated management agreement as a result of 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 nine months ended September 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
General and administrative expenses:
Advisory fees and reimbursements	$	60	$	866	$	2,015	$	4,533
Equity awards		—		6,138		14,074		11,814
Total	$	60	$	7,004	$	16,089	$	16,347

Advisory Fees and Reimbursements

The Company, ARCT III and ARCT IV agreed to pay certain fees and reimbursements to the Former Manager, 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 nine months ended September 30, 2014, these expenses totaled $0.1 million and $2.0 million, respectively. During the three and nine months ended September 30, 2013, these expenses totaled $0.9 million and $4.5 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 $6.1 million and $9.8 million of expense during the three and nine months ended September 30, 2013 in connection with the OPP. During the nine months ended September 30, 2014, $1.6 million was recorded to general and administrative 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 September 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 nine months ended September 30, 2013. During the three and nine months ended September 30, 2013, the Company granted 295,000 and 620,000, respectively, restricted stock awards to the Former Manager and its affiliates as compensation for certain services. These were two separate grants and the grant date fair values for these issuances were $4.5 million in February 2013 and $4.4 million in July 2013.

During the nine months ended September 30, 2014, the Company granted 796,075 restricted stock awards to employees of affiliates of the Former Manager as compensation for certain services and 87,702 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 September 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 September 30,		Nine Months Ended September 30,
	2014		2014
Indirect affiliate expenses:
Audrain building	$	4,769	$	8,691
ANST office build-out		114		449
New York (405 Park Ave) office		677		864
Dresher, PA office		24		60
North Carolina office		11		26
Total	$	5,595	$	10,090

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 nine months ended September 30, 2014, the Company paid $4.7 million and $8.5 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 nine months ended September 30, 2014, the Company incurred and paid $0.1 million and $0.2 million, respectively, for base rent, which was partially offset by $17,000 of rental revenue received from the subtenants during the nine months ended September 30, 2014. No rental revenue was received during the three months ended September 30, 2014.

Subsequent to September 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 during the nine months ended September 30, 2014 totaling approximately $8.5 million. 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 nine months ended September 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 nine months ended September 30, 2014, the Company paid $0.4 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 and New York (405 Park Ave.) Office Build-out

During the three and nine months ended September 30, 2014, the Company paid $0.2 million and $0.5 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. In addition, during the three and nine months ended September 30, 2014, the Company paid $0.5 million directly to third parties for leasehold improvements and furniture and fixtures for the New York (405 Park Ave.) office.

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 $750,000 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 September 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 September 30, 2014 and December 31, 2013, 2.75% 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):

	September 30, 2014		December 31, 2013
	(as Restated)		(as Restated)
Due to affiliates:
Offering related costs	$	2,000	$	220
Merger and other non-routine transactions		—		38,645
General and administrative		63		59,600
Indirect affiliate costs		413		—
Managed REITs and other		281		—
Management fees to affiliates		—		4,969
Total	$	2,757	$	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. 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 September 30, 2014, the Company had $18.0 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 September 30, 2014 and the period from the Cole Acquisition Date to September 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 nine months ended September 30, 2013.

	Three Months Ended September 30, 2014
	CCPT IV (1)			CCPT V		CCIT			CCIT II		INAV		Total
Offering:
Selling commission revenue	$	—		$	5,988		(4	)	$	7,123	$	258	$	13,365
Selling commissions reallowance expense		—			5,988		(4	)		7,123		258		13,365
Dealer manager fee revenue		—			1,764		(1	)		2,167		175		4,105
Dealer manager fees reallowance expense		—			953		(1	)		1,055		12		2,019
Other expense reimbursement revenue		(47	)		1,766		—			2,176		170		4,065

(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 September 30, 2014
	CCPT IV		CCPT V		CCIT			CCIT II		INAV		Total
Offering:
Selling commission revenue	$	29,113	$	7,335		(4	)	$	12,073	$	474	$	48,991
Selling commissions reallowance expense		29,113		7,335		(4	)		12,073		474		48,991
Dealer manager and distribution fee revenue		8,771		2,180		(1	)		3,653		363		14,966
Dealer manager fees reallowance expense		4,971		1,131		(1	)		1,776		20		7,897
Other expense reimbursement revenue		3,702		2,231		—			3,662		405		10,000

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.

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.

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 September 30, 2014 and the period from the Cole Acquisition Date to September 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 nine months ended September 30, 2013.

	Three Months Ended September 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	16,573	$	3,279		1,216	$	1,827	$	—	$	77
Asset management fee revenue		—		—		—		—		—		251
Property management and leasing fee revenue		—		—		—		—		—		178
Operating expense reimbursement revenue		1,589		957		716		237		151		—
Advisory and performance fee revenue		5,521		80		4,839		467		304		—
	Period from the Cole Acquisition Date to September 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	27,358	$	3,864		4,943	$	5,700	$	—	$	77
Asset management fee revenue		—		—		—		—		—		654
Property management and leasing fee revenue		—		—		—		—		—		752
Operating expense reimbursement revenue		4,192		1,140		1,903		316		286		—
Advisory and performance fee revenue		12,832		89		11,995		608		610		—

Investment in the Managed REITs

As of September 30, 2014, the Company owned aggregate equity investments of $4.2 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 September 30, 2014 (carrying amount in thousands):

	September 30, 2014
Managed REIT	% of Outstanding Shares Owned			Carrying Amount of Investment
CCPT IV		0.01	%		134
CCPT V		2.40	%		2,096
CCIT		0.01	%		77
CCIT II		1.44	%		1,741
INAV		0.18	%		157
				$	4,205

Due from Affiliates

As of September 30, 2014, $55.7 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 nine months ended September 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 nine months ended September 30, 2014, the Company increased the available borrowings under the revolving lines of credit for both CCPT V and CCIT II to $60.0 million. During the nine months ended September 30, 2014, CCIT II and CCPT V borrowed $30.0 million and $20.0 million, respectively, on their lines of credit. These amounts remained outstanding as of September 30, 2014 and are included in due from affiliates in the accompanying consolidated balance sheets.

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Net Loss Per Share/Unit

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Loss Per Share/Unit

Note 21 — Net Loss Per Share/Unit

Net Loss Per Share

The General Partner’s unvested shares of restricted stock contain 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 is not allocated losses as the awards do not have a contractual obligation to share in losses of ARCP. 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.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)			2014			2013 (As Restated)
Net loss attributable to the Company	$	(280,398	)	$	(80,201	)	$	(626,562	)	$	(293,684	)
Less: dividends declared on preferred shares and participating securities		37,643			199			84,366			625
Net loss attributable to common stockholders	$	(318,041	)	$	(80,400	)	$	(710,928	)	$	(294,309	)
Weighted average number of shares of common shares outstanding:
Basic		902,096,102			221,707,920			756,289,984			196,254,575
Net loss per common share:
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(0.35	)	$	(0.36	)	$	(0.94	)	$	(1.50	)

Net Loss Per Unit

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)			2014			2013 (As Restated)
Net loss attributable to the Operating Partnership	$	(288,202	)	$	(83,354	)	$	(650,720	)	$	(301,566	)
Less: dividends declared on preferred shares and participating securities		37,643			199			84,366			625
Net loss attributable to common unitholders	$	(325,845	)	$	(83,553	)	$	(735,086	)	$	(302,191	)
Weighted average common units outstanding:
Basic		926,801,361			231,682,236			781,112,325			204,318,637
Basic and diluted net loss per unit attributable to common unitholders	$	(0.35	)	$	(0.36	)	$	(0.94	)	$	(1.48	)

As of September 30, 2014, the OP excluded 5,807,504 shares of unvested restricted stock outstanding from the calculation of diluted net loss per share as the effect would have been antidilutive.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Issuance of stock, net	$ 8,923,453	[1]	$ 1,967,881	[2]
Offering costs to affiliates			159,323	[2]
Affiliated Entity [Member]
Issuance of stock, net	$ 2,200

[1] Includes $2.2 million to affiliates for the nine months ended September 30, 2014.

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

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Property Dispositions

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Note 22 — Property Dispositions

During the nine months ended September 30, 2014, the Company disposed of 29 single-tenant properties and one multi-tenant property for an aggregate gross sales price of $158.6 million (the “2014 Property Dispositions”). There were no properties disposed of during the nine months ended September 30, 2013. No disposition fees were paid to affiliates in connection with the sale of the 2014 Property Dispositions and the Company has no continuing involvement with these properties. As of September 30, 2014, 71 properties were classified as held for sale.

On June 11, 2014, the OP, through indirect subsidiaries, entered into an agreement of purchase and sale with BRE DDR Retail Holdings III LLC (the “Purchaser”), a joint venture between Blackstone and DDR Corp., by which the Purchaser agreed to purchase 67 multi-tenant properties and nine single-tenant properties and the adjacent land and related properties. The properties to be sold pursuant to such agreement were the same properties that the Company had previously intended to spin off into an externally managed, NASDAQ-traded REIT, American Realty Capital Centers, Inc. In light of the Company’s entry into such agreement, it abandoned its previously contemplated spin-off. On October 17, 2014, the Company completed the final sale of a portfolio consisting of 64 multi-tenant properties and seven single-tenant properties (the “Multi-Tenant Portfolio”) to the Purchaser, as discussed in Note 24 — Subsequent Events.

The Company has classified and accounted for the Multi-Tenant Portfolio’s assets and liabilities as held for sale as of September 30, 2014. As the sale does not represent a change in strategic direction for the Company and will not have a significant effect on the operations or financial results of the Company, the operating results of the Multi-Tenant Portfolio are not classified as discontinued operations for any periods presented. However, the Company has determined that the Multi-Tenant Portfolio is an individually significant component of the Company. 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.

The following table summarizes the operating income from continued operations of the Multi-Tenant Portfolio for the three and nine months ended September 30, 2014 and 2013 (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Total revenue	$	47,511		$	—	$	119,467		$	—
Total expenses		(49,490	)		—		(124,069	)		—
Income from assets held for sale	$	(1,979	)	$	—	$	(4,602	)	$	—
Loss on assets held for sale(1)	$	(262,233	)		—	$	(262,233	)		—

(1) Loss on assets held for sale includes the write-off of $195.5 million of goodwill allocated to the cost basis of the Multi-Tenant Portfolio.

On September 30, 2014, the Company entered into the Purchase Agreement to sell Cole Capital to RCAP , and, in conjunction with the sale agreement, entered into sub-advisory agreements to provide acquisition and property management services to Cole Capital subsequent to the closing of the transaction. Subsequent to September 30, 2014, the Purchase Agreement and sub-advisory agreements were terminated by RCAP as discussed within Note 24 — Subsequent Events. The Company has included the Cole Capital segment in continuing operations as the sale of Cole Capital is not deemed probable within one year as evidenced by the significant changes to the plan that were made.

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Mortgage Notes Payable (Schedule Of Aggregate Future Principal Payments On Mortgage Notes Payable) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Debt Instrument [Line Items]
October 1, 2014 - December 31, 2014	$ 2,700
2015	11,900
2016	12,500
2017	7,700
2018	13,300
Mortgages [Member]
Debt Instrument [Line Items]
October 1, 2014 - December 31, 2014	101,258
2015	162,126
2016	263,679
2017	506,980
2018	260,654
Thereafter	2,942,767
Long-term debt	$ 4,237,464

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Related Party Transactions and Arrangements (Schedule of Fees and Expense Reimbursements) (Detail) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 77,000	$ 77,000
Asset Management Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	251,000	654,000
Property Management And Leasing Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	178,000	752,000
Operating Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	0
Cole Credit Property Trust IV, Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	16,573,000	27,358,000
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	1,589,000	4,192,000
Cole Credit Property Trust IV, Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	5,521,000	12,832,000
Cole Credit Property Trust V, Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	3,279,000	3,864,000
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	957,000	1,140,000
Cole Credit Property Trust V, Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	80,000	89,000
Cole Corporate Income Trust, Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,216,000	4,943,000
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	716,000	1,903,000
Cole Corporate Income Trust, Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	4,839,000	11,995,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Acquisition Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,827,000	5,700,000
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	237,000	316,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	467,000	608,000
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	151,000	286,000
Cole Real Estate Income Strategy [Member] | Advisory And Performance Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 304,000	$ 610,000

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Real Estate Investments (Tables)

9 Months Ended

Sep. 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, 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 $34.6 million and $74.5 million for the nine months ended September 30, 2014 and 2013, respectively and merger and other non-routine transaction related expenses of $175.4 million and $133.7 million for the nine months ended September 30, 2014 and 2013, respectively (in thousands).

	Nine Months Ended September 30,
	2014			2013
Pro forma revenues	$	1,397,494		$	1,138,600
Pro forma net income (loss) attributable to stockholders	$	(349,572	)	$	(283,031	)

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)
October 1, 2014 - December 31, 2014	$	897,524	$	1,239
2015		1,413,737		4,757
2016		1,394,782		4,674
2017		1,348,156		4,273
2018		1,296,944		3,183
Thereafter		11,759,055		10,313
Total	$	18,110,198	$	28,439

(1) 41 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 September 30, 2014 and December 31, 2013 are as follows (in thousands):

	September 30, 2014			December 31, 2013
Future minimum lease payments receivable	$	28,439		$	33,729
Unguaranteed residual value of property		39,852			46,172
Unearned income		(10,850	)		(13,789	)
Net investment in direct financing leases	$	57,441		$	66,112

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Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Schedule of Subsequent Events

The following table presents certain information about the properties that the Company acquired from October 1, 2014 to February 24, 2015 (dollar amounts and square footage in millions):

	No. of Buildings			Square Feet			Base Purchase Price (1)
Total Portfolio – September 30, 2014		4,714			113.8		$	19,854
Acquisitions, net of disposals (2)		(55	)		(10.6	)		(1,994	)
Total portfolio – February 24, 2015		4,659			103.2		$	17,860

(1) Contract purchase price, excluding acquisition and transaction related costs.

(2) Includes the sale of the Multi-Tenant Portfolio, consisting of 71 properties.

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Segment Reporting (Detail) (USD $)	3 Months Ended				9 Months Ended				12 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Segment Reporting Information [Line Items]
Rental income	$ 365,712,000		$ 89,729,000	[1]	$ 924,646,000		$ 183,251,000	[1]
Direct financing lease income	625,000		1,201,000	[1]	2,812,000		1,201,000	[1]
Operating expense reimbursements	30,984,000		4,325,000	[1]	81,716,000		8,516,000	[1]
Total real estate investment revenues	457,118,000		95,255,000	[1],[2]	1,160,450,000		192,968,000	[1],[2]
Total Cole Capital revenues	59,797,000		0	[1]	151,276,000		0	[1]
Acquisition related	13,998,000	[3]	26,948,000	[1],[3]	34,616,000	[3]	74,541,000	[1],[3]
Cole Capital reallowed fees and commissions	15,398,000		0	[1]	56,902,000		0	[1]
Merger and other non-routine transactions	7,632,000	[4]	4,301,000	[1],[4]	175,352,000	[4]	133,734,000	[1],[4]
Property operating	40,977,000		5,430,000	[1]	110,018,000		11,065,000	[1]
Management fees to affiliate	0		0	[1]	13,888,000		12,493,000	[1]
General and administrative	32,207,000	[5]	9,866,000	[1],[5]	128,711,000	[5]	23,921,000	[1],[5]
Depreciation and amortization	265,150,000		62,136,000	[1]	689,731,000		122,484,000	[1]
Impairment of real estate	2,299,000		2,074,000	[1]	3,855,000		2,074,000	[1]	3,300,000
Total operating expenses	377,661,000		110,755,000	[1],[2]	1,213,073,000		380,312,000	[1],[2]
Operating income (loss)	79,457,000		(15,500,000)	[1]	(52,623,000)		(187,344,000)	[1]
Total other expense	(367,504,000)		(67,950,000)	[2]	(597,862,000)		(114,381,000)	[2]
Extinguishment of debt, net					14,637,000		0	[1]
Other income, net	7,556,000		136,000	[1]	29,702,000		2,658,000	[1]
Loss on derivative instruments, net	(17,484,000)		(38,651,000)	[1]	(10,398,000)		(69,830,000)	[1]
Gain (loss) on sale of investments	6,357,000		(2,246,000)	[1]	6,357,000		(1,795,000)	[1]
Total other expenses, net	(367,504,000)		(67,950,000)	[1]	(597,862,000)		(114,381,000)	[1]
Net loss from continuing operations	(288,047,000)		(83,450,000)	[1]	(650,485,000)		(301,725,000)	[1]
Loss from continuing operations	(288,047,000)		(83,450,000)	[2]	(650,485,000)		(301,725,000)	[2]
Income from operations of held for sale assets	0		96,000	[1]	0		159,000	[1]
Income (loss) from discontinued operations	0		96,000	[1],[2]	0		159,000	[1],[2]
Net loss	(288,047,000)		(83,354,000)	[1],[2]	(650,485,000)		(301,566,000)	[1],[2]
Assets	22,867,583,000		5,348,456,000		22,867,583,000		5,348,456,000		7,809,083,000	[1]
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
Rental income	365,712,000		89,729,000	[2]	924,646,000		183,251,000	[2]
Direct financing lease income	625,000		1,201,000	[2]	2,812,000		1,201,000	[2]
Operating expense reimbursements	30,984,000		4,325,000	[2]	81,716,000		8,516,000	[2]
Total real estate investment revenues	397,321,000		95,255,000	[2]	1,009,174,000		192,968,000	[2]
Acquisition related	13,998,000		26,948,000	[2]	34,616,000		74,541,000	[2]
Merger and other non-routine transactions	7,613,000		4,301,000	[2]	173,406,000		133,734,000	[2]
Property operating	40,977,000		5,430,000	[2]	110,018,000		11,065,000	[2]
Management fees to affiliate	0		0	[2]	13,888,000		12,493,000	[2]
General and administrative	14,942,000		9,866,000	[2]	68,580,000		23,921,000	[2]
Depreciation and amortization	240,073,000		62,136,000	[2]	625,521,000		122,484,000	[2]
Impairment of real estate	2,299,000		2,074,000	[2]	3,855,000		2,074,000	[2]
Total operating expenses	319,902,000		110,755,000	[2]	1,029,884,000		380,312,000	[2]
Operating income (loss)	77,419,000		(15,500,000)	[2]	(20,710,000)		(187,344,000)	[2]
Interest expense, net	(101,643,000)		(27,189,000)	[2]	(326,491,000)		(45,414,000)	[2]
Extinguishment of debt, net	(5,396,000)		0	[2]	(21,264,000)		0	[2]
Other income, net	8,508,000		136,000	[2]	16,799,000		2,658,000	[2]
Loss on derivative instruments, net	(17,484,000)		(38,651,000)	[2]	(10,398,000)		(69,830,000)	[2]
Loss on disposition of property	(256,894,000)		0	[2]	(275,768,000)		0	[2]
Gain (loss) on sale of investments	6,357,000		(2,246,000)	[2]	6,357,000		(1,795,000)	[2]
Total other expenses, net	(366,552,000)		(67,950,000)	[2]	(610,765,000)		(114,381,000)	[2]
Net loss from continuing operations	(289,133,000)		(83,450,000)	[2]	(631,475,000)		(301,725,000)	[2]
Income from operations of held for sale assets	0		96,000	[2]	0		159,000	[2]
Income (loss) from discontinued operations	0		96,000	[2]	0		159,000	[2]
Net loss	(289,133,000)		(83,354,000)	[2]	(631,475,000)		(301,566,000)	[2]
Assets	21,834,806,000				21,834,806,000				7,809,083,000
Cole Capital Segment [Member]
Segment Reporting Information [Line Items]
Dealer manager and distribution fees, selling commissions and offering reimbursements	21,535,000		0	[2]	73,957,000		0	[2]
Transaction service fees	22,972,000		0	[2]	41,942,000		0	[2]
Management fees and reimbursements	15,290,000		0	[2]	35,377,000		0	[2]
Total Cole Capital revenues	59,797,000		0	[2]	151,276,000		0	[2]
Cole Capital reallowed fees and commissions	15,398,000		0	[2]	56,902,000		0	[2]
Merger and other non-routine transactions	19,000		0	[2]	1,946,000		0	[2]
General and administrative	17,265,000		0	[2]	60,131,000		0	[2]
Depreciation and amortization	25,077,000		0	[2]	64,210,000		0	[2]
Total operating expenses	57,759,000		0	[2]	183,189,000		0	[2]
Total other expenses, net	(952,000)		0	[2]	12,903,000		0	[2]
Loss from continuing operations	1,086,000		0	[2]	(19,010,000)		0	[2]
Income from operations of held for sale assets	0		0	[2]	0		0	[2]
Net loss	1,086,000		0	[2]	(19,010,000)		0	[2]
Assets	$ 1,032,777,000				$ 1,032,777,000				$ 0

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

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

[3] Includes $1.7 million to affiliates for the nine months ended September 30, 2014, and $10.1 million and $36.9 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[4] Includes $137.8 million to affiliates for the nine months ended September 30, 2014, and $2.3 million and $109.2 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[5] Includes $0.1 million and $16.1 million to affiliates for the three and nine months ended September 30, 2014, respectively, and $7.0 million and $16.3 million to affiliates for the three and nine months ended September 30, 2013, respectively.

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real estate investments, at cost:
Land	$ 3,487,824	$ 1,380,308	[1]
Buildings, fixtures and improvements	12,355,029	5,297,400	[1]
Land and construction in progress	86,973	21,839	[1]
Acquired intangible lease assets	2,424,076	759,595	[1]
Total real estate investments, at cost	18,353,902	7,459,142	[1]
Less: accumulated depreciation and amortization	(828,624)	(267,278)	[1]
Total real estate investments, net	17,525,278	7,191,864	[1]
Investment in unconsolidated entities	100,762	0	[1]
Investment in direct financing leases, net	57,441	66,112	[1]
Investment securities, at fair value	59,131	62,067	[1]
Loans held for investment, net	96,981	26,279	[1]
Cash and cash equivalents	145,310	52,725	[1]
Restricted cash	72,754	35,921	[1]
Intangible assets, net	323,332	0	[1]
Deferred costs and other assets, net	446,606	280,661	[1]
Goodwill	2,096,450	92,789	[1]
Due from affiliates	55,666	0	[1]
Assets held for sale	1,887,872	665	[1]
Total assets	22,867,583	7,809,083	[1]
LIABILITIES AND EQUITY
Mortgage notes payable, net	3,782,407	1,301,114	[1]
Corporate bonds, net	2,546,294	0	[1]
Convertible debt, net	976,251	972,490	[1]
Credit facilities	4,259,000	1,969,800	[1]
Other debt, net	48,587	104,804	[1]
Below-market lease liabilities, net	318,494	77,169	[1]
Accounts payable and accrued expenses	180,338	730,571	[1]
Deferred rent, derivative and other liabilities	195,256	40,271	[1]
Distributions payable	9,927	10,903	[1]
Due to affiliates	2,757	103,434	[1]
Liabilities associated with assets held for sale	545,382	0	[1]
Total liabilities	12,864,693	5,310,556	[1]
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 907,964,521 and 239,234,725 issued and outstanding at September 30, 2014 and December 31, 2013, respectively	9,080	2,392	[1]
Additional paid-in capital	11,905,338	2,940,907	[1]
Accumulated other comprehensive income	8,600	7,666	[1]
Accumulated deficit	(2,182,731)	(877,957)	[1]
Total stockholders' equity	9,740,715	2,073,430	[1]
Non-controlling interests	262,175	155,798	[1]
Total equity	10,002,890	2,229,228	[1]
Total liabilities and equity	22,867,583	7,809,083	[1]
ARC Properties Operating Partnership, L.P. [Member]
Real estate investments, at cost:
Land	3,487,824	1,380,308	[1]
Buildings, fixtures and improvements	12,355,029	5,297,400	[1]
Land and construction in progress	86,973	21,839	[1]
Acquired intangible lease assets	2,424,076	759,595	[1]
Total real estate investments, at cost	18,353,902	7,459,142	[1]
Less: accumulated depreciation and amortization	(828,624)	(267,278)	[1]
Total real estate investments, net	17,525,278	7,191,864	[1]
Investment in unconsolidated entities	100,762	0	[1]
Investment in direct financing leases, net	57,441	66,112	[1]
Investment securities, at fair value	59,131	62,067	[1]
Loans held for investment, net	96,981	26,279	[1]
Cash and cash equivalents	145,310	52,725	[1]
Restricted cash	72,754	35,921	[1]
Intangible assets, net	323,332
Deferred costs and other assets, net	446,606	280,661	[1]
Goodwill	2,096,450	92,789	[1]
Due from affiliates	55,666	0	[1]
Assets held for sale	1,887,872	665	[1]
Total assets	22,867,583	7,809,083	[1]
LIABILITIES AND EQUITY
Mortgage notes payable, net	3,782,407	1,301,114	[1]
Total partners' equity	9,977,588	2,228,661	[1]
Corporate bonds, net	2,546,294	0	[1]
Non-controlling interests	25,302	567	[1]
Convertible debt, net	976,251	972,490	[1]
Total equity	10,002,890	2,229,228	[1]
Credit facilities	4,259,000	1,969,800	[1]
Other debt, net	48,587	104,804	[1]
Below-market lease liabilities, net	318,494	77,169	[1]
Accounts payable and accrued expenses	180,338	730,571	[1]
Deferred rent, derivative and other liabilities	195,256	40,271	[1]
Distributions payable	9,927	10,903	[1]
Due to affiliates	2,757	103,434	[1]
Liabilities associated with assets held for sale	545,382	0	[1]
Total liabilities	12,864,693	5,310,556	[1]
Total liabilities and equity	22,867,583	7,809,083	[1]
ARC Properties Operating Partnership, L.P. [Member] | Common Stock [Member]
LIABILITIES AND EQUITY
General partners' capital account	8,726,024	1,018,124	[1]
Limited partners' capital account	233,229	139,082	[1]
Series D preferred stock [Member]
LIABILITIES AND EQUITY
General partner's Series D Preferred equity - zero and 21,735,008 General Partner Preferred Units issued and outstanding at September 30, 2014 and December 31, 2013, respectively	0	269,299	[1]
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 42,822,383 and 42,199,547 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	428	422	[1]
Series D preferred stock [Member] | ARC Properties Operating Partnership, L.P. [Member]
LIABILITIES AND EQUITY
General partner's Series D Preferred equity - zero and 21,735,008 General Partner Preferred Units issued and outstanding at September 30, 2014 and December 31, 2013, respectively	0	269,299	[1]
Preferred stock (excluding Series D Preferred Stock) [Member] | ARC Properties Operating Partnership, L.P. [Member] | Preferred Stock [Member]
LIABILITIES AND EQUITY
General partners' capital account	1,014,339	1,054,989	[1]
Limited partners' capital account	$ 3,996	$ 16,466	[1]

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

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

9 Months Ended

Sep. 30, 2014

Secured Debt [Member]

Schedule of Debt

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

	Borrowings		Collateral Carrying Value
Loans held for investment	$	30,689	$	43,900
Intercompany mortgage loans on CapLease properties		4,201		15,091
CMBS		13,126		21,600
	$	48,016	$	80,591

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Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Position) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$ 14,920	$ (2,372)	$ 13,624	$ 15,682
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (ineffective portion)	$ (6,452)	$ (1,263)	$ (9,403)	$ (3,218)

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Related Party Transactions and Arrangements (Schedule of Commissions, Fees and Expense Reimbursements) (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014		Sep. 30, 2014
Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 13,365,000		$ 48,991,000
Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	13,365,000		48,991,000
Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	4,105,000		14,966,000
Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	2,019,000		7,897,000
Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	4,065,000		10,000,000
Cole Credit Property Trust IV, Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	29,113,000
Cole Credit Property Trust IV, Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	29,113,000
Cole Credit Property Trust IV, Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	8,771,000
Cole Credit Property Trust IV, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0	[1]	4,971,000
Cole Credit Property Trust IV, Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(47,000)	[1]	3,702,000
Cole Credit Property Trust V, Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	5,988,000		7,335,000
Cole Credit Property Trust V, Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	5,988,000		7,335,000
Cole Credit Property Trust V, Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,764,000		2,180,000
Cole Credit Property Trust V, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	953,000		1,131,000
Cole Credit Property Trust V, Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,766,000		2,231,000
Cole Corporate Income Trust, Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(4,000)		(4,000)
Cole Corporate Income Trust, Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(4,000)		(4,000)
Cole Corporate Income Trust, Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(1,000)		(1,000)
Cole Corporate Income Trust, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	(1,000)		(1,000)
Cole Corporate Income Trust, Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	0		0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	7,123,000		12,073,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	7,123,000		12,073,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	2,167,000		3,653,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,055,000		1,776,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	2,176,000		3,662,000
Cole Real Estate Income Strategy [Member] | Selling Commission Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	258,000		474,000
Cole Real Estate Income Strategy [Member] | Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	258,000		474,000
Cole Real Estate Income Strategy [Member] | Dealer Manager And Distribution Fee Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	175,000		363,000
Cole Real Estate Income Strategy [Member] | Dealer Manager Fee Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	12,000		20,000
Cole Real Estate Income Strategy [Member] | Other Expense Reimbursement Revenue [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 170,000		$ 405,000

[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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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Net loss	$ (288,047)	$ (83,354)	[1],[2]	$ (650,485)	$ (301,566)	[1],[2]
Other comprehensive income:
Designated derivatives, fair value adjustments	8,469	(3,635)	[1]	(1,112)	9,246	[1]
Unrealized gain (loss) on investment securities, net	725	938	[1]	9,698	(427)	[1]
Reclassification of previous unrealized gains on investment securities into net loss	(7,652)	0	[1]	(7,652)	0	[1]
Total other comprehensive income	1,542	(2,697)	[1]	934	8,819	[1]
Total comprehensive loss	(286,505)	(86,051)	[1]	(649,551)	(292,747)	[1]
Net income attributable to non-controlling interests	(7,649)	(3,153)	[1]	(23,923)	(7,882)	[1]
Total comprehensive loss attributable to the Company	(278,856)	(82,898)	[1]	(625,628)	(284,865)	[1]
ARC Properties Operating Partnership, L.P. [Member]
Net loss	(288,047)	(83,354)		(650,485)	(301,566)
Other comprehensive income:
Designated derivatives, fair value adjustments	8,469	(3,635)		(1,112)	9,246
Unrealized gain (loss) on investment securities, net	725	938		9,698	(427)
Reclassification of previous unrealized gains on investment securities into net loss	(7,652)	0		(7,652)	0
Total other comprehensive income	1,542	(2,697)		934	8,819
Total comprehensive loss	(286,505)	(86,051)		(649,551)	(292,747)
Net income attributable to non-controlling interests	155	0		235	0
Total comprehensive loss attributable to the Company	$ (286,660)	$ (86,051)		$ (649,786)	$ (292,747)

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

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

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Derivatives and Hedging Activities (Schedule of Interest Rate Derivatives) (Detail) (Interest Rate Swap [Member], USD $) In Thousands, unless otherwise specified	Sep. 30, 2014 Derivative
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments	4
Derivative, Notional Amount	$ 144,800
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of Instruments	18
Derivative, Notional Amount	$ 1,249,188

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Restated Consolidated Statements of Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Net loss	$ (288,047)	$ (83,354)	[1],[2]	$ (650,485)	$ (301,566)	[1],[2]
Other comprehensive income:
Designated derivatives, fair value adjustments	8,469	(3,635)	[1]	(1,112)	9,246	[1]
Change in unrealized gain/loss on investment securities	725	938	[1]	9,698	(427)	[1]
Total other comprehensive income	1,542	(2,697)	[1]	934	8,819	[1]
Total comprehensive loss	(286,505)	(86,051)	[1]	(649,551)	(292,747)	[1]
Net (income) loss attributable to non-controlling interests	7,649	3,153	[1]	23,923	7,882	[1]
Total comprehensive loss attributable to the Company	(278,856)	(82,898)	[1]	(625,628)	(284,865)	[1]
As Previously Reported [Member]
Net loss		(59,028)	[3]		(249,393)	[3],[4]
Other comprehensive income:
Designated derivatives, fair value adjustments		(3,622)	[3]		9,218	[3]
Change in unrealized gain/loss on investment securities		(440)	[3]		(427)	[3]
Total other comprehensive income		(4,062)	[3]		8,791	[3]
Total comprehensive loss		(63,090)	[3]		(240,602)	[3]
Net (income) loss attributable to non-controlling interests		(30)	[3]		717	[3]
Total comprehensive loss attributable to the Company		(63,120)	[3]		(239,885)	[3]
Reclassifications And Immaterial Adjustments [Member]
Net loss		0			0
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member]
Net loss		(23,913)	[5]		(47,551)	[5]
Other comprehensive income:
Designated derivatives, fair value adjustments		(13)	[5]		28	[5]
Total other comprehensive income		(13)	[5]		28	[5]
Total comprehensive loss		(23,926)	[5]		(47,523)	[5]
Net (income) loss attributable to non-controlling interests		260	[5]		415	[5]
Total comprehensive loss attributable to the Company		(23,666)	[5]		(47,108)	[5]
Error Corrections [Member]
Net loss		(413)			(4,622)
Other comprehensive income:
Change in unrealized gain/loss on investment securities		1,378
Total other comprehensive income		1,378
Total comprehensive loss		965			(4,622)
Net (income) loss attributable to non-controlling interests		2,923			6,750
Total comprehensive loss attributable to the Company		$ 3,888			$ 2,128

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

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

[3] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

[4] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the nine month period ended September 30, 2013.

[5] These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

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

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting, Principles of Consolidation and Basis of Presentation

The consolidated financial statements of the Company included herein include the accounts of ARCP and its consolidated subsidiaries, including the Operating Partnership. All intercompany amounts have been eliminated. The financial statements 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 nine months ended September 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 nine months ended September 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 September 30, 2014 and December 31, 2013, there were 24,690,496 and 9,591,173 OP Units outstanding, respectively. In addition, as discussed in Note 3 —Mergers and Acquisitions, the historical information of ARCT III and ARCT IV has been presented as if the mergers had occurred as of the beginning of the earliest period presented.

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 it 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 September 30, 2014 consisted of the Company’s interest in six joint ventures that owned six properties (the “Unconsolidated Joint Ventures”). As of September 30, 2014, the Company owned aggregate equity investments of $96.4 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. The Company records its proportionate share of net income from the Unconsolidated Joint Ventures within the Other income, net line item in the consolidated statement of operations. During the three and nine months ended September 30, 2014, the Company recognized $0.2 million and $1.6 million, respectively, of net income from the Unconsolidated Joint Ventures. The Company did not recognize any net income from the Unconsolidated Joint Ventures during the three and nine months ended September 30, 2013.

Investment in Managed REITs

As of September 30, 2014, the Company owned aggregate equity investments of $4.4 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. The Company records its proportionate share of net income from the Managed REITs within the Other income, net line item in the consolidated statement of operations. During the three and nine months ended September 30, 2014, the Company recognized $0.4 million of net income and $1.4 million of net loss, respectively, from the Managed REITs. The Company did not recognize any net income from the Managed REITs during the three and nine months ended September 30, 2013.

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.

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. No impairments of unconsolidated entities were identified during the nine months ended September 30, 2014.

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 evaluation of an investment in a 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. The Company identified properties during the three and nine months ended September 30, 2014 and 2013 with impairment indicators for 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.

In addition to the properties discussed in Note 11 — Fair Value of Financial Instruments, as of September 30, 2014, the Company noted potential impairment indicators at certain properties with an aggregate carrying value of $145.5 million. However, the Company’s estimate of undiscounted cash flows indicated that such carrying amounts were expected to be recovered as of September 30, 2014. Nonetheless, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term, which will result in the need to record an impairment loss to reduce such assets to fair value. Any such impairment losses may have a material impact on the Company’s assets and stockholder’s equity, operating and net loss and comprehensive loss. The evaluation of properties 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.

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. No impairments of unconsolidated entities were identified during the nine months ended September 30, 2014.

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. In conjunction with the disposition of the Multi-Tenant Portfolio, as defined in Note 22 — Property Dispositions, the Company evaluated the remaining portion of goodwill assigned to the REI segment for impairment. The fair value of the REI segment was determined to be greater than the book value of its net assets. As such, no goodwill impairment was recorded during the nine months ended September 30, 2014.

Subsequent to September 30, 2014, the Company noted potential impairment indicators of goodwill such that it is reasonably possible that the estimate of the fair value of each reporting unit may change in the near term, which will result in the need to record an impairment loss to reduce goodwill to fair value. Any such impairment losses may have a material impact on the Company’s assets and stockholder’s equity, operating and net loss and comprehensive loss.

The following summarizes the Company’s goodwill activity during the nine months ended September 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)		(209,259	)		—		(209,259	)
Balance as of September 30, 2014	$	1,537,615		$	558,835	$	2,096,450

(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 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 offerings and reserves for any balances considered not collectible. No reserves were recorded as of September 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 September 30,					Nine Months Ended September 30,
	2014		2013 (As Corrected)			2014		2013 (As Corrected)
Merger related costs:
Strategic advisory services	$	3,150	$	750		$	35,765	$	12,549
Transfer taxes		—		—			5,109		1,085
Legal fees and expenses		579		2,052			5,126		5,242
Personnel costs and other reimbursements		—		348			751		987
Multi-tenant spin-off		2,270		—			7,450		—
Other fees and expenses		—		(52	)		1,676		5,408
Other non-routine costs
Post-transaction support services		—		1,200			14,251		3,200
Subordinated distribution fees		—		—			78,244		98,360
Furniture, fixtures and equipment		—		—			14,085		5,800
Legal fees and expenses		743		—			2,569		950
Personnel costs and other reimbursements		—		—			2,718		—
Other fees and expenses		890		3			7,608		153
Total	$	7,632	$	4,301		$	175,352	$	133,734

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 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 for further information.

Revenue Recognition - Cole Capital

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

ARCP 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, ARCP 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 ARCP 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 Operating Partnership is classified as a partnership for federal income tax purposes. As a partnership, the Operating Partnership is not a taxable entity for federal income tax purposes. Instead, each partner in the Operating Partnership is required to take into account its allocable share of the Operating Partnership’s income, gains, losses, deductions, and credits for each taxable year. However, the Operating Partnership may be subject to certain state and local taxes on its income and property.

As of September 30, 2014, the Operating Partnership, ARCP, ARCT III and ARCT IV had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended December 31, 2010 remain open to examination by the major taxing jurisdictions to which the Operating Partnership, ARCP, ARCT III and ARCT IV are subject.

Under the LPA, the Operating Partnership is to conduct business in such a manner as to permit ARCP at all times to qualify as a REIT.

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, it 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.

In conjunction with the acquisition of the Red Lobster Portfolio, the Company entered into a reverse section 1031 like-kind exchange agreement with a third party intermediary. The exchange agreement is for a maximum of 180 days and allows the Company, for tax purposes, to defer gains on the sale of other properties sold within this period. Until the earlier of termination of the exchange agreements or 180 days after the first acquisition date, the third party intermediary is the legal owner of each property, although the Company controls the activities that most significantly impact each property and retains all of the economic benefits and risks associated with each property. Each property is held by the third party intermediary in a variable interest entity for which the Company is the primary beneficiary. Accordingly, the Company consolidates these properties and their operations even during the period they are held by the third party intermediary. As of September 30, 2014, 541 Red Lobster properties acquired in July and September of 2014 were held by the third party intermediary. The Company has consolidated each of these properties since the date of acquisition.

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, 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. Beginning 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 are 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 (“ASU 2014-09”), 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.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early application permitted. The Company does not believe ASU 2014-15, when effective, will have a material impact on the Company’s consolidated unaudited financial statements because the Company currently does not have any conditions that give rise to substantial doubt about its ability to continue as a going concern.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. These changes will require re-evaluation of certain entities for consolidation and will require the Company to revise its documentation regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its financial statements.

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Acquisitions of CapLease, Cole and CCPT - CapLease Acquisition Narrative (Detail) (USD $) In Thousands, unless otherwise specified	0 Months Ended	11 Months Ended
	Nov. 05, 2013	Sep. 30, 2014		Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 2,096,450		$ 92,789	[1]
Real Estate Investment Segment [Member]
Business Acquisition [Line Items]
Goodwill		1,537,615		92,789
CapLease [Member]
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Cash	920,697	920,697	[2]
Real estate investment		2,036,640
Below-market leases		57,058	[2]
Goodwill		92,789	[2]
CapLease [Member] | Real Estate Investment Segment [Member]
Business Acquisition [Line Items]
Goodwill		$ 92,789

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

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

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Mortgage Notes Payable

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Mortgage Notes Payable

Note 12 — Mortgage Notes Payable

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

	Encumbered Properties		Outstanding Loan Amount		Weighted Average Effective Interest Rate (2)			Weighted Average Maturity (3)
September 30, 2014 (1)		806	$	4,237,464		4.80	%		6.27
December 31, 2013		177	$	1,258,661		3.42	%		3.41

(1) Includes $542.8 million of mortgage notes held for sale.

(2) Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.43% to 7.20% at September 30, 2014 and 1.83% to 6.28% at December 31, 2013.

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

In conjunction with the various mergers and portfolio acquisitions, as described in Note 3 — Mergers and Acquisitions, 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 September 30, 2014, there was $87.8 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 September 30, 2014 (in thousands):

Year	Total
October 1, 2014 - December 31, 2014	$	101,258
2015		162,126
2016		263,679
2017		506,980
2018		260,654
Thereafter		2,942,767
Total	$	4,237,464

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 September 30, 2014, the Company was in compliance with the debt covenants under the mortgage loan agreements.

During the three and nine months ended September 30, 2014, the Company paid off $173.3 million and $1.0 billion, 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 $3.0 million and $35.9 million for the three and nine months ended September 30, 2014, respectively, which are included in Extinguishment of debt, net in the accompanying consolidated statements of operations. In addition, the Company paid $0.1 million and $10.2 million during the three and nine months ended September 30, 2014 for the settlement of interest rate swaps that were associated with certain mortgage notes, which approximated the fair value of the interest rate swaps. The Company wrote off the deferred financing costs and premiums and discounts associated with these mortgages, which resulted in a gain of $1.9 million and $18.9 million during the three and nine months ended September 30, 2014, respectively, which is included in Extinguishment of debt, net in the accompanying consolidated statements of operations. The mortgages repaid during the nine months ended September 30, 2014 had a weighted average remaining interest rate of 5.00% and a weighted average remaining term of 2.45 years.

National Institute of Health

The Company acquired the National Institute of Health (“NIH”) office building in Bethesda, Maryland with a historical cost approximating $40.0 million on November 5, 2013 as part of the acquisition of CapLease, Inc. As of September 30, 2014, 9,133 of the 207,055 square feet (4.4%) were leased by certain divisions of the NIH, with the remainder of the building substantially vacated since November 1, 2013.

On June 12, 2014, the lender of the $65.2 million mortgage loan, with a current balance outstanding of $53.8 million, collateralized by the property located in Bethesda, Maryland placed our loan with them in default due to non-payment. The Company decided not to make the debt service payment since cash flows generated from the property were insufficient to fund debt service payments and capital improvements necessary to lease and operate the property. The Company was not prepared to fund any further cash shortfalls. We are currently accruing interest at the default interest rate of 5.32% per annum.

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Restatement of Previously Issued Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

September 30, 2013 Restated Consolidated Balance Sheet

	September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	521,139		$	494,330		$	—		$	(1,581	)	$	1,013,888
Buildings, fixtures and improvements		2,121,178			1,429,122			—			(1,028	)		3,549,272
Acquired intangible lease assets		328,733			221,663			347			(85	)		550,658
Total real estate investments, at cost		2,971,050			2,145,115			347			(2,694	)		5,113,818
Less: accumulated depreciation and amortization		(148,162	)		(30,941	)		(143	)		230			(179,016	)
Total real estate investments, net		2,822,888			2,114,174			204			(2,464	)		4,934,802
Cash and cash equivalents		150,481			37,745			—			—			188,226
Investment in direct financing leases, net		57,449			17,954			—			—			75,403
Investment securities, at fair value		9,480			—			—			—			9,480
Derivative assets, at fair value		7,088			28			(7,116	)		—			—
Restricted cash		1,680			—			—			—			1,680
Prepaid expenses and other assets		48,165			15,111			(63,276	)		—			—
Receivable for Issuances of common stock		—			14,311			(14,311	)		—			—
Deferred costs, net		47,754			—			(47,754	)		—			—
Assets held for sale		6,028			—			—			(14	)		6,014
Deferred costs and other assets, net		—			—			132,253			598			132,851
Total assets	$	3,151,013		$	2,199,323		$	—		$	(1,880	)	$	5,348,456
LIABILITIES AND EQUITY
Mortgage notes payable		269,891			2,124			—			—			272,015
Convertible debt		300,975			—			—			—			300,975
Senior corporate credit facility		600,000			710,000			—			—			1,310,000
Convertible obligation to Series C Convertible Preferred stockholders, at fair value		449,827			—			—			—			449,827
Contingent value rights obligation to preferred and common investors, at fair value		49,314			—			—			—			49,314
Below-market lease liabilities, net		4,200			—			—			(620	)		3,580
Derivative liabilities, at fair value		—			—			—			—			—
Accounts payable and accrued expenses		14,740			662,432			(897	)		(5,303	)		670,972
Deferred rent and other liabilities		9,189			2,901			897			—			12,987
Distributions payable		72			9,810			—			436			10,318
Due to affiliates		—			—			—			6,107			6,107
Total liabilities		1,698,208			1,387,267			—			620			3,086,095
Convertible preferred stock, $0.01 par value, 100,000,000 shares authorized, 42,215,346 shares issued and outstanding at September 30, 2013		—			422			—			—			422
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013		1,848			375			—			—			2,223
Additional paid-in capital		1,803,315			904,640			—			3,035			2,710,990
Accumulated other comprehensive income		4,857			28			—			—			4,885
Accumulated deficit		(480,817	)		(121,392	)		—			2,416			(599,793	)
Total stockholders’ equity		1,329,203			784,073			—			5,451			2,118,727
Non-controlling interests		123,602			27,983			—			(7,951	)		143,634
Total equity		1,452,805			812,056			—			(2,500	)		2,262,361
Total liabilities and equity	$	3,151,013		$	2,199,323		$	—		$	(1,880	)	$	5,348,456

(1) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

(2) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

Restated Statement of Operations (for the three months ended September 30, 2013)

	Three Months Ended
	September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	56,681		$	33,054		$	(6	)	$	—		$	89,729
Direct financing lease income		977			224			—			—			1,201
Operating expense reimbursements		3,226			1,093			6			—			4,325
Total revenues		60,884			34,371			—			—			95,255
Operating expenses:
Acquisition related		1,235			25,713			—			—			26,948
Merger and other non-routine transactions		3,791			2,122			—			(1,612	)		4,301
Property operating		4,103			1,341			—			(14	)		5,430
Management fees to affiliate		—			—			—			—			—
General and administrative		1,586			822			—			7,458			9,866
Equity-based compensation		7,180			—			—			(7,180	)		—
Depreciation and amortization		39,382			23,030			—			(276	)		62,136
Operating fees to affiliate		—			—			—			—			—
Impairment of real estate		—			—			—			2,074			2,074
Total operating expenses		57,277			53,028			—			450			110,755
Operating income		3,607			(18,657	)		—			(450	)		(15,500	)
Other (expense) income:
Interest expense		(24,135	)		(3,054	)		—			—			(27,189	)
Loss on contingent value rights		(38,542	)		—			38,542						—
Income from investment securities		—			—			—			—			—
Gain (loss) on sale of investment securities		—			(2,246	)		—			—			(2,246	)
Loss on derivative instruments		(99	)		—			(38,542	)					(38,651	)
Other income, net		45			44			—			47			136
Total other expenses, net		(62,731	)		(5,256	)		—			37			(67,950	)
Loss from continuing operations		(59,124	)		(23,913	)		—			(413	)		(83,450	)
Net (gain) loss from continuing operations attributable to non-controlling interests		(30	)		260			—			2,923			3,153
Net loss from continuing operations attributable to stockholders		(59,154	)		(23,653	)		—			2,514			(80,293	)
Discontinued operations:
Net income (loss) from operations of held for sale properties		96			—			—			—			96
(Loss) gain on held for sale properties		—			—			—			—			—
Net income (loss) from discontinued operations		96			—						—			96
Net (loss) income from discontinued operations attributable to non-controlling interests		(5	)		—			—			5			—
Net income (loss) from discontinued operations attributable to stockholders		91			—			—			5			96
Net loss		(59,028	)		(23,913	)		—			(413	)		(83,354	)
Net (income) loss attributable to non-controlling interests		(35	)		260			—			2,928			3,153
Net loss attributable to stockholders	$	(59,063	)	$	(23,653	)	$	—		$	2,515		$	(80,201	)
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(0.32	)	$	—		$	—		$	—		$	(0.36	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.32	)	$	—		$	—		$	—		$	(0.36	)

Restated Statement of Operations (for the nine months ended September 30, 2013)

	Nine Months Ended
	September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	138,060		$	45,102		$	89		$	—		$	183,251
Direct financing lease income		977			224			—			—			1,201
Operating expense reimbursements		6,878			1,727			(89	)		—			8,516
Total revenues		145,915			47,053			—			—			192,968
Operating expenses:
Acquisition related		21,961			52,603			—			(23	)		74,541
Merger and other non-routine transactions		146,240			3,835			—			(16,341	)		133,734
Property operating		8,972			2,107			—			(14	)		11,065
Management fees to affiliate		—			—			—			12,493			12,493
General and administrative		4,018			2,214			34			17,655			23,921
Equity-based compensation		11,510			—			—			(11,510	)		—
Depreciation and amortization		92,211			30,620			(34	)		(313	)		122,484
Operating fees to affiliate		—			—			—			—			—
Impairment of real estate		—			—			—			2,074			2,074
Total operating expenses		284,912			91,379			—			4,021			380,312
Operating income		(138,997	)		(44,326	)		—			(4,021	)		(187,344	)
Other (expense) income:
Interest expense		(41,589	)		(3,240	)		—			(585	)		(45,414	)
Loss on contingent value rights		(69,676	)		—			69,676			—			—
Income from investment securities		218			1,798			(2,016	)		—			—
Gain (loss) on sale of investment securities		451			(2,246	)		—			—			(1,795	)
Loss on derivative instruments		(144	)		—			(69,676	)		(10	)		(69,830	)
Other income, net		171			463			2,016			8			2,658
Total other expenses, net		(110,569	)		(3,225	)		—			(587	)		(114,381	)
Loss from continuing operations		(249,566	)		(47,551	)		—			(4,608	)		(301,725	)
Net (gain) loss from continuing operations attributable to non-controlling interests		726			415			—			6,741			7,882
Net loss from continuing operations attributable to stockholders		(248,840	)		(47,136	)		—			2,133			(293,843	)
Discontinued operations:
Net income (loss) from operations of held for sale properties		159			—			—			—			159
(Loss) gain on held for sale properties		14			—			—			(14	)		—
Net income (loss) from discontinued operations		173			—			—			(14	)		159
Net (loss) income from discontinued operations attributable to non-controlling interests		(9	)		—			—			9			—
Net income (loss) from discontinued operations attributable to stockholders		164			—			—			(5	)		159
Net loss		(249,393	)		(47,551	)		—			(4,622	)		(301,566	)
Net (income) loss attributable to non-controlling interests		717			415			—			6,750			7,882
Net loss attributable to stockholders	$	(248,676	)	$	(47,136	)	$	—		$	2,128		$	(293,684	)
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(1.49	)	$	—		$	—		$	—		$	(1.50	)
Basic and diluted net loss per share attributable to common stockholders	$	(1.49	)	$	—		$	—		$	—		$	(1.50	)

(1) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

(2) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

2013 Restated Statement of Comprehensive Loss (for the three months ended September 30, 2013) ⁽¹⁾

	Three Months Ended September 30, 2013
	As Previously Reported (2)			ARCT IV Recast (3)			Restatement Adjustments			As Restated
Net loss	$	(59,028	)	$	(23,913	)	$	(413	)	$	(83,354	)
Other comprehensive loss:
Designated derivatives, fair value adjustments		(3,622	)		(13	)		—			(3,635	)
Change in unrealized gain/loss on investment securities		(440	)		—			1,378			938
Total other comprehensive loss		(4,062	)		(13	)		1,378			(2,697	)
Total comprehensive loss		(63,090	)		(23,926	)		965			(86,051	)
Net (income) loss attributable to non-controlling interests		(30	)		260			2,923			3,153
Total comprehensive loss attributable to the Company	$	(63,120	)	$	(23,666	)	$	3,888		$	(82,898	)

2013 Restated Statement of Comprehensive Loss (for the nine months ended September 30, 2013) ⁽¹⁾

	Nine Months Ended September 30, 2013
	As Previously Reported (2)			ARCT IV Recast (3)			Restatement Adjustments			As Restated
Net loss	$	(249,393	)	$	(47,551	)	$	(4,622	)	$	(301,566	)
Other comprehensive income:
Designated derivatives, fair value adjustments		9,218			28			—			9,246
Change in unrealized gain/loss on investment securities		(427	)		—			—			(427	)
Total other comprehensive income		8,791			28			—			8,819
Total comprehensive loss		(240,602	)		(47,523	)		(4,622	)		(292,747	)
Net loss attributable to non-controlling interests		717			415			6,750			7,882
Total comprehensive loss attributable to the Company	$	(239,885	)	$	(47,108	)	$	2,128		$	(284,865	)

(1) The statement of comprehensive loss was originally included within the consolidated statement of operations in the recasted filing; it is now presented as a standalone financial statement.

(2) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

(3) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

Restated Statement of Cash Flows for the Nine Months Ended September 30, 2013

	Nine Months Ended September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Restatement Adjustments			As Restated
Cash flows from operating activities:
Net loss	$	(249,393	)		(47,551	)	$	(4,622	)	$	(301,566	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of operating partnership units for ARCT III Merger and other transaction related expenses		108,247			—			(476	)		107,771
Depreciation		99,832			31,501			272			131,605
(Gain) loss on held for sale properties		(14	)		—			14			—
Impairment of real estate		—			—			2,074			2,074
Equity-based compensation		13,895			18			68			13,981
Loss on derivative instruments		144			—			—			144
Unrealized loss on investments		14			—			—			14
Unrealized loss on contingent value rights obligations, net of settlement payments		49,314			—			—			49,314
Convertible obligations to Series C Convertible Preferred stockholders, fair value adjustment		4,827			—			—			4,827
(Gain) loss on sale of investments		(451	)		2,246			—			1,795
Changes in assets and liabilities:
Investment in direct financing leases		102			46			—			148
Prepaid expenses and other assets		(12,081	)		(8,432	)		—			(20,513	)
Accounts payable and accrued expenses		4,464			11,251			(5,280	)		10,435
Deferred rent and other liabilities		3,068			2,843			—			5,911
Due from Affiliates		—			(4,105	)		—			(4,105	)
Due to Affiliates		—			—			6,107			6,107
Net cash provided by (used in) operating activities		21,968			(12,183	)		(1,843	)		7,942
Cash flows from investing activities:
Investments in real estate and other assets		(1,173,497	)		(2,068,337	)		—			(3,241,834	)
Investment in direct financing leases		(57,551	)		(18,000	)		—			(75,551	)
Capital expenditures		(113	)		—			—			(113	)
Purchase of assets from Manager		(1,041	)		—			1,041			—
Deposits for real estate investments		(28,836	)		(2,279	)		—			(31,115	)
Purchases of investment securities		(12,004	)		(69,460	)		—			(81,464	)
Proceeds from sale of investment securities		44,188			67,214			—			111,402
Net cash used in investing activities		(1,228,854	)		(2,090,862	)		1,041			(3,318,675	)
Cash flows from financing activities:
Proceeds from mortgage notes payable		4,773			2,124			—			6,897
Proceeds from senior corporate credit facility		860,000			710,000			—			1,570,000
Payments on senior corporate credit facility		(384,604	)		—			—			(384,604	)
Proceeds from corporate bonds		(38,221	)		(15,176	)		—			(53,397	)
Proceeds from issuance of convertible debt		310,000			—			—			310,000
Common stock repurchases		(357,916	)		(177	)		—			(358,093	)
Proceeds from issuance of convertible obligations to Series C Convertible Preferred stockholders		445,000			—			—			445,000
Proceeds from issuance of common stock, net		486,536			1,320,729			(68	)		1,807,197

The consolidated statement of cash flows continues onto the next page.

	Nine Months Ended September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Restatement Adjustments			As Restated
Payments of deferred financing costs	$	—		$	—		$	(2,165	)	$	(2,165	)
Consideration paid for assets of Manager in excess of carryover basis		(3,035	)		—			3,035			—
Contributions from non-controlling interest holders		750			29,008			—			29,758
Distributions to non-controlling interest holders		(5,170	)		(445	)		—			(5,615	)
Distributions paid		(117,047	)		(40,599	)		—			(157,646	)
Advances from affiliates, net		—			(376	)		—			(376	)
Restricted cash		(572	)		—			—			(572	)
Net cash provided by financing activities		1,200,494			2,005,088			802			3,206,384
Net change in cash and cash equivalents		(6,392	)		(97,957	)		—			(104,350	)
Cash and cash equivalents, beginning of period		156,873			135,702			—			292,575
Cash and cash equivalents, end of period	$	150,481		$	37,745		$	—		$	188,226

(1) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the nine month period ended September 30, 2013.

(2) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

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Accounts Payable and Accrued Expenses (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013		Sep. 30, 2013
Payables and Accruals [Abstract]
Accrued other	$ 72,703	$ 683,197
Accrued interest	41,411	14,189
Accrued real estate taxes	61,450	24,658
Accounts payable	4,774	5,887
Accrued merger costs	0	2,640
Accounts payable and accrued expenses	$ 180,338	$ 730,571	[1]	$ 670,972

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

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Subsequent Events - Unconsummated Sale of Cole Capital to RCS (Details) (Sale Agreement Termination [Member], Subsequent Event [Member], USD $) (Detail) (USD $)	0 Months Ended
	Jul. 31, 2014	Dec. 04, 2014	Sep. 30, 2014
Subsequent Event [Line Items]
Litigation settlement, amount	$ 100,000
Sale Agreement Termination Member | Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of business, expected consideration, contingent consideration			130,000,000
Litigation settlement, amount		60,000,000
Litigation settlement, amount, cash		42,700,000
Litigation settlement, amount, unsecured notes payable		15,300,000
Litigation settlement, amount, release of liability		2,000,000
Litigation settlement, unsecured notes payable, interest rate, stated percentage		8.00%
Sale Agreement Termination Member | Subsequent Event [Member] | Subsidiary of Common Parent [Member]
Subsequent Event [Line Items]
Sale of business, consideration			700,000,000
Litigation settlement, amount, cash		$ 10,000,000

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Credit Facilities

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Credit Facilities

Note 14 — Credit Facilities

Senior Unsecured Credit Facility

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

On June 30, 2014, the General Partner, 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 Credit Facility, prior to the execution of the Agreement. The Company accepted commitments from 20 financial institutions totaling $4.7 billion for the Credit Facility. The Credit Facility is comprised of a $1.2 billion term loan facility (with a delayed draw component equal to $200.0 million), a $3.3 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. Subsequent to the Agreement date, the Company accepted an additional $50.0 million commitment on the revolving credit facility from one of the original 20 financial institutions, bringing the total Credit Facility commitments to $4.7 billion.

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 ARCP’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 ARCP’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 ARCP’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 September 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 September 30, 2014, the outstanding balance on the Credit Facility was $4.3 billion, of which $3.3 billion bore a floating interest rate of 1.50% at September 30, 2014. 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 ARCP’s credit rating, the interest rate on this portion was 2.84% at September 30, 2014. At September 30, 2014, a maximum of $391.0 million was available to the OP for future borrowings, subject to borrowing availability. The credit facility matures on June 30, 2018.

Subsequent to September 30, 2014, the Company repaid $1.21 billion outstanding on the revolving credit facility with proceeds from the sale of the Multi-Tenant Portfolio (defined below). See Note 22 — Property Dispositions for further discussion and Note 24 — Subsequent Events.

Repayment of Previous Credit Facilities

As part of the ARCT IV Merger, the Company assumed a $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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Acquisitions of CapLease, Cole and CCPT - Cole Acquisition Fair Value Transferred (Detail) (Cole Merger [Member], USD $) In Thousands, unless otherwise specified	0 Months Ended
	Feb. 07, 2014
Cole Merger [Member]
Business Acquisition [Line Items]
Cash	$ 181,775
Common stock	7,285,868
Total consideration transferred	$ 7,467,643

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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 65,452	$ 20,032	$ 332,923	$ 348,086
Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		750	27,265	750
Merger Related Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				125
Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		348	72	937
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, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				61
Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,200	11,352	3,200
Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		2,298	137,778	109,233
Merger Related 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
ARCT III Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
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] | Merger Related Costs, Personnel Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				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, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				61
ARCT III Merger [Member] | Post Transaction Support Services [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 IV Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		750	8,400	750
ARCT IV Merger [Member] | Merger Related Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
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		180	0	203
ARCT IV Merger [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			78,244	0
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	0
ARCT IV 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				0
ARCT IV Merger [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,200	1,352	1,200
ARCT IV Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		2,130	94,213	2,153
ARCT IV Merger [Member] | Merger Related 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
Cole Merger [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0	17,115	0
Cole Merger [Member] | Merger Related Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
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		85	72	85
Cole Merger [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0	0
Cole Merger [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			0	0
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				0
Cole Merger [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0	0	0
Cole Merger [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		85	21,815	85
Cole Merger [Member] | Merger Related 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
Other Acquisitions [Member] | Strategic Advisory Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0		0
Other Acquisitions [Member] | Merger Related Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
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		83		127
Other Acquisitions [Member] | Subordinated Distributions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
Other Acquisitions [Member] | Furniture, Fixtures And Equipment [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
Other Acquisitions [Member] | Other Non-Routine Costs, Legal Fees And Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				0
Other Acquisitions [Member] | Post Transaction Support Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0		0
Other Acquisitions [Member] | Merger And Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		83		127
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] | Merger Related 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] | 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] | 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
Internalization And Other [Member] | Merger Related 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
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] | Merger Related 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] | 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] | 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
Multi-tenant Spin off [Member] | Merger Related 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

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) In Thousands, except Share data, unless otherwise specified		Total		Series F Preferred Stock [Member]	Member Units [Member]	Less: Dividends attributable to participating securities	Convertible Preferred Stock [Member]	Preferred Stock [Member]	Preferred Stock [Member] Series F Preferred Stock [Member]	Preferred Stock [Member] Convertible Preferred Stock Series A and B [Member]	Common Stock [Member]	Common Stock [Member] Convertible Preferred Stock Series A and B [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Series F Preferred Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Less: Dividends attributable to participating securities	Accumulated Deficit [Member] Convertible Preferred Stock [Member]	Parent [Member]	Parent [Member] Series F Preferred Stock [Member]	Parent [Member] Less: Dividends attributable to participating securities	Parent [Member] Convertible Preferred Stock [Member]	Non-Controlling Interests [Member]	Non-Controlling Interests [Member] Series F Preferred Stock [Member]	Non-Controlling Interests [Member] Member Units [Member]
Value, outstanding, beginning balance at Dec. 31, 2012	[1]	$ 1,668,760						$ 70			$ 1,846		$ 1,778,883		$ (3,934)	$ (124,286)			$ 1,652,579				$ 16,181
Shares, outstanding, beginning balance at Dec. 31, 2012	[1]							6,990,328			184,553,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock, shares	[1]							36,053,490
Issuance of preferred stock, net	[1]	360						360											360
Issuance of stock, shares	[1]										63,055,919
Issuance of stock, net	[1]	1,967,881									631		1,967,250						1,967,881
Excess of ARCT IV Merger considerations over historical cost	[1]	(557,545)											(557,545)						(557,545)
Offering costs, commissions and dealer manager fees, including $159,323 to affiliates	[1]	(164,831)											(164,831)						(164,831)
Common stock issued through dividend reinvestment plan, shares	[1]										940,737
Common stock issued through dividend reinvestment plan	[1]	25,563									9		25,554						25,563
Common stock repurchases, shares	[1]										(28,272,905)
Common stock repurchases	[1]	(357,917)									(283)		(357,634)						(357,917)
Conversion of Units to stock, shares	[1]									(828,472)	599,233	829,629
Conversion of Units to stock	[1]									(8)	6	8	5,793						5,799				(5,799)
Issuance of OP Units	[1]				107,771																				107,771
Equity-based compensation, shares	[1]										645,491
Equity-based compensation	[1]	13,981									6		4,148						4,154				9,827
Equity component of convertible debt	[1]	9,372											9,372						9,372
Distributions declared	[1]	(181,823)														(181,823)			(181,823)
Contributions from non-controlling interest holders	[1]	29,758																					29,758
Distributions to non-controlling interest holders	[1]	(6,222)																					(6,222)
Net loss	[1]	(301,566)	[2]													(293,684)			(293,684)				(7,882)
Other comprehensive income	[1]	8,819													8,819				8,819
Value, outstanding, ending balance at Sep. 30, 2013	[1]	2,262,361						422			2,223		2,710,990		4,885	(599,793)			2,118,727				143,634
Shares, outstanding, ending balance at Sep. 30, 2013	[1]							42,215,346			222,351,780
Value, outstanding, beginning balance at Dec. 31, 2013		2,229,228	[1]					422			2,392		2,940,907		7,666	(877,957)			2,073,430				155,798
Shares, outstanding, beginning balance at Dec. 31, 2013								42,199,547			239,234,725
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, shares	[3]										662,305,318
Issuance of stock, net	[3]	8,923,453									6,623		8,916,830						8,923,453
Conversion of Units to stock, shares									622,836		1,098,074
Conversion of Units to stock				0					6		11		16,264	12,464					16,275	12,470			(16,275)	(12,470)
Issuance of RSUs, net, shares											5,326,404
Issuance of OP Units					152,484																				152,484
Issuance of restricted share awards, net		(4,256)									54		(4,310)						(4,256)
Dividends, preferred stock						(3,617)	(80,749)										(3,617)	(80,749)			(3,617)	(80,749)
Equity-based compensation		32,805											23,183						23,183				9,622
Distributions declared		(593,846)														(593,846)			(593,846)
Contributions from non-controlling interest holders		982																					982
Distributions to non-controlling interest holders		(28,809)																					(28,809)
Non-controlling interests retained in Cole Merger		24,766																					24,766
Net loss		(650,485)														(626,562)			(626,562)				(23,923)
Other comprehensive income		934													934				934
Value, outstanding, ending balance at Sep. 30, 2014		$ 10,002,890						$ 428			$ 9,080		$ 11,905,338		$ 8,600	$ (2,182,731)			$ 9,740,715				$ 262,175
Shares, outstanding, ending balance at Sep. 30, 2014								42,822,383			907,964,521

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

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

[3] Includes $2.2 million to affiliates for the nine months ended September 30, 2014.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	[1]
Common stock, shares authorized	1,500,000,000	1,500,000,000	[1]
Common stock, issued	907,964,521	239,234,725	[1]
Common stock, outstanding	907,964,521	239,234,725	[1]
Common Stock [Member] | ARC Properties Operating Partnership, L.P. [Member]
General partners', units issued	907,978,649	239,248,853	[1]
General partners', units outstanding	907,978,649	239,248,853	[1]
Limited partners', units issued	35,435,194	17,832,274	[1]
Limited partners', units outstanding	35,435,194	17,832,274	[1]
Preferred Stock [Member] | ARC Properties Operating Partnership, L.P. [Member]
General partners', units issued	42,822,383	42,199,547	[1]
General partners', units outstanding	42,822,383	42,199,547	[1]
Limited partners', units issued	98,629	721,465	[1]
Limited partners', units outstanding	98,629	721,465	[1]
Series D preferred stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	[1]
Preferred stock, shares authorized	0	21,735,008	[1]
Preferred stock, issued	0	21,735,008	[1]
Preferred stock, outstanding	0	21,735,008	[1]
Preferred stock (excluding Series D Preferred Stock) [Member]
Convertible preferred stock, par value	$ 0.01	$ 0.01	[1]
Convertible preferred stock, shares authorized	100,000,000	100,000,000	[1]
Convertible preferred stock, issued	42,822,383	42,199,547	[1]
Convertible preferred stock, outstanding	42,822,383	42,199,547	[1]
Series D preferred stock [Member]
Preferred stock, issued	0
Series D preferred stock [Member] | ARC Properties Operating Partnership, L.P. [Member]
Preferred stock, issued	0	21,735,008	[1]
Preferred stock, outstanding	0	21,735,008	[1]

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

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Real Estate Investments

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Real Estate Investments

Note 7 — Real Estate Investments

Excluding the Cole Merger, the ARCT IV Merger and the CCPT Merger, the Company acquired interests in 1,092 commercial properties, including 28 land parcels, for an aggregate purchase price of $3.8 billion during the nine months ended September 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 nine months ended September 30, 2014 are provisionally allocated. The following table presents the preliminary allocation of the fair value of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)			2014			2013 (As Restated)
Real estate investments, at cost:
Land	$	608,875		$	258,019		$	823,795		$	754,012
Buildings, fixtures and improvements		1,309,751			730,159			2,486,868			2,161,831
Total tangible assets		1,918,626			988,178			3,310,663			2,915,843
Acquired intangible assets:
In-place leases		354,409			118,212			522,568			330,191
Above-market leases		82,023			—			110,230			—
Assumed intangible liabilities:
Below-market leases		(84,071	)		(4,200	)		(101,108	)		(4,200	)
Fair value adjustment of assumed notes payable		—			—			(23,531	)		—
Total purchase price of assets acquired, net		2,270,987			1,102,190			3,818,822			3,241,834
Notes payable assumed		—			—			(301,532	)		—
Cash paid for acquired real estate investments	$	2,270,987		$	1,102,190		$	3,517,290		$	3,241,834
Number of properties acquired		753			650			1,092			1,670

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, 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 $34.6 million and $74.5 million for the nine months ended September 30, 2014 and 2013, respectively and merger and other non-routine transaction related expenses of $175.4 million and $133.7 million for the nine months ended September 30, 2014 and 2013, respectively (in thousands).

	Nine Months Ended September 30,
	2014			2013
Pro forma revenues	$	1,397,494		$	1,138,600
Pro forma net income (loss) attributable to stockholders	$	(349,572	)	$	(283,031	)

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)
October 1, 2014 - December 31, 2014	$	897,524	$	1,239
2015		1,413,737		4,757
2016		1,394,782		4,674
2017		1,348,156		4,273
2018		1,296,944		3,183
Thereafter		11,759,055		10,313
Total	$	18,110,198	$	28,439

(1) 41 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 September 30, 2014 and December 31, 2013 are as follows (in thousands):

	September 30, 2014			December 31, 2013
Future minimum lease payments receivable	$	28,439		$	33,729
Unguaranteed residual value of property		39,852			46,172
Unearned income		(10,850	)		(13,789	)
Net investment in direct financing leases	$	57,441		$	66,112

Development Activities

During the nine months ended September 30, 2014, the Company acquired 28 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 $28.1 million in aggregate. The land acquired for an aggregate amount of $14.9 million is included in land in the accompanying consolidated balance sheet. During the nine months ended September 30, 2014, the Company completed 4 development projects.

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 September 30, 2014, the Company had a total investment of $23.8 million, including capitalized interest of $69,000, and estimated remaining investment of $10.2 million related to the development project.

Tenant Concentration

As of September 30, 2014, there was one tenant exceeding 10% of consolidated annualized rental income. As of September 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 September 30, 2014, properties located in Texas represented 12.6% of consolidated annualized rental income determined on a straight-line basis. There were no geographic concentrations exceeding 10% of consolidated annualized rental income at September 30, 2013.

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Preferred and Common Stock and OP Units (Detail) (USD $)	9 Months Ended				10 Months Ended	11 Months Ended	0 Months Ended					3 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Oct. 22, 2013	Sep. 30, 2014	May 28, 2014	Feb. 28, 2013	Nov. 08, 2013	Jan. 03, 2014	Aug. 31, 2014	Sep. 30, 2014	Dec. 09, 2013	Aug. 20, 2013	Aug. 01, 2012	Jan. 31, 2013	Dec. 31, 2013
Class of Stock [Line Items]
Proceeds from issuances of common stock, net offering costs	$ 1,593,345,000		$ 1,807,197,000	[1]
Payments for redemption of temporary equity	316,126,000		0	[1]
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 (in dollars per share)	$ 1.00				$ 0.94	$ 1.00
Authorized annual dividends increase (decrease), per share (in dollars per share)						$ 0.06
Stock repurchase program, authorized amount														250,000,000
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
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
ARCT III [Member]
Class of Stock [Line Items]
Equity interest issued or issuable, number of shares								140,700,000
Acquiree shares exchanged for cash								29,200,000
Percentage of shares outstanding								16.50%
Consideration transferred, amount per share (in dollars per share)								$ 12.00
Acquiree shares equivalent of acquirer shares								27,700,000
Acquiree shares exchanged for acquirer shares								148,100,000
Common Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued									15,100,000
Proceeds from issuances of common stock, net offering costs									186,000,000
Conversion of OP units to series F preferred stock, shares	1,098,074		599,233	[1]
Shares issued (in shares)	662,305,318	[2]	63,055,919	[1]
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 (in dollars per share)							$ 12.00
Shares issued (in shares)							138,000,000
Common Stock [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Equity interest issued or issuable, number of shares										36,900,000
Member Units [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Equity interest issued or issuable, number of shares										600,000
Consideration transferred, amount per share (in dollars per share)										9.00
American Realty Capital Trust IV, Operating Partnership [Member] | Member Units [Member] | Special Limited Partner [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Equity interest issued or issuable, number of shares										2,800,000
ARC Properties Operating Partnership, L.P. [Member]
Class of Stock [Line Items]
Proceeds from issuances of common stock, net offering costs	1,593,345,000		1,807,197,000
Payments for redemption of temporary equity	316,126,000		0
ARC Properties Operating Partnership, L.P. [Member] | General Partner [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units, Sale of Units							138,000,000		15,100,000
ARC Properties Operating Partnership, L.P. [Member] | General Partner [Member] | Universal Shelf Registration [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units, Sale of Units	2,100,000
Series D preferred stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	0					0			21,700,000			0
Proceeds from issuances of preferred shares									288,000,000
Payments for redemption of temporary equity											316,100,000
Preferred stock, fair value									269,300,000
Embedded derivative, fair value of embedded derivative, net									18,700,000								16,700,000
Series D preferred stock [Member] | Gain (Loss) on Derivative Instruments, Net, Pretax [Member]
Class of Stock [Line Items]
Gain (loss) on derivative instruments, net	(13,600,000)											(18,800,000)
Series D preferred stock [Member] | ARC Properties Operating Partnership, L.P. [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	0					0			21,700,000			0					21,735,008	[1]
Preferred stock, dividend rate, percentage	5.81%
Share price (in dollars per share)	$ 13.59					$ 13.59						$ 13.59
Temporary equity, dividend rate, per-dollar amount (in dollars per share)	$ 0.79
Preferred stock, fair value	$ 0					$ 0						$ 0					$ 269,299,000	[1]
Series D preferred stock [Member] | ARC Properties Operating Partnership, L.P. [Member] | General Partner [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	600,000					600,000						600,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.70%
Preferred stock, issued	42,800,000					42,800,000						42,800,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00					$ 25.00						$ 25.00
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 1.675
Series F Preferred Stock [Member] | General Partner [Member]
Class of Stock [Line Items]
Conversion of OP units to series F preferred stock, shares	600,000
Series F Preferred Stock [Member] | Member Units [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage										6.70%
Equity interest issued or issuable, number of shares										42,200,000
Series F Preferred Stock [Member] | Op Units [Member]
Class of Stock [Line Items]
Preferred stock, issued	100,000					100,000						100,000
Series F Preferred Stock [Member] | American Realty Capital Trust IV, Operating Partnership [Member] | Member Units [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Equity interest issued or issuable, number of shares										700,000
Series F Preferred Stock [Member] | ARC Properties Operating Partnership, L.P. [Member] | Member Units [Member] | General Partner [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Preferred stock, shares issued										42,200,000
Series F Preferred Stock [Member] | ARC Properties Operating Partnership, L.P. [Member] | American Realty Capital Trust IV, Operating Partnership [Member] | Member Units [Member] | Special Limited Partner [Member] | ARCT IV [Member]
Class of Stock [Line Items]
Preferred stock, shares issued										700,000
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	0					0						0
Temporary equity, shares authorized	0					0						0

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

[2] Includes $2.2 million to affiliates for the nine months ended September 30, 2014.

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Derivatives and Hedging Activities (Detail) (USD $)	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 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 (ineffective portion)	100,000	200,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Assets needed for immediate settlement, aggregate fair value	7,700,000	7,700,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next 12 months	10,300,000	10,300,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (ineffective portion)	(6,452,000)	(9,403,000)	(1,263,000)	(3,218,000)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,249,188,000	1,249,188,000
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	144,800,000	144,800,000
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$ (17,500,000)	$ (10,400,000)	$ (38,700,000)	$ (69,800,000)

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Other Debt - Barclay's Facility (Details) (Senior Secured Credit Facility [Member], Barclays Bank PLC [Member], USD $) (Detail) (Senior Secured Credit Facility [Member], Barclays Bank PLC [Member], USD $)	1 Months Ended
	Feb. 28, 2014	Dec. 31, 2013
Senior Secured Credit Facility [Member] | Barclays Bank PLC [Member]
Line of Credit Facility [Line Items]
Credit facility, current borrowing capacity		$ 2,100,000,000
Amortization of financing costs	$ 32,600,000

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Subsequent Events (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2013 Property
Numberof Buildings Acquired [Roll Forward]
Number of properties acquired	71

XML

Summary of Operating Income From Continued Operations Of Multi-Tenant Portfolio (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Long Lived Assets Held-for-sale [Line Items]
Write off goodwill	$ 209,259	[1]
Multi Tenant Properties [Member]
Long Lived Assets Held-for-sale [Line Items]
Write off goodwill	$ 195,500

[1] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Feb. 27, 2015
Document Information [Line Items]
Document Type	10-Q/A
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
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		905,338,684
ARC Properties Operating Partnership, L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	ARC PROPERTIES OPERATING PARTNERSHIP, L.P.
Entity Central Index Key	0001528059

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Subsequent Events Subsequent Events - Agreement in Principle with Senior Noteholder Group (Detail) (USD $)	0 Months Ended
	Jan. 22, 2015
Subsequent Event [Line Items]
Consideration associated with agreement not to issue debt default	$ 300,000
Cure period	60 days
Senior Notes [Member] | Senior Notes, 2.00% Note, Due 2017 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage	2.00%
Senior Notes [Member] | Senior Notes, 3.00% Note, Due 2019 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage	3.00%
Senior Notes [Member] | Senior Notes, 4.60% Note, Due 2024 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage	4.60%
Convertible Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Indenture after receipt of notice from Trustee	60 days
Convertible Senior Notes [Member] | Convertible Notes Three Percent Note Due 2018 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage	3.00%
Convertible Senior Notes [Member] | Convertible NotesThree Point Seven Five Percent Note Due 2020 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate, stated percentage	3.75%

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Investment Securities, at Fair Value

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):

	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
CMBS		56,908		2,169		—		59,077
Total	$	56,908	$	2,169	$	—	$	59,077

	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. On September 29, 2014, the Company sold the 15 CMBS acquired in the Cole Merger for proceeds of $158.0 million, and recorded a gain of $6.2 million which is included in Gain (loss) on sale of investments in the accompanying consolidated statements of operations. In connection with the sale, the Company settled the outstanding repurchase agreements that were secured by a portion of the CMBS. See Note 13 — Other Debt for further discussion. As of September 30, 2014, the Company owned 10 CMBS with an estimated aggregate fair value of $59.1 million. As of December 31, 2013, the Company owned 10 CMBS with an estimated aggregate fair value of $60.6 million.

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

	September 30, 2014
	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due after one year through five years		1,075		1,104
Due after five years through 10 years		38,144		39,696
Due after 10 years		17,689		18,277
	$	56,908	$	59,077

Investment in Real Estate Fund

Prior to September 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 was accounted for under the equity method of accounting because the Company had significant influence but not control. During the three months ended September 30, 2014, the Company sold the investments and recorded a gain on the sale of the securities of approximately $178,000, which is included in the Gain (loss) on sale of investments in the accompanying consolidated statements of operations.

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Fair Value of Financial Instruments (Reconciliation of Instrument with Unobservable Inputs) (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 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	9,456
Changes in fair value included in net income, net	(14,564)
Fair value at purchase/issuance	147,591
Sale of CMBS acquired in the Cole Merger	(151,248)
Reclassification of previous unrealized gains on investment securities into net loss-CMBS	(7,417)
Return of principal received	(3,678)
Amortization included in net income, net	184
Reclassification of contingent consideration to held for sale	4,596
Redemption of Series D	30,310
Ending balance	59,077
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets 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	9,456
Changes in fair value included in net income, net	0
Fair value at purchase/issuance	151,197
Sale of CMBS acquired in the Cole Merger	(151,248)
Reclassification of previous unrealized gains on investment securities into net loss-CMBS	(7,417)
Return of principal received	(3,678)
Amortization included in net income, net	184
Reclassification of contingent consideration to held for sale	0
Redemption of Series D	0
Ending balance	59,077
Series D Preferred Stock Embedded Derivative [Member]
Fair Value, Assets 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	(13,574)
Fair value at purchase/issuance	0
Sale of CMBS acquired in the Cole Merger	0
Reclassification of previous unrealized gains on investment securities into net loss-CMBS	0
Return of principal received	0
Amortization included in net income, net	0
Reclassification of contingent consideration to held for sale	0
Redemption of Series D	30,310
Ending balance	0
Contingent Consideration [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance as of December 31, 2013	0
Unrealized gain included in other comprehensive income, net	0
Changes in fair value included in net income, net	(990)
Fair value at purchase/issuance	(3,606)
Sale of CMBS acquired in the Cole Merger	0
Reclassification of previous unrealized gains on investment securities into net loss-CMBS	0
Return of principal received	0
Amortization included in net income, net	0
Reclassification of contingent consideration to held for sale	4,596
Redemption of Series D	0
Ending balance	$ 0

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Other Debt - Repurchase Agreements (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013		Feb. 07, 2014
Short-term Debt [Line Items]
Other debt, net	$ 48,587	$ 104,804	[1]
Secured Debt [Member] | Debt Repurchase Agreement [Member]
Short-term Debt [Line Items]
Other debt, net				$ 49,000

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

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Revenues:
Rental income	$ 365,712,000		$ 89,729,000	[1]	$ 924,646,000		$ 183,251,000	[1]
Direct financing lease income	625,000		1,201,000	[1]	2,812,000		1,201,000	[1]
Operating expense reimbursements	30,984,000		4,325,000	[1]	81,716,000		8,516,000	[1]
Cole Capital revenue	59,797,000		0	[1]	151,276,000		0	[1]
Total revenues	457,118,000		95,255,000	[1],[2]	1,160,450,000		192,968,000	[1],[2]
Operating expenses:
Cole Capital reallowed fees and commissions	15,398,000		0	[1]	56,902,000		0	[1]
Acquisition related	13,998,000	[3]	26,948,000	[1],[3]	34,616,000	[3]	74,541,000	[1],[3]
Merger and other non-routine transactions	7,632,000	[4]	4,301,000	[1],[4]	175,352,000	[4]	133,734,000	[1],[4]
Property operating	40,977,000		5,430,000	[1]	110,018,000		11,065,000	[1]
Management fees to affiliates	0		0	[1]	13,888,000		12,493,000	[1]
General and administrative	32,207,000	[5]	9,866,000	[1],[5]	128,711,000	[5]	23,921,000	[1],[5]
Depreciation and amortization	265,150,000		62,136,000	[1]	689,731,000		122,484,000	[1]
Impairment of real estate	2,299,000		2,074,000	[1]	3,855,000		2,074,000	[1]
Total operating expenses	377,661,000		110,755,000	[1],[2]	1,213,073,000		380,312,000	[1],[2]
Operating income (loss)	79,457,000		(15,500,000)	[1]	(52,623,000)		(187,344,000)	[1]
Other (expense) income:
Interest expense, net	(101,643,000)		(27,189,000)	[1]	(326,491,000)		(45,414,000)	[1]
Extinguishment of debt, net	(5,396,000)		0	[1]	(21,264,000)		0	[1]
Other income, net	7,556,000		136,000	[1]	29,702,000		2,658,000	[1]
Loss on derivative instruments, net	(17,484,000)		(38,651,000)	[1]	(10,398,000)		(69,830,000)	[1]
Loss on held for sale assets and disposition of properties, net	(256,894,000)		0	[1]	(275,768,000)		0	[1]
Gain (loss) on sale of investments	6,357,000		(2,246,000)	[1]	6,357,000		(1,795,000)	[1]
Total other expenses, net	(367,504,000)		(67,950,000)	[1]	(597,862,000)		(114,381,000)	[1]
Net loss from continuing operations	(288,047,000)		(83,450,000)	[1]	(650,485,000)		(301,725,000)	[1]
Discontinued operations:
Income from operations of held for sale assets	0		96,000	[1]	0		159,000	[1]
Net income from discontinued operations	0		96,000	[1],[2]	0		159,000	[1],[2]
Net loss	(288,047,000)		(83,354,000)	[1],[2]	(650,485,000)		(301,566,000)	[1],[2]
Net income attributable to non-controlling interests	7,649,000		3,153,000	[1]	23,923,000		7,882,000	[1]
Net loss attributable to the Company	(280,398,000)		(80,201,000)	[1]	(626,562,000)		(293,684,000)	[1]
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$ (0.35)		$ (0.36)	[1]	$ (0.94)		$ (1.50)	[1]
Basic and diluted net loss per share attributable to common unitholders			$ (0.36)				$ (1.50)
Basic and diluted net loss per share from discontinued operations attributable to common stockholders	$ 0		$ 0	[1]	$ 0		$ 0	[1]
ARC Properties Operating Partnership, L.P. [Member]
Revenues:
Rental income	365,712,000		89,729,000		924,646,000		183,251,000
Direct financing lease income	625,000		1,201,000		2,812,000		1,201,000
Operating expense reimbursements	30,984,000		4,325,000		81,716,000		8,516,000
Cole Capital revenue	59,797,000		0		151,276,000		0
Total revenues	457,118,000		95,255,000		1,160,450,000		192,968,000
Operating expenses:
Cole Capital reallowed fees and commissions	15,398,000		0		56,902,000		0
Acquisition related	13,998,000		26,948,000		34,616,000		74,541,000
Merger and other non-routine transactions	7,632,000		4,301,000		175,352,000		133,734,000
Property operating	40,977,000		5,430,000		110,018,000		11,065,000
Management fees to affiliates	0		0		13,888,000		12,493,000
General and administrative	32,207,000		9,866,000		128,711,000		23,921,000
Depreciation and amortization	265,150,000		62,136,000		689,731,000		122,484,000
Impairment of real estate	2,299,000		2,074,000		3,855,000		2,074,000
Total operating expenses	377,661,000		110,755,000		1,213,073,000		380,312,000
Operating income (loss)	79,457,000		(15,500,000)		(52,623,000)		(187,344,000)
Other (expense) income:
Interest expense, net	(101,643,000)		(27,189,000)		(326,491,000)		(45,414,000)
Extinguishment of debt, net	(5,396,000)				(21,264,000)
Other income, net	7,556,000		136,000		29,702,000		2,658,000
Loss on derivative instruments, net	(17,484,000)		(38,651,000)		(10,398,000)		(69,830,000)
Loss on held for sale assets and disposition of properties, net	(256,894,000)		0		(275,768,000)		0
Gain (loss) on sale of investments	6,357,000		(2,246,000)		6,357,000		(1,795,000)
Total other expenses, net	(367,504,000)		(67,950,000)		(597,862,000)		(114,381,000)
Net loss from continuing operations	(288,047,000)		(83,450,000)		(650,485,000)		(301,725,000)
Discontinued operations:
Income from operations of held for sale assets	0		96,000		0		159,000
Net income from discontinued operations	0		96,000		0		159,000
Net loss	(288,047,000)		(83,354,000)		(650,485,000)		(301,566,000)
Net income attributable to non-controlling interests	155,000				235,000
Net loss attributable to the Company	$ (288,202,000)		$ (83,354,000)		$ (650,720,000)		$ (301,566,000)
Basic and diluted net loss per share attributable to common unitholders	$ (0.35)		$ (0.36)		$ (0.94)		$ (1.48)

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

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

[3] Includes $1.7 million to affiliates for the nine months ended September 30, 2014, and $10.1 million and $36.9 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[4] Includes $137.8 million to affiliates for the nine months ended September 30, 2014, and $2.3 million and $109.2 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[5] Includes $0.1 million and $16.1 million to affiliates for the three and nine months ended September 30, 2014, respectively, and $7.0 million and $16.3 million to affiliates for the three and nine months ended September 30, 2013, respectively.

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Restatement of Previously Issued Consolidated Financial Statements

9 Months Ended

Sep. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Consolidated Financial Statements

Note 2 — Restatement of Previously Issued Consolidated Financial Statements

The Company has restated its consolidated balance sheets as of September 30, 2013 and December 31, 2013 and its consolidated statements of operations and consolidated statements of comprehensive loss for the three and nine months ended September 30, 2013. In addition, the Company has restated its consolidated statements of changes in equity and consolidated statement of cash flows for the nine months ended September 30, 2013 along with certain restated notes to such consolidated financial statements. As disclosed in Note 3 — Mergers and Acquisitions, the financial statements have been recast in applying the carryover basis of accounting to include the effects of the Company’s merger with American Realty Capital Trust IV, Inc. (“ARCT IV”). As it pertains to Note 2 and the disclosures contained herein, the use of the reference to the “Company” means “ARCP” only when describing the restatement of the consolidated financial statements as of and for the period ended September 30, 2013.

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. The Company has determined that it would be appropriate to correct such errors.

Year ended December 31, 2013

Corrections to the Company’s financial statements for the year ended December 31, 2013 are detailed 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 relate primarily to bonus accruals, real estate impairments, goodwill, merger and acquisition costs, transfer tax accrual and non-controlling interests.

Nine months Ended September 30, 2013 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 $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 operating fees to affiliates in the nine months ended September 30, 2013. No such expenses were identified in the three months ended September 30, 2013.

• Upon consummation of the Company’s merger with American Realty Capital Trust III, Inc. (“ARCT III”) (Note 3 —Mergers and Acquisitions), 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 FF&E costs in the nine months ended September 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 nine months ended September 30, 2013. See Note 20 — Related Party Transactions and Arrangements for further discussion. No such expenses were identified in the three months ended September 30, 2013.

• The Company improperly classified $0.3 million and $6.1 million of expenses as “merger-related” for the three and nine months ending September 2013, respectively. As such, the amounts have been reclassified from merger and other non-routine transaction related expenses to general and administrative expenses.

• The Company identified $1.2 million and $2.2 million of expenses that were improperly classified as merger and other transaction related expenses that should have been capitalized as deferred financing costs and amortized accordingly for the three and nine months ended September 30, 2013, respectively. As such, an adjustment to properly record and amortize the deferred financing costs has been made.

• The Company has determined that it should have recorded a controlling interest tax liability totaling $1.1 million upon consummation of the mergers with ARCT III. The accrual and corresponding merger and other non-routine transaction related expense are recorded for the nine months ended September 30, 2013. No such expenses were identified in the three months ended September 30, 2013.

• The Company identified net amounts of $167,000 and $254,000 of merger and other non-routine transaction related expenses that were recorded in the incorrect period. As such, the Company has decreased merger and other non-routine transaction related expenses by these amounts in the three and nine months ended September 30, 2013, respectively.

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 for a further breakout of the merger costs and other one-time costs.

Management Fees to Affiliate

The Company identified $0.5 million of operating fees to an affiliate that was improperly recorded in the nine months ended September 30, 2013. Therefore, the Company decreased operating fees to affiliate by this amount for the nine months ended September 30, 2013. No such expenses were identified in the three months ended September 30, 2013.

General and Administrative

The Company originally reported $7.2 million and $11.5 million during the three and nine months ended September 30, 2013, respectively, in equity-based compensation in its own line item, however it now reports such compensation as general and administrative expenses.

Impairment of Real Estate

The Company originally believed that the risk of impairment of its real estate and related assets was mitigated by the fact that substantially all of the Company’s real estate portfolio had been acquired in 2012 and 2013. As a result, the Company had failed to monitor events and changes in circumstances that could indicate that the carrying amount of its real estate and related assets may not be recoverable. The Company performed a detailed analysis of the portfolio in connection with the restatement and noted certain properties with impairment indicators. The Company assessed the recoverability of the carrying amounts as of the date in which the impairment indicators existed. Based on this assessment, the Company noted one property with a carrying amount in excess of the fair value of its expected undiscounted cash flows as of September 30, 2013. As a result, the Company reduced the carrying amount of the real estate and related net assets to their estimated fair values by recognizing an impairment loss of $2.1 million for the three and nine months ended September 30, 2013.

Net Loss Attributable to Non-Controlling Interests

The original calculation of the net loss attributable to non-controlling interest holders for the three and nine months ended September 30, 2013 excluded expenses that were improperly recorded at the Company’s 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 2013 restated consolidated financial statements reflect an increase of $2.9 million and $6.7 million for net loss attributable to non-controlling interest holders and corresponding decreases in net loss attributable to stockholders during the three and nine months ended September 30, 2013, respectively.

Due to Affiliates

Amounts due to affiliates of the Company of $6.1 million, previously reported in accounts payable and accrued expenses, are now reported on a separate line item on the consolidated restated balance sheet as of September 30, 2013.

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 nine months ended September 30, 2013 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 unaudited financial statements for the nine months ended September 30, 2013. However, in conjunction with the restatement, the Company determined that it would be appropriate to correct such errors.

The Company also recorded certain reclassifications to conform the presentation of its restated consolidated statement of operations for the three and nine months ended September 30, 2013 to the current period classification and maintain comparability.

September 30, 2013 Restated Consolidated Balance Sheet

	September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	521,139		$	494,330		$	—		$	(1,581	)	$	1,013,888
Buildings, fixtures and improvements		2,121,178			1,429,122			—			(1,028	)		3,549,272
Acquired intangible lease assets		328,733			221,663			347			(85	)		550,658
Total real estate investments, at cost		2,971,050			2,145,115			347			(2,694	)		5,113,818
Less: accumulated depreciation and amortization		(148,162	)		(30,941	)		(143	)		230			(179,016	)
Total real estate investments, net		2,822,888			2,114,174			204			(2,464	)		4,934,802
Cash and cash equivalents		150,481			37,745			—			—			188,226
Investment in direct financing leases, net		57,449			17,954			—			—			75,403
Investment securities, at fair value		9,480			—			—			—			9,480
Derivative assets, at fair value		7,088			28			(7,116	)		—			—
Restricted cash		1,680			—			—			—			1,680
Prepaid expenses and other assets		48,165			15,111			(63,276	)		—			—
Receivable for Issuances of common stock		—			14,311			(14,311	)		—			—
Deferred costs, net		47,754			—			(47,754	)		—			—
Assets held for sale		6,028			—			—			(14	)		6,014
Deferred costs and other assets, net		—			—			132,253			598			132,851
Total assets	$	3,151,013		$	2,199,323		$	—		$	(1,880	)	$	5,348,456
LIABILITIES AND EQUITY
Mortgage notes payable		269,891			2,124			—			—			272,015
Convertible debt		300,975			—			—			—			300,975
Senior corporate credit facility		600,000			710,000			—			—			1,310,000
Convertible obligation to Series C Convertible Preferred stockholders, at fair value		449,827			—			—			—			449,827
Contingent value rights obligation to preferred and common investors, at fair value		49,314			—			—			—			49,314
Below-market lease liabilities, net		4,200			—			—			(620	)		3,580
Derivative liabilities, at fair value		—			—			—			—			—
Accounts payable and accrued expenses		14,740			662,432			(897	)		(5,303	)		670,972
Deferred rent and other liabilities		9,189			2,901			897			—			12,987
Distributions payable		72			9,810			—			436			10,318
Due to affiliates		—			—			—			6,107			6,107
Total liabilities		1,698,208			1,387,267			—			620			3,086,095
Convertible preferred stock, $0.01 par value, 100,000,000 shares authorized, 42,215,346 shares issued and outstanding at September 30, 2013		—			422			—			—			422
Common stock, $0.01 par value, 750,000,000 shares authorized and 222,351,780 issued and outstanding at September 30, 2013		1,848			375			—			—			2,223
Additional paid-in capital		1,803,315			904,640			—			3,035			2,710,990
Accumulated other comprehensive income		4,857			28			—			—			4,885
Accumulated deficit		(480,817	)		(121,392	)		—			2,416			(599,793	)
Total stockholders’ equity		1,329,203			784,073			—			5,451			2,118,727
Non-controlling interests		123,602			27,983			—			(7,951	)		143,634
Total equity		1,452,805			812,056			—			(2,500	)		2,262,361
Total liabilities and equity	$	3,151,013		$	2,199,323		$	—		$	(1,880	)	$	5,348,456

(1) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

(2) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

Restated Statement of Operations (for the three months ended September 30, 2013)

	Three Months Ended
	September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	56,681		$	33,054		$	(6	)	$	—		$	89,729
Direct financing lease income		977			224			—			—			1,201
Operating expense reimbursements		3,226			1,093			6			—			4,325
Total revenues		60,884			34,371			—			—			95,255
Operating expenses:
Acquisition related		1,235			25,713			—			—			26,948
Merger and other non-routine transactions		3,791			2,122			—			(1,612	)		4,301
Property operating		4,103			1,341			—			(14	)		5,430
Management fees to affiliate		—			—			—			—			—
General and administrative		1,586			822			—			7,458			9,866
Equity-based compensation		7,180			—			—			(7,180	)		—
Depreciation and amortization		39,382			23,030			—			(276	)		62,136
Operating fees to affiliate		—			—			—			—			—
Impairment of real estate		—			—			—			2,074			2,074
Total operating expenses		57,277			53,028			—			450			110,755
Operating income		3,607			(18,657	)		—			(450	)		(15,500	)
Other (expense) income:
Interest expense		(24,135	)		(3,054	)		—			—			(27,189	)
Loss on contingent value rights		(38,542	)		—			38,542						—
Income from investment securities		—			—			—			—			—
Gain (loss) on sale of investment securities		—			(2,246	)		—			—			(2,246	)
Loss on derivative instruments		(99	)		—			(38,542	)					(38,651	)
Other income, net		45			44			—			47			136
Total other expenses, net		(62,731	)		(5,256	)		—			37			(67,950	)
Loss from continuing operations		(59,124	)		(23,913	)		—			(413	)		(83,450	)
Net (gain) loss from continuing operations attributable to non-controlling interests		(30	)		260			—			2,923			3,153
Net loss from continuing operations attributable to stockholders		(59,154	)		(23,653	)		—			2,514			(80,293	)
Discontinued operations:
Net income (loss) from operations of held for sale properties		96			—			—			—			96
(Loss) gain on held for sale properties		—			—			—			—			—
Net income (loss) from discontinued operations		96			—						—			96
Net (loss) income from discontinued operations attributable to non-controlling interests		(5	)		—			—			5			—
Net income (loss) from discontinued operations attributable to stockholders		91			—			—			5			96
Net loss		(59,028	)		(23,913	)		—			(413	)		(83,354	)
Net (income) loss attributable to non-controlling interests		(35	)		260			—			2,928			3,153
Net loss attributable to stockholders	$	(59,063	)	$	(23,653	)	$	—		$	2,515		$	(80,201	)
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(0.32	)	$	—		$	—		$	—		$	(0.36	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.32	)	$	—		$	—		$	—		$	(0.36	)

Restated Statement of Operations (for the nine months ended September 30, 2013)

	Nine Months Ended
	September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	138,060		$	45,102		$	89		$	—		$	183,251
Direct financing lease income		977			224			—			—			1,201
Operating expense reimbursements		6,878			1,727			(89	)		—			8,516
Total revenues		145,915			47,053			—			—			192,968
Operating expenses:
Acquisition related		21,961			52,603			—			(23	)		74,541
Merger and other non-routine transactions		146,240			3,835			—			(16,341	)		133,734
Property operating		8,972			2,107			—			(14	)		11,065
Management fees to affiliate		—			—			—			12,493			12,493
General and administrative		4,018			2,214			34			17,655			23,921
Equity-based compensation		11,510			—			—			(11,510	)		—
Depreciation and amortization		92,211			30,620			(34	)		(313	)		122,484
Operating fees to affiliate		—			—			—			—			—
Impairment of real estate		—			—			—			2,074			2,074
Total operating expenses		284,912			91,379			—			4,021			380,312
Operating income		(138,997	)		(44,326	)		—			(4,021	)		(187,344	)
Other (expense) income:
Interest expense		(41,589	)		(3,240	)		—			(585	)		(45,414	)
Loss on contingent value rights		(69,676	)		—			69,676			—			—
Income from investment securities		218			1,798			(2,016	)		—			—
Gain (loss) on sale of investment securities		451			(2,246	)		—			—			(1,795	)
Loss on derivative instruments		(144	)		—			(69,676	)		(10	)		(69,830	)
Other income, net		171			463			2,016			8			2,658
Total other expenses, net		(110,569	)		(3,225	)		—			(587	)		(114,381	)
Loss from continuing operations		(249,566	)		(47,551	)		—			(4,608	)		(301,725	)
Net (gain) loss from continuing operations attributable to non-controlling interests		726			415			—			6,741			7,882
Net loss from continuing operations attributable to stockholders		(248,840	)		(47,136	)		—			2,133			(293,843	)
Discontinued operations:
Net income (loss) from operations of held for sale properties		159			—			—			—			159
(Loss) gain on held for sale properties		14			—			—			(14	)		—
Net income (loss) from discontinued operations		173			—			—			(14	)		159
Net (loss) income from discontinued operations attributable to non-controlling interests		(9	)		—			—			9			—
Net income (loss) from discontinued operations attributable to stockholders		164			—			—			(5	)		159
Net loss		(249,393	)		(47,551	)		—			(4,622	)		(301,566	)
Net (income) loss attributable to non-controlling interests		717			415			—			6,750			7,882
Net loss attributable to stockholders	$	(248,676	)	$	(47,136	)	$	—		$	2,128		$	(293,684	)
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(1.49	)	$	—		$	—		$	—		$	(1.50	)
Basic and diluted net loss per share attributable to common stockholders	$	(1.49	)	$	—		$	—		$	—		$	(1.50	)

(1) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

(2) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

2013 Restated Statement of Comprehensive Loss (for the three months ended September 30, 2013) ⁽¹⁾

	Three Months Ended September 30, 2013
	As Previously Reported (2)			ARCT IV Recast (3)			Restatement Adjustments			As Restated
Net loss	$	(59,028	)	$	(23,913	)	$	(413	)	$	(83,354	)
Other comprehensive loss:
Designated derivatives, fair value adjustments		(3,622	)		(13	)		—			(3,635	)
Change in unrealized gain/loss on investment securities		(440	)		—			1,378			938
Total other comprehensive loss		(4,062	)		(13	)		1,378			(2,697	)
Total comprehensive loss		(63,090	)		(23,926	)		965			(86,051	)
Net (income) loss attributable to non-controlling interests		(30	)		260			2,923			3,153
Total comprehensive loss attributable to the Company	$	(63,120	)	$	(23,666	)	$	3,888		$	(82,898	)

2013 Restated Statement of Comprehensive Loss (for the nine months ended September 30, 2013) ⁽¹⁾

	Nine Months Ended September 30, 2013
	As Previously Reported (2)			ARCT IV Recast (3)			Restatement Adjustments			As Restated
Net loss	$	(249,393	)	$	(47,551	)	$	(4,622	)	$	(301,566	)
Other comprehensive income:
Designated derivatives, fair value adjustments		9,218			28			—			9,246
Change in unrealized gain/loss on investment securities		(427	)		—			—			(427	)
Total other comprehensive income		8,791			28			—			8,819
Total comprehensive loss		(240,602	)		(47,523	)		(4,622	)		(292,747	)
Net loss attributable to non-controlling interests		717			415			6,750			7,882
Total comprehensive loss attributable to the Company	$	(239,885	)	$	(47,108	)	$	2,128		$	(284,865	)

(1) The statement of comprehensive loss was originally included within the consolidated statement of operations in the recasted filing; it is now presented as a standalone financial statement.

(2) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

(3) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

Restated Statement of Cash Flows for the Nine Months Ended September 30, 2013

	Nine Months Ended September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Restatement Adjustments			As Restated
Cash flows from operating activities:
Net loss	$	(249,393	)		(47,551	)	$	(4,622	)	$	(301,566	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of operating partnership units for ARCT III Merger and other transaction related expenses		108,247			—			(476	)		107,771
Depreciation		99,832			31,501			272			131,605
(Gain) loss on held for sale properties		(14	)		—			14			—
Impairment of real estate		—			—			2,074			2,074
Equity-based compensation		13,895			18			68			13,981
Loss on derivative instruments		144			—			—			144
Unrealized loss on investments		14			—			—			14
Unrealized loss on contingent value rights obligations, net of settlement payments		49,314			—			—			49,314
Convertible obligations to Series C Convertible Preferred stockholders, fair value adjustment		4,827			—			—			4,827
(Gain) loss on sale of investments		(451	)		2,246			—			1,795
Changes in assets and liabilities:
Investment in direct financing leases		102			46			—			148
Prepaid expenses and other assets		(12,081	)		(8,432	)		—			(20,513	)
Accounts payable and accrued expenses		4,464			11,251			(5,280	)		10,435
Deferred rent and other liabilities		3,068			2,843			—			5,911
Due from Affiliates		—			(4,105	)		—			(4,105	)
Due to Affiliates		—			—			6,107			6,107
Net cash provided by (used in) operating activities		21,968			(12,183	)		(1,843	)		7,942
Cash flows from investing activities:
Investments in real estate and other assets		(1,173,497	)		(2,068,337	)		—			(3,241,834	)
Investment in direct financing leases		(57,551	)		(18,000	)		—			(75,551	)
Capital expenditures		(113	)		—			—			(113	)
Purchase of assets from Manager		(1,041	)		—			1,041			—
Deposits for real estate investments		(28,836	)		(2,279	)		—			(31,115	)
Purchases of investment securities		(12,004	)		(69,460	)		—			(81,464	)
Proceeds from sale of investment securities		44,188			67,214			—			111,402
Net cash used in investing activities		(1,228,854	)		(2,090,862	)		1,041			(3,318,675	)
Cash flows from financing activities:
Proceeds from mortgage notes payable		4,773			2,124			—			6,897
Proceeds from senior corporate credit facility		860,000			710,000			—			1,570,000
Payments on senior corporate credit facility		(384,604	)		—			—			(384,604	)
Proceeds from corporate bonds		(38,221	)		(15,176	)		—			(53,397	)
Proceeds from issuance of convertible debt		310,000			—			—			310,000
Common stock repurchases		(357,916	)		(177	)		—			(358,093	)
Proceeds from issuance of convertible obligations to Series C Convertible Preferred stockholders		445,000			—			—			445,000
Proceeds from issuance of common stock, net		486,536			1,320,729			(68	)		1,807,197

The consolidated statement of cash flows continues onto the next page.

	Nine Months Ended September 30, 2013
	As Previously Reported (1)			ARCT IV Recast (2)			Restatement Adjustments			As Restated
Payments of deferred financing costs	$	—		$	—		$	(2,165	)	$	(2,165	)
Consideration paid for assets of Manager in excess of carryover basis		(3,035	)		—			3,035			—
Contributions from non-controlling interest holders		750			29,008			—			29,758
Distributions to non-controlling interest holders		(5,170	)		(445	)		—			(5,615	)
Distributions paid		(117,047	)		(40,599	)		—			(157,646	)
Advances from affiliates, net		—			(376	)		—			(376	)
Restricted cash		(572	)		—			—			(572	)
Net cash provided by financing activities		1,200,494			2,005,088			802			3,206,384
Net change in cash and cash equivalents		(6,392	)		(97,957	)		—			(104,350	)
Cash and cash equivalents, beginning of period		156,873			135,702			—			292,575
Cash and cash equivalents, end of period	$	150,481		$	37,745		$	—		$	188,226

(1) Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the nine month period ended September 30, 2013.

(2) These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

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Organization

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Organization

Note 1 — Organization

American Realty Capital Properties, Inc. (the “General Partner” 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.”

ARCP is the general partner of ARC Properties Operating Partnership, L.P. (together with its subsidiaries, the “Operating Partnership” or the “OP”), a Delaware limited partnership, which was formed on January 13, 2011 to conduct the business of acquiring, owning and operating single-tenant, freestanding commercial real estate properties. The Operating Partnership is the entity through which substantially all of the General Partner’s operations are conducted. Together, the General Partner, with the Operating Partnership and their consolidated subsidiaries are known as the “Company.” The term the “Company” refers to the General Partner and the Operating Partnership collectively.

The actions of the Operating Partnership and its relationship with ARCP are governed by that certain Third Amended and Restated Agreement of Limited Partnership (the “LPA”), effective as of January 3, 2014, as amended. The General Partner does not have any significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the General Partner and the Operating Partnership are substantially the same. Additionally, pursuant to the LPA, all administrative expenses and expenses associated with the formation and continuity of existence and operation of the General Partner incurred by the General Partner on the Operating Partnership’s behalf shall be treated as expenses of the Operating Partnership. Further, when the General Partner issues any equity instrument that has been approved by the General Partner’s board of directors to date, the LPA requires the Operating Partnership to issue the General Partner equity instruments with substantially similar terms, to protect the integrity of the Company’s umbrella partnership REIT structure, pursuant to which each holder of interests in the Operating Partnership has a proportionate economic interest in the Operating Partnership reflecting its capital contributions thereto. The LPA also provides that the Operating Partnership issue debt that mirrors debt issued by ARCP. The LPA will be amended to provide for the issuance of any additional class of equivalent equity instruments to the extent the General Partner’s board of directors authorizes the issuance of any new class of equity securities.

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. Substantially all of the Company’s REI segment is conducted through the OP. ARCP is the sole general partner and holder of 97.3% of the common equity interests in the OP as of September 30, 2014. As of September 30, 2014, certain affiliates of ARCP 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 LPA, after holding units of limited partner interests in the OP (“OP Units”) for a period of one year, unless otherwise consented to by ARCP, holders of OP Units have the right to redeem the OP Units for the cash value of a corresponding number of shares of ARCP’s common stock or, at the option of ARCP, a corresponding number of shares of ARCP’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 Cole Capital’s business 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 its best interest and the best interest of 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, ARCP terminated the management agreement with its Former Manager and ARCP and the OP entered into employment and incentive compensation arrangements with ARCP executives. See Note 20 — Related Party Transactions and Arrangements 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 for further discussion.

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Other Debt

9 Months Ended

Sep. 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 February 6, 2017 (the “2017 Notes”), $750.0 million aggregate principal amount of 3.00% senior notes due February 6, 2019 (the “2019 Notes”) and $500.0 million aggregate principal amount of 4.60% senior notes due February 6, 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 September 30, 2014, the unamortized net discount totaled $3.7 million.

On September 12, 2014, the OP commenced an offer to exchange the 2017 Notes, 2019 Notes and 2024 Notes for new $1.3 billion aggregate principal amount of 2.00% senior notes due 2017 (the “Exchange 2017 Notes”), new $750.0 million aggregate principal amount of 3.00% senior notes due 2019 (the “Exchange 2019 Notes”) and new $500.0 million aggregate principal amount of 4.60% senior notes due 2024 (the “Exchange 2024 Notes,” and, together with the Exchange 2017 Notes and Exchange 2019 Notes, the “Exchange Notes”). The terms of the Exchange Notes are substantially similar to the terms of the Notes except that the Exchange Notes are registered under the Securities Act of 1933 and are freely transferable. The exchange offer closed on October 16, 2014, with 100% of the Notes exchanged for Exchanged Notes.

Convertible Senior Note Offering

Effective July 29, 2013, the Operating Partnership issued to the General Partner $300.0 million of the 3.0% Convertible Senior Notes due 2018 and issued an additional $10.0 million of such notes on August 1, 2013 (collectively, the “Original 2018 Notes”). Effective December 10, 2013, the Company issued an additional $287.5 million 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. Such issuances were identical to ARCP’s registered issuances of the same amount of notes to various purchasers in a public offering. 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 for the General Partner to additional paid-in capital and for the Operating Partnership to partners’ equity, both 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 September 30, 2014, the carrying value of the Original 2018 Notes and Reopened 2018 Notes was $302.1 million and $283.0 million, respectively. In connection with any permissible conversion election made by the holders of the identical convertible notes issued by ARCP, the General Partner may elect to convert the 2018 Notes into cash, General Partner OP Units or a combination thereof, 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 General Partner OP Units per $1,000 principal amount of 2018 Notes.

Effective December 10, 2013, the Operating Partnership issued to the General Partner $402.5 million of 3.75% Convertible Senior Notes due 2020 (the “2020 Notes”). The 2020 Notes mature on December 15, 2020. Such issuance was identical to ARCP’s registered issuance of the same amount of notes to various purchasers in a public offering. 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 recorded for the General Partner to additional paid-in capital and for the Operating Partnership to partners’ equity, both 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 September 30, 2014, the carrying value of the 2020 Notes was $391.2 million. In connection with any permissible conversion election made by the holders of the identical convertible notes issued by ARCP, the General Partner may elect to convert the 2020 Notes into cash, General OP Units or a combination thereof, 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 General Partner OP Units per $1,000 principal amount of 2020 Notes.

The remaining unamortized discount for the 2018 Notes and 2020 Notes totaled $23.7 million as of September 30, 2014.

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 Company recorded a premium of $0.8 million upon the assumption of the term loan in Other debt, net on the consolidated balance sheet. 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. The secured term loan provides for monthly payments of both principal and interest. During the nine months ended September 30, 2014, the Company made principal payments of $10.2 million. The scheduled principal repayments subsequent to September 30, 2014 are $2.7 million for the period October 1, 2014 through December 31, 2014 and $11.9 million, $12.5 million, $7.7 million and $13.3 million for the years ended December 31, 2015, 2016, 2017 and 2018, respectively. The premium is being amortized to interest expense on the consolidated statements of operations over the life of the secured term loan. As of September 30, 2014, the unamortized premium is $0.6 million. As of September 30, 2014, the carrying value of the secured term loan was $48.6 million, which is included in other debt, net in the accompanying consolidated balance sheets.

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

	Borrowings		Collateral Carrying Value
Loans held for investment	$	30,689	$	43,900
Intercompany mortgage loans on CapLease properties		4,201		15,091
CMBS		13,126		21,600
	$	48,016	$	80,591

Repayments and Termination of Other Debt

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 Company recorded a discount of $4.4 million upon the assumption of the notes in Other debt, net on the consolidated balance sheet. On July 30, 2014, the Company redeemed the notes at par. Upon redemption, the Company wrote off $4.4 million of the remaining unamortized discount to Extinguishment of debt, net in the consolidated statement of operations.

Senior Notes

As part of the CapLease Merger, the Company assumed $19.2 million of senior notes (the “Senior Notes”) that bore 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 Company recorded a premium of $0.1 million upon the assumption of the Senior Notes in Other debt, net on the consolidated balance sheet. On July 14, 2014, the Company redeemed the $19.2 million outstanding on the Senior Notes at par. Upon redemption, the Company wrote off $0.1 million of the remaining unamortized premium to Extinguishment of debt, net in the consolidated statement 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. On September 29, 2014, in connection with the sale of CMBS securities, as discussed in Note 8 — Investment Securities, at Fair Value, the company settled all outstanding Repurchase Agreements at par with proceeds from the sale.

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 senior unsecured 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.

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Loans Held for Investment

9 Months Ended

Sep. 30, 2014

Receivables [Abstract]

Loans Held for Investment

Note 9 — Loans Held for Investment

During the nine months ended September 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 September 30, 2014, the Company owned 14 loans held for investment, which had a carrying value of $97.0 million and carried interest rates ranging from 5.28% to 7.24%. As of December 31, 2013, the two 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 September 30, 2014 and December 31, 2013, the Company had no reserve for loan loss.

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Mortgage Notes Payable (National Institute of Health) (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013		Sep. 30, 2013	Nov. 05, 2013	Jun. 12, 2014
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Mortgage notes payable, net	$ 3,782,407,000		$ 1,301,114,000	[1]	$ 272,015,000
Mortgages [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Mortgage notes payable, net	4,237,464,000	[2]	1,258,661,000
CapLease [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Building, historical cost						40,000,000
Bethesda Maryland [Member] | CapLease [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Area leased (in square feet)	9,133
Net rentable area (in square feet)	207,055
Percentage of square footage leased	4.40%
Bethesda Maryland [Member] | CapLease [Member] | Mortgages [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Debt issued amount							65,200,000
Mortgage notes payable, net							$ 53,800,000
Interest rate, stated percentage	5.32%

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

[2] Includes $542.8 million of mortgage notes held for sale.

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Acquisitions of CapLease, Cole and CCPT

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisitions of CapLease, Cole and CCPT

Note 5 — Acquisitions of CapLease, Cole and CCPT

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. The following table summarizes the revised estimated fair values of the assets acquired and liabilities assumed at the CapLease Acquisition Date (in thousands):

	Preliminary
	Adjusted Amounts Recognized 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 at the acquisition date of the percentage ownership of The Woodlands, Texas development activity not held by the Company. See Note 7 — Real Estate Investments 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 are presented as if CapLease had been included in the consolidated results of the Company for the nine months ended September 30, 2014 and 2013.

Cole Acquisition

On February 7, 2014, the Company completed its acquisition of Cole, as discussed in Note 3 — Mergers and Acquisitions. 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 ARCP’s common stock issued, excluding those common shares transferred to former Cole executives, was determined based on the closing market price of ARCP’s common stock on the Cole Acquisition Date. In accordance with the LPA, the Operating Partnership issued a corresponding number of General Partner OP Units to ARCP when shares of ARCP’s common stock were issued to former stockholders of Cole.

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 September 30, 2014 are presented consolidated and by segments in the tables below.

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

	Preliminary
	Adjusted Total as of Cole Acquisition Date
Identifiable Assets Acquired at Fair Value:
Land	$	1,737,839
Buildings, fixtures and improvements		5,901,827
Acquired intangible lease assets		1,324,217
Total real estate investments		8,963,883
Investment in unconsolidated entities		103,966
Investment securities, at fair value		151,197
Loans held for investment, net		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, net		2,706,585
Credit facilities		1,309,000
Other debt		49,013
Below-market lease liabilities		212,433
Accounts payable and accrued expenses		142,243
Deferred 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

The following table summarizes the revised estimated fair values of the assets acquired and liabilities assumed for the REI segment as initially recorded at the Cole Acquisition Date (in thousands):

	Preliminary
	REI Segment (Adjusted)
Identifiable Assets Acquired at Fair Value:
Land	$	1,737,839
Buildings, fixtures and improvements		5,901,827
Acquired intangible lease assets		1,324,217
Total real estate investments		8,963,883
Investment in unconsolidated entities		100,659
Investment securities, at fair value		151,197
Loans held for investment, net		72,326
Cash and cash equivalents		129,552
Restricted cash		15,704
Deferred costs and other assets		43,774
Total identifiable assets acquired	$	9,477,095
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable, net		2,706,585
Credit facilities		1,309,000
Other debt		49,013
Below-market lease liabilities		212,433
Accounts payable and accrued expenses		87,628
Deferred rent, derivative and other liabilities		67,841
Dividends payable		6,271
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

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed for Cole Capital as initially recorded at the Cole Acquisition Date, as well as measurement period adjustments made and the revised estimated fair values of the assets acquired and liabilities assumed at the Cole Acquisition Date (in thousands):

	Preliminary
	Cole Capital (Adjusted)
Identifiable Assets Acquired at Fair Value:
Investment in unconsolidated entities	$	3,307
Cash and cash equivalents		20,413
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:
Accounts payable and accrued expenses		54,615
Deferred rent, derivative and other liabilities		167,458
Due to affiliates		44
Total liabilities assumed		222,117
Net identifiable assets acquired		241,165
Goodwill		558,835
Net assets acquired	$	800,000

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 $62.3 million of amortization expense for the period from the Cole Acquisition Date to September 30, 2014. The estimated amortization expense for the remainder of the year ending December 31, 2014 is $24.3 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.

Subsequent to September 30, 2014, the Company noted potential impairment indicators of intangible assets acquired in the Cole Merger such that it is reasonably possible that the estimate of the fair value of such intangible assets may change in the near term, which will result in the need to record an impairment loss to reduce the intangible assets to fair value. Any such impairment losses may have a material impact on the Company’s assets and stockholder’s equity, operating and net loss and comprehensive loss.

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 Company’s Annual Report on Form 10-K/A 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 September 30, 2014 was $625.8 million and $68.9 million respectively.

The pro forma consolidated statements of operations in Note 7 — Real Estate Investments are presented as if Cole had been included in the consolidated results of the Company for the entire periods ended September 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. 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 CCPT Acquisition Date to the period ended September 30, 2014 was $5.0 million and $2.3 million respectively.

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Restated Consolidated Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended		12 Months Ended
	Sep. 30, 2013		Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (301,566)	[1],[2]
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of operating partnership units for ARCT III Merger and other transaction related expenses	107,771	[1]
Depreciation	131,605	[1]
(Gain) loss on held for sale properties	0	[1]
Impairment of real estate	2,074	[1]	3,300
Equity-based compensation	13,981	[1]
Loss on derivative instruments	144	[1]
Unrealized loss on investments	14	[1]
Unrealized loss on contingent value rights obligations, net of settlement payments	49,314	[1]
Convertible obligations to Series C Convertible Preferred stockholders, fair value adjustment	4,827	[1]
(Gain) loss on sale of investments	1,795	[1]
Changes in assets and liabilities:
Investment in direct financing leases	148	[1]
Prepaid expenses and other assets	(20,513)	[1]
Accounts payable and accrued expenses	10,435	[1]
Deferred rent and other liabilities	5,911	[1]
Due from affiliates	(4,105)	[1]
Due to affiliates	6,107
Net cash provided by (used in) operating activities	7,942	[1]
Cash flows from investing activities:
Investments in real estate and other assets	(3,241,834)	[1]
Investment in direct financing leases	(75,551)	[1]
Capital expenditures	(113)	[1]
Purchase of assets from Manager	0
Deposits for real estate investments	(31,115)	[1]
Purchases of investment securities	(81,464)	[1]
Proceeds from sale of investment securities	111,402	[1]
Net cash used in investing activities	(3,318,675)	[1]
Cash flows from financing activities:
Proceeds from mortgage notes payable	6,897	[1]
Proceeds from senior corporate credit facility	1,570,000
Payments on senior corporate credit facility	(384,604)
Proceeds from corporate bonds	(53,397)	[1]
Proceeds from issuance of convertible debt	310,000	[1]
Common stock repurchases	(358,093)	[1]
Proceeds from issuance of convertible obligations to Series C Convertible Preferred stockholders	445,000
Proceeds from issuance of common stock, net	1,807,197	[1]
Payments of deferred financing costs	(2,165)	[1]
Consideration paid for assets of Manager in excess of carryover basis	0
Contributions from non-controlling interest holders	29,758	[1]
Distributions to non-controlling interest holders	(5,615)	[1]
Distributions paid	(157,646)	[1]
Advances from affiliates, net	(376)
Restricted cash	(572)	[1]
Net cash provided by financing activities	3,206,384	[1]
Net change in cash and cash equivalents	(104,349)	[1]
Cash and cash equivalents, beginning of period	292,575	[1]	292,575	[1]
Cash and cash equivalents, end of period	188,226	[1]	52,725	[1]
As Previously Reported [Member]
Cash flows from operating activities:
Net loss	(249,393)	[3],[4]
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of operating partnership units for ARCT III Merger and other transaction related expenses	108,247	[4]
Depreciation	99,832	[4]
(Gain) loss on held for sale properties	(14)	[4]
Impairment of real estate	0	[3],[4]
Equity-based compensation	13,895	[4]
Loss on derivative instruments	144	[4]
Unrealized loss on investments	14	[4]
Unrealized loss on contingent value rights obligations, net of settlement payments	49,314	[4]
Convertible obligations to Series C Convertible Preferred stockholders, fair value adjustment	4,827	[4]
(Gain) loss on sale of investments	(451)	[3],[4]
Changes in assets and liabilities:
Investment in direct financing leases	102	[4]
Prepaid expenses and other assets	(12,081)	[4]
Accounts payable and accrued expenses	4,464	[4]
Deferred rent and other liabilities	3,068	[4]
Due from affiliates	0	[4]
Due to affiliates	0	[4]
Net cash provided by (used in) operating activities	21,968	[4]
Cash flows from investing activities:
Investments in real estate and other assets	(1,173,497)	[4]
Investment in direct financing leases	(57,551)	[4]
Capital expenditures	(113)	[4]
Purchase of assets from Manager	(1,041)	[4]
Deposits for real estate investments	(28,836)	[4]
Purchases of investment securities	(12,004)	[4]
Proceeds from sale of investment securities	44,188	[4]
Net cash used in investing activities	(1,228,854)	[4]
Cash flows from financing activities:
Proceeds from mortgage notes payable	4,773	[4]
Proceeds from senior corporate credit facility	860,000	[4]
Payments on senior corporate credit facility	(384,604)	[4]
Proceeds from corporate bonds	(38,221)	[4]
Proceeds from issuance of convertible debt	310,000	[4]
Common stock repurchases	(357,916)	[4]
Proceeds from issuance of convertible obligations to Series C Convertible Preferred stockholders	445,000	[4]
Proceeds from issuance of common stock, net	486,536	[4]
Payments of deferred financing costs	0	[4]
Consideration paid for assets of Manager in excess of carryover basis	(3,035)	[4]
Contributions from non-controlling interest holders	750	[4]
Distributions to non-controlling interest holders	(5,170)	[4]
Distributions paid	(117,047)	[4]
Advances from affiliates, net	0	[4]
Restricted cash	(572)	[4]
Net cash provided by financing activities	1,200,494	[4]
Net change in cash and cash equivalents	(6,392)	[4]
Cash and cash equivalents, beginning of period	156,873	[4]	156,873	[4]
Cash and cash equivalents, end of period	150,481	[3],[4]
Reclassifications And Immaterial Adjustments [Member]
Cash flows from operating activities:
Net loss	0
Adjustments to reconcile net loss to net cash provided by operating activities:
Impairment of real estate	0
(Gain) loss on sale of investments	0
Cash flows from financing activities:
Cash and cash equivalents, end of period	0
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member]
Cash flows from operating activities:
Net loss	(47,551)	[5]
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of operating partnership units for ARCT III Merger and other transaction related expenses	0	[5]
Depreciation	31,501	[5]
(Gain) loss on held for sale properties	0	[5]
Impairment of real estate	0	[5]
Equity-based compensation	18	[5]
Loss on derivative instruments	0	[5]
Unrealized loss on investments	0	[5]
Unrealized loss on contingent value rights obligations, net of settlement payments	0	[5]
Convertible obligations to Series C Convertible Preferred stockholders, fair value adjustment	0	[5]
(Gain) loss on sale of investments	2,246	[5]
Changes in assets and liabilities:
Investment in direct financing leases	46	[5]
Prepaid expenses and other assets	(8,432)	[5]
Accounts payable and accrued expenses	11,251	[5]
Deferred rent and other liabilities	2,843	[5]
Due from affiliates	(4,105)	[5]
Due to affiliates	0	[5]
Net cash provided by (used in) operating activities	(12,183)	[5]
Cash flows from investing activities:
Investments in real estate and other assets	(2,068,337)	[5]
Investment in direct financing leases	(18,000)	[5]
Capital expenditures	0	[5]
Purchase of assets from Manager	0	[5]
Deposits for real estate investments	(2,279)	[5]
Purchases of investment securities	(69,460)	[5]
Proceeds from sale of investment securities	67,214	[5]
Net cash used in investing activities	(2,090,862)	[5]
Cash flows from financing activities:
Proceeds from mortgage notes payable	2,124	[5]
Proceeds from senior corporate credit facility	710,000	[5]
Payments on senior corporate credit facility	0	[5]
Proceeds from corporate bonds	(15,176)	[5]
Proceeds from issuance of convertible debt	0	[5]
Common stock repurchases	(177)	[5]
Proceeds from issuance of convertible obligations to Series C Convertible Preferred stockholders	0	[5]
Proceeds from issuance of common stock, net	1,320,729	[5]
Payments of deferred financing costs	0	[5]
Consideration paid for assets of Manager in excess of carryover basis	0	[5]
Contributions from non-controlling interest holders	29,008	[5]
Distributions to non-controlling interest holders	(445)	[5]
Distributions paid	(40,599)	[5]
Advances from affiliates, net	(376)	[5]
Restricted cash	0	[5]
Net cash provided by financing activities	2,005,088	[5]
Net change in cash and cash equivalents	(97,957)	[5]
Cash and cash equivalents, beginning of period	135,702	[5]	135,702	[5]
Cash and cash equivalents, end of period	37,745	[5]
Error Corrections [Member]
Cash flows from operating activities:
Net loss	(4,622)
Adjustments to reconcile net loss to net cash provided by operating activities:
Issuance of operating partnership units for ARCT III Merger and other transaction related expenses	(476)
Depreciation	272
(Gain) loss on held for sale properties	14
Impairment of real estate	2,074
Equity-based compensation	68
Loss on derivative instruments	0
Unrealized loss on investments	0
Unrealized loss on contingent value rights obligations, net of settlement payments	0
Convertible obligations to Series C Convertible Preferred stockholders, fair value adjustment	0
(Gain) loss on sale of investments	0
Changes in assets and liabilities:
Investment in direct financing leases	0
Prepaid expenses and other assets	0
Accounts payable and accrued expenses	(5,280)
Deferred rent and other liabilities	0
Due from affiliates	0
Due to affiliates	6,107
Net cash provided by (used in) operating activities	(1,843)
Cash flows from investing activities:
Investments in real estate and other assets	0
Investment in direct financing leases	0
Capital expenditures	0
Purchase of assets from Manager	1,041
Deposits for real estate investments	0
Purchases of investment securities	0
Proceeds from sale of investment securities	0
Net cash used in investing activities	1,041
Cash flows from financing activities:
Proceeds from mortgage notes payable	0
Proceeds from senior corporate credit facility	0
Payments on senior corporate credit facility	0
Proceeds from corporate bonds	0
Proceeds from issuance of convertible debt	0
Common stock repurchases	0
Proceeds from issuance of convertible obligations to Series C Convertible Preferred stockholders	0
Proceeds from issuance of common stock, net	(68)
Payments of deferred financing costs	(2,165)
Consideration paid for assets of Manager in excess of carryover basis	3,035
Contributions from non-controlling interest holders	0
Distributions to non-controlling interest holders	0
Distributions paid	0
Advances from affiliates, net	0
Restricted cash	0
Net cash provided by financing activities	802
Net change in cash and cash equivalents	0
Cash and cash equivalents, beginning of period	0		0
Cash and cash equivalents, end of period	$ 0

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

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

[3] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

[4] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the nine month period ended September 30, 2013.

[5] These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

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Related Party Transactions and Arrangements (General and Administrative Expenses) (Detail) (Affiliates Of Former Manager [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Administrative Expenses [Member]
Schedule of Other Related Party Transactions [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 60	$ 866	$ 2,015	$ 4,533
Equity Awards [Member]
Schedule of Other Related Party Transactions [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	6,138	14,074	11,814
General and Administrative Expense [Member]
Schedule of Other Related Party Transactions [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 60	$ 7,004	$ 16,089	$ 16,347

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Mergers and Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Mergers and Acquisitions

Note 3 — Mergers and Acquisitions

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 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 ARCP’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 ARCP’s common stock based on the ARCT III Exchange Ratio). In addition, 140.7 million shares of ARCP’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. In accordance with the LPA, the OP issued a corresponding number of General Partner OP Units to ARCP when ARCP issued common stock to former common stockholders of ARCT III.

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 which, when after applying the ARCT III Exchange Ratio, resulted in the issuance of an additional 7.3 million OP Units to affiliates of the Company’s 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 ARCP, common stock of ARCP.

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.

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 the Company and ARCT III 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 Operating Partnership, on behalf of ARCP, prior to ARCP’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, a Maryland corporation, 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, the OP, or any other of their respective wholly owned subsidiaries, was converted into the right to receive $8.50. Shares of CapLease’s outstanding restricted stock was accelerated and became fully vested, 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 ARCT IV Merger was consummated 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 ARCP’s common stock (the “ARCT IV Exchange Ratio”) and (iii) 0.5937 of a share of a new series of preferred stock 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 a Limited Partner OP Unit and (iii) 0.5937 of a Limited Partner OP Unit designated as Series F Preferred Units (“Limited Partner Series F OP Units”). In total, the Operating Partnership, on ARCP’s behalf, paid $651.4 million in cash, ARCP issued 36.9 million shares of common stock and 42.2 million shares of Series F Preferred Stock to the former ARCT IV shareholders, and the Operating Partnership issued 0.7 million units of Limited Partner Series F OP units and 0.6 million Limited Partner OP Units to the former 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 Limited Partner OP Units, resulting in the Company issuing 1.2 million Limited Partner OP Units. In accordance with the LPA, the OP issued a corresponding number of General Partner OP Units and Series F Preferred Units to ARCP when shares of ARCP’s common stock and Series F Preferred Stock were issued to former common stockholders of ARCT IV, respectively.

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 under common ownership 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 approximately $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 approximately $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 nine months ended September 30, 2014. Upon consummation of the ARCT IV Merger, these equity units were immediately converted to 6.7 million Limited Partner OP Units after application of the exchange ratio of 2.3961 per ARCT IV OP Unit. In conjunction with the ARCT IV Merger Agreement, the ARCT IV Special Limited Partner agreed to a minimum two-year holding period for these Limited Partner OP Units before being redeemable by the holder for cash or, at the option of the General Partner, the common stock of ARCP.

In addition, as part of the ARCT IV Contribution and Exchange Agreement, ARC Real Estate Partners, LLC, 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 Limited Partner OP Units per ARCT IV OP Unit, resulting in the Operating Partnership issuing 0.1 million Limited Partner OP Units to ARC Real Estate Partners, LLC.

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 OP prior to ARCP’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 into 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 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 quarter ended March 31, 2014, the Company closed the acquisition of the remaining 79 properties in the Fortress Portfolio on January 8, 2014, 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, ARCP 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 Operating Partnership 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 ARCP’s common stock (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 ARCP issuing approximately 520.8 million shares of common stock and paying $181.8 million in cash to Cole’s shareholders based on their elections. In accordance with the LPA, the Operating Partnership issued a corresponding number of General Partner OP Units to ARCP when shares of ARCP’s common stock were issued to former common stockholders of Cole.

In addition, ARCP issued approximately 2.8 million shares of 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, ARCP issued, but has not yet allocated, 365,321 shares with dividend equivalent rights commensurate with ARCP’s common stock. In accordance with the LPA, the Operating Partnership issued a corresponding number of General Partner OP Units to ARCP when shares of ARCP’s common stock were issued to former executives of Cole.

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 were 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 Operating Partnership, on the Company’s behalf, and the other entities sponsored directly or indirectly by ARC. The Inland Portfolio is comprised of 33 properties. As of September 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 and its subsidiaries 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 of a short-form merger under Maryland law, pursuant to which CCPT was merged with and into a subsidiary of the Company, with the subsidiary surviving the merger as a wholly owned 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.

Red Lobster Portfolio Acquisition

On May 15, 2014, the Operating Partnership, through a wholly owned subsidiary, entered into a master purchase agreement to acquire over 500 properties, substantially all of which are operating as Red Lobster^® restaurants (the “Red Lobster Portfolio”) from a third party. The transaction was structured as a sale-leaseback in which the Operating Partnership agreed to purchase the Red Lobster Portfolio and would 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 consisted of 522 Red Lobster^® restaurants and 20 other branded restaurant properties for a purchase price of $1.7 billion. The Company closed the Red Lobster Portfolio acquisition in the third quarter of 2014.

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, indirect subsidiaries of the Company entered into an Agreement of Purchase and Sale with BRE DDR Retail Holdings III LLC, an entity indirectly jointly owned by affiliates of Blackstone Real Estate Partners VII L.P. and DDR Corp., pursuant to which the parties definitively documented the sale of the Company’s multi-tenant shopping center portfolio. The properties to be sold pursuant to such agreement were the same properties that the Company had previously intended to spin off into an externally managed, NASDAQ traded REIT, American Realty Capital Centers, Inc. In light of the Company’s entry into such agreement, it abandoned its previously contemplated spin-off.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 4 — Summary of Significant Accounting Policies

The consolidated financial statements of the Company included herein include the accounts of ARCP and its consolidated subsidiaries, including the Operating Partnership. All intercompany amounts have been eliminated. The financial statements 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 nine months ended September 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 nine months ended September 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 September 30, 2014 and December 31, 2013, there were 24,690,496 and 9,591,173 OP Units outstanding, respectively. In addition, as discussed in Note 3 —Mergers and Acquisitions, the historical information of ARCT III and ARCT IV has been presented as if the mergers had occurred as of the beginning of the earliest period presented.

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 it 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 September 30, 2014 consisted of the Company’s interest in six joint ventures that owned six properties (the “Unconsolidated Joint Ventures”). As of September 30, 2014, the Company owned aggregate equity investments of $96.4 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. The Company records its proportionate share of net income from the Unconsolidated Joint Ventures within the Other income, net line item in the consolidated statement of operations. During the three and nine months ended September 30, 2014, the Company recognized $0.2 million and $1.6 million, respectively, of net income from the Unconsolidated Joint Ventures. The Company did not recognize any net income from the Unconsolidated Joint Ventures during the three and nine months ended September 30, 2013.

Investment in Managed REITs

As of September 30, 2014, the Company owned aggregate equity investments of $4.4 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. The Company records its proportionate share of net income from the Managed REITs within the Other income, net line item in the consolidated statement of operations. During the three and nine months ended September 30, 2014, the Company recognized $0.4 million of net income and $1.4 million of net loss, respectively, from the Managed REITs. The Company did not recognize any net income from the Managed REITs during the three and nine months ended September 30, 2013.

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. No impairments of unconsolidated entities were identified during the nine months ended September 30, 2014.

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 evaluation of an investment in a 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. The Company identified properties during the three and nine months ended September 30, 2014 and 2013 with impairment indicators for 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.

In addition to the properties discussed in Note 11 — Fair Value of Financial Instruments, as of September 30, 2014, the Company noted potential impairment indicators at certain properties with an aggregate carrying value of $145.5 million. However, the Company’s estimate of undiscounted cash flows indicated that such carrying amounts were expected to be recovered as of September 30, 2014. Nonetheless, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term, which will result in the need to record an impairment loss to reduce such assets to fair value. Any such impairment losses may have a material impact on the Company’s assets and stockholder’s equity, operating and net loss and comprehensive loss. The evaluation of properties 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. In conjunction with the disposition of the Multi-Tenant Portfolio, as defined in Note 22 — Property Dispositions, the Company evaluated the remaining portion of goodwill assigned to the REI segment for impairment. The fair value of the REI segment was determined to be greater than the book value of its net assets. As such, no goodwill impairment was recorded during the nine months ended September 30, 2014.

Subsequent to September 30, 2014, the Company noted potential impairment indicators of goodwill such that it is reasonably possible that the estimate of the fair value of each reporting unit may change in the near term, which will result in the need to record an impairment loss to reduce goodwill to fair value. Any such impairment losses may have a material impact on the Company’s assets and stockholder’s equity, operating and net loss and comprehensive loss.

The following summarizes the Company’s goodwill activity during the nine months ended September 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)		(209,259	)		—		(209,259	)
Balance as of September 30, 2014	$	1,537,615		$	558,835	$	2,096,450

(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 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 offerings and reserves for any balances considered not collectible. No reserves were recorded as of September 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 September 30,					Nine Months Ended September 30,
	2014		2013 (As Corrected)			2014		2013 (As Corrected)
Merger related costs:
Strategic advisory services	$	3,150	$	750		$	35,765	$	12,549
Transfer taxes		—		—			5,109		1,085
Legal fees and expenses		579		2,052			5,126		5,242
Personnel costs and other reimbursements		—		348			751		987
Multi-tenant spin-off		2,270		—			7,450		—
Other fees and expenses		—		(52	)		1,676		5,408
Other non-routine costs
Post-transaction support services		—		1,200			14,251		3,200
Subordinated distribution fees		—		—			78,244		98,360
Furniture, fixtures and equipment		—		—			14,085		5,800
Legal fees and expenses		743		—			2,569		950
Personnel costs and other reimbursements		—		—			2,718		—
Other fees and expenses		890		3			7,608		153
Total	$	7,632	$	4,301		$	175,352	$	133,734

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 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 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

ARCP 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, ARCP 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 ARCP 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 Operating Partnership is classified as a partnership for federal income tax purposes. As a partnership, the Operating Partnership is not a taxable entity for federal income tax purposes. Instead, each partner in the Operating Partnership is required to take into account its allocable share of the Operating Partnership’s income, gains, losses, deductions, and credits for each taxable year. However, the Operating Partnership may be subject to certain state and local taxes on its income and property.

As of September 30, 2014, the Operating Partnership, ARCP, ARCT III and ARCT IV had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended December 31, 2010 remain open to examination by the major taxing jurisdictions to which the Operating Partnership, ARCP, ARCT III and ARCT IV are subject.

Under the LPA, the Operating Partnership is to conduct business in such a manner as to permit ARCP at all times to qualify as a REIT.

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, it 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.

In conjunction with the acquisition of the Red Lobster Portfolio, the Company entered into a reverse section 1031 like-kind exchange agreement with a third party intermediary. The exchange agreement is for a maximum of 180 days and allows the Company, for tax purposes, to defer gains on the sale of other properties sold within this period. Until the earlier of termination of the exchange agreements or 180 days after the first acquisition date, the third party intermediary is the legal owner of each property, although the Company controls the activities that most significantly impact each property and retains all of the economic benefits and risks associated with each property. Each property is held by the third party intermediary in a variable interest entity for which the Company is the primary beneficiary. Accordingly, the Company consolidates these properties and their operations even during the period they are held by the third party intermediary. As of September 30, 2014, 541 Red Lobster properties acquired in July and September of 2014 were held by the third party intermediary. The Company has consolidated each of these properties since the date of acquisition.

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, 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. Beginning 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 are 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 (“ASU 2014-09”), 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.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early application permitted. The Company does not believe ASU 2014-15, when effective, will have a material impact on the Company’s consolidated unaudited financial statements because the Company currently does not have any conditions that give rise to substantial doubt about its ability to continue as a going concern.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. These changes will require re-evaluation of certain entities for consolidation and will require the Company to revise its documentation regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its financial statements.

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Segment Reporting

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Reporting

Note 6 — Segment Reporting

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. As of September 30, 2014, the Company owned 4,714 properties comprising 113.8 million square feet of single- and multi-tenant retail and commercial space located in 49 states and Canada, which include properties owned through consolidated joint ventures. The rentable space at these properties was 99.2% leased with a weighted average remaining lease term of 11.50 years. In addition, as of September 30, 2014, the Company owned 10 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.

On September 30, 2014, the Company entered into a definitive equity purchase agreement (the “Purchase Agreement”), to sell Cole Capital to RCAP, and, in conjunction with the sale agreement, entered into sub-advisory agreements to provide acquisition and property management services to Cole Capital subsequent to the closing of the transaction. These agreements were subsequently terminated by RCAP on November 3, 2014 as a result of the Audit Committee investigation into the Company. On December 4, 2014, a settlement agreement was reached as discussed within Note 24 — Subsequent Events.

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 operating segments. The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)¹			2014			2013 (As Restated)¹
REI:
Rental income	$	365,712		$	89,729		$	924,646		$	183,251
Direct financing lease income		625			1,201			2,812			1,201
Operating expense reimbursements		30,984			4,325			81,716			8,516
Total real estate investment revenues		397,321			95,255			1,009,174			192,968
Acquisition related		13,998			26,948			34,616			74,541
Merger and other non-routine transactions		7,613			4,301			173,406			133,734
Property operating		40,977			5,430			110,018			11,065
Management fees to affiliate		—			—			13,888			12,493
General and administrative		14,942			9,866			68,580			23,921
Depreciation and amortization		240,073			62,136			625,521			122,484
Impairment of real estate		2,299			2,074			3,855			2,074
Total operating expenses		319,902			110,755			1,029,884			380,312
Operating income (loss)		77,419			(15,500	)		(20,710	)		(187,344	)
Interest expense, net		(101,643	)		(27,189	)		(326,491	)		(45,414	)
Extinguishment of debt, net		(5,396	)		—			(21,264	)		—
Other income, net		8,508			136			16,799			2,658
Loss on derivative instruments, net		(17,484	)		(38,651	)		(10,398	)		(69,830	)
Loss on disposition of property		(256,894	)		—			(275,768	)		—
Gain (loss) on sale of investments		6,357			(2,246	)		6,357			(1,795	)
Total other expenses, net		(366,552	)		(67,950	)		(610,765	)		(114,381	)
Net loss from continuing operations		(289,133	)		(83,450	)		(631,475	)		(301,725	)
Discontinued operations:
Income from operations of held for sale assets		—			96			—			159
Net income from discontinued operations		—			96			—			159
Net loss	$	(289,133	)	$	(83,354	)	$	(631,475	)	$	(301,566	)
Cole Capital:
Dealer manager and distribution fees, selling commissions and offering reimbursements	$	21,535		$	—		$	73,957		$	—
Transaction service fees		22,972			—			41,942			—
Management fees and reimbursements		15,290			—			35,377			—
Total Cole Capital revenues		59,797			—			151,276			—
Cole Capital reallowed fees and commissions		15,398			—			56,902			—
General and administrative expenses		17,265			—			60,131			—
Merger and other non-routine transactions		19			—			1,946			—
Depreciation and amortization		25,077			—			64,210			—
Total operating expenses		57,759			—			183,189			—
Total other income		(952	)		—			12,903			—
Net loss from continuing operations		1,086			—			(19,010	)		—
Discontinued operations:
Income from operations of held for sale assets		—			—			—			—
Net loss	$	1,086		$	—		$	(19,010	)	$	—
Total Company:
Total revenues	$	457,118		$	95,255		$	1,160,450		$	192,968
Total operating expenses	$	377,661		$	110,755		$	1,213,073		$	380,312
Total other expense	$	(367,504	)	$	(67,950	)	$	(597,862	)	$	(114,381	)
Loss from continuing operations	$	(288,047	)	$	(83,450	)	$	(650,485	)	$	(301,725	)
Income (loss) from discontinued operations	$	—		$	96		$	—		$	159
Net loss	$	(288,047	)	$	(83,354	)	$	(650,485	)	$	(301,566	)

(1) For discussion of the restatement adjustments, see Note 2 — Restatement of Previously Issued Consolidated Financial Statements.

	Total Assets
	September 30, 2014		December 31, 2013
REI	$	21,834,806	$	7,809,083
Cole Capital		1,032,777		—
Total Company	$	22,867,583	$	7,809,083

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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				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Merger related costs:
Strategic advisory services	$ 3,150		$ 750		$ 35,765		$ 12,549
Transfer taxes	0		0		5,109		1,085
Legal fees and expenses	579		2,052		5,126		5,242
Personnel costs and other reimbursements	0		348		751		987
Multi-tenant spin-off	2,270		0		7,450		0
Other fees and expenses	0		(52)		1,676		5,408
Other non-routine costs
Post-transaction support services	0		1,200		14,251		3,200
Subordinated distribution fees	0		0		78,244		98,360
Furniture, fixtures and equipment	0		0		14,085		5,800
Legal fees and expenses	743		0		2,569		950
Personnel costs and other reimbursements	0		0		2,718		0
Other fees and expenses	890		3		7,608		153
Merger and other non-routine transactions	$ 7,632	[1]	$ 4,301	[1],[2]	$ 175,352	[1]	$ 133,734	[1],[2]

[1] Includes $137.8 million to affiliates for the nine months ended September 30, 2014, and $2.3 million and $109.2 million to affiliates for the three and nine months ended September 30, 2013, respectively.

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

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Income Taxes (Details) (Other Nonoperating Income (Expense) [Member], USD $) (Detail) (Other Nonoperating Income (Expense) [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Cole Capital Segment [Member]
Segment Reporting Information [Line Items]
Provision for income taxes	$ 1,100,000	$ 0	$ (12,600,000)	$ 0
Real Estate Investment Segment [Member]
Segment Reporting Information [Line Items]
State and local income tax expense (benefit), continuing operations	$ 2,000,000	$ 100,000	$ 5,900,000	$ 400,000

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Other Debt - Corporate Bond Offering (Detail) (Unsecured Debt [Member], USD $)	0 Months Ended
	Feb. 06, 2014	Oct. 16, 2014	Sep. 30, 2014	Sep. 12, 2014
Senior Unsecured Note [Member]
Debt Instrument [Line Items]
Debt issued amount	$ 2,550,000,000
Unamortized discount	4,200,000		3,700,000
Redemption price, percentage	100.00%
Senior Unsecured Note [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Redemption price, percentage		100.00%
Two Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount	1,300,000,000
Interest rate, stated percentage	2.00%
Three Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount	750,000,000
Interest rate, stated percentage	3.00%
Four Point Six Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued amount	500,000,000
Interest rate, stated percentage	4.60%
2% Exchange 2017 Notes [Member]
Debt Instrument [Line Items]
Debt issued amount				1,300,000,000
Interest rate, stated percentage				2.00%
3% Exchange 2019 Notes [Member]
Debt Instrument [Line Items]
Debt issued amount				750,000,000
Interest rate, stated percentage				3.00%
4.6% Exchange 2024 Notes [Member]
Debt Instrument [Line Items]
Debt issued amount				$ 500,000,000
Interest rate, stated percentage				4.60%

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Acquisitions of CapLease, Cole and CCPT - CapLease Acquisition (Detail) (USD $) In Thousands, unless otherwise specified	0 Months Ended	11 Months Ended
	Nov. 05, 2013	Sep. 30, 2014		Dec. 31, 2013
Liabilities assumed, at fair value:
Goodwill		$ 2,096,450		$ 92,789	[1]
CapLease [Member]
Business Acquisition [Line Items]
Fair value of consideration given	920,697	920,697	[2]
Assets purchased, at fair value:
Land		235,843	[2]
Buildings, fixtures and improvements		1,596,481	[2]
Land and construction in process		12,352	[2]
Acquired intangible lease assets		191,964	[2]
Total real estate investments		2,036,640	[2]
Cash and cash equivalents		41,799	[2]
Investment securities		60,730	[2]
Loans held for investment		26,457	[2]
Restricted cash		29,119	[2]
Deferred costs and other assets, net		21,574	[2]
Total identifiable assets acquired		2,216,319	[2]
Liabilities assumed, at fair value:
Mortgage notes payable		1,037,510	[2]
Secured credit facility		121,000	[2]
Other debt		114,208	[2]
Below-market leases		57,058	[2]
Derivative liabilities		158	[2]
Accounts payable and accrued expenses		49,291	[2]
Deferred rent, derivative and other liabilities		8,619	[2]
Total liabilities assumed		1,387,844	[2]
Non-controlling interest retained by third party		567	[2]
Net identifiable assets acquired by Company		827,908	[2]
Goodwill		$ 92,789	[2]

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

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

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Commitments and Contingencies Purchase Commitments (Details) (Purchase Commitment [Member], Private Capital Management Segment [Member], USD $) (Detail) (Purchase Commitment [Member], Private Capital Management Segment [Member], USD $)	9 Months Ended
	Sep. 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
Percentage of voting interests acquired	100.00%
Number of properties acquired	303
Aggregate purchase price	$ 1,200,000,000
Property escrow deposit	$ 36,900,000

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Summary of Significant Accounting Policies - Goodwill Rollforward (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 92,789	[1]
Cole Merger	2,212,920	[2]
Goodwill allocated to dispositions	(209,259)	[3]
Goodwill, ending balance	2,096,450
Real Estate Investment Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	92,789
Cole Merger	1,654,085	[2]
Goodwill allocated to dispositions	(209,259)	[3]
Goodwill, ending balance	1,537,615
Cole Capital Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Cole Merger	558,835	[2]
Goodwill allocated to dispositions	0	[3]
Goodwill, ending balance	$ 558,835

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

[2] These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

[3] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

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Credit Facilities (Detail) (USD $)	3 Months Ended	6 Months Ended	9 Months Ended	0 Months Ended		2 Months Ended	12 Months Ended
	Sep. 30, 2014	Jun. 30, 2014 Financial_Institutions	Sep. 30, 2014	Oct. 01, 2014	Jun. 06, 2014	Feb. 28, 2013	Feb. 28, 2014	Dec. 31, 2013		Sep. 30, 2013	Nov. 12, 2014	Dec. 23, 2013	Jan. 03, 2014	Nov. 05, 2013
Line of Credit Facility [Line Items]
Credit facilities	$ 4,259,000,000		$ 4,259,000,000					$ 1,969,800,000	[1]	$ 1,310,000,000
Credit facility, undrawn commitment	60,000,000		60,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member]
Line of Credit Facility [Line Items]
Number of financial institutions		20
Credit facility, current borrowing capacity	4,700,000,000		4,700,000,000
Credit facilities	4,300,000,000		4,300,000,000
Credit facility, maximum borrowing capacity		6,000,000,000
Credit facility, increase (decrease), net	50,000,000
Credit facility, length of extension option			1 year
Write off of unamortized (premium) discount		3,900,000
Credit facility, undrawn commitment	391,000,000		391,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Credit facility, current borrowing capacity		4,650,000,000									4,000,000,000	3,600,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility [Member]
Line of Credit Facility [Line Items]
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]
Interest rate, stated percentage	1.60%		1.60%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Term Loan Facility, Delayed Draw Component [Member]
Line of Credit Facility [Line Items]
Credit facility, current borrowing capacity		200,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Line of Credit, Variable Interest Rate [Member]
Line of Credit Facility [Line Items]
Credit facilities	3,300,000,000		3,300,000,000
Interest rate, stated percentage	1.50%		1.50%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility, Multi-Currency Denominated [Member]
Line of Credit Facility [Line Items]
Credit facility, current borrowing capacity		250,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Repayments of revolving credit facility				1,210,000,000
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Interest rate, stated percentage	1.35%		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]
Basis spread on variable rate			0.50%
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		1,000,000,000
Line of credit, amount bearing fixed interest rate, percentage	2.84%		2.84%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Credit facility, commitment fee percentage			0.15%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member] | Term Loan Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.15%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member] | Term Loan Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.15%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.00%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.00%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Credit facility, commitment fee percentage			0.25%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member] | Term Loan Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.05%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member] | Term Loan Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.05%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.80%
Senior Secured Credit Facility [Member] | Senior Corporate Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.80%
Senior Secured Credit Facility [Member] | Regions Bank Unsecured Credit Facility [Member] | ARCT IV [Member]
Line of Credit Facility [Line Items]
Credit facility, current borrowing capacity													800,000,000
Credit facilities													760,000,000
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] | 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] | Unsecured Credit Facility [Member] | CapLease [Member]
Line of Credit Facility [Line Items]
Credit facility, current borrowing capacity														150,000,000
Extinguishment of debt, amount					150,000,000
Senior Secured Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Extinguishment of debt, amount							$ 124,600,000
Effective interest rate						3.11%

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

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Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Note 24 — Subsequent Events

The following events occurred subsequent to September 30, 2014:

Completion of Acquisition of Assets

The following table presents certain information about the properties that the Company acquired from October 1, 2014 to February 24, 2015 (dollar amounts and square footage in millions):

	No. of Buildings			Square Feet			Base Purchase Price (1)
Total Portfolio – September 30, 2014		4,714			113.8		$	19,854
Acquisitions, net of disposals (2)		(55	)		(10.6	)		(1,994	)
Total portfolio – February 24, 2015		4,659			103.2		$	17,860

(1) Contract purchase price, excluding acquisition and transaction related costs.

(2) Includes the sale of the Multi-Tenant Portfolio, consisting of 71 properties.

Executive Leadership Changes and Audit Committee Investigation

On September 30, 2014, the Company issued a press release announcing that, effective October 1, 2014, as previously communicated through its stockholder letters, David S. Kay would become Chief Executive Officer of the Company and Lisa E. Beeson would become the Company’s President. Nicholas S. Schorsch, who had served as the Company’s Chief Executive Officer, would remain the Company’s Executive Chairman.

On October 29, 2014, the Company filed a Current Report on Form 8-K with the SEC disclosing the Company’s conclusion that the previously issued consolidated financial statements and other financial information contained in the Company’s Annual Report for the fiscal year ended December 31, 2013 and the Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2014 and June 30, 2014, and the Company’s earnings releases and other financial communications for these periods, should no longer be relied upon. Results of the investigation are further discussed within Note 2 — Restatement of Previously Issued Consolidated Financial Statements.

On October 28, 2014, Brian S. Block and Lisa Pavelka McAlister, the Company’s Executive Vice President, Chief Financial Officer, Treasurer and Secretary and Senior Vice President and Chief Accounting Officer, respectively, each resigned from the Company. The Company’s board of directors appointed Michael Sodo to serve as the Company’s Chief Financial Officer and Gavin Brandon to serve as the Company’s Chief Accounting Officer.

On December 12, 2014, Nicholas S. Schorsch resigned as Executive Chairman and a director of the Company. He also resigned from all other employment and board positions that he held at the Company and its subsidiaries and certain Company-related entities (including the non-traded real estate investment trusts sponsored or managed by the Company or its affiliates).

On December 15, 2014, David S. Kay resigned as Chief Executive Officer (“CEO”) and a director of the Company and as CEO of the OP. Lisa E. Beeson also resigned as President and Chief Operating Officer of the Company and the Partnership. In addition, each of them resigned from any other employment or board positions held with the Company, its subsidiaries and certain Company-related entities (including the non-traded real estate investment trusts sponsored or managed by the Company or its affiliates).

Effective December 15, 2014, William G. Stanley, who had been serving as the Company’s Lead Independent Director, became the Company’s Interim Chief Executive Officer and Interim Chairman of the Company’s board of directors simultaneously resigning from his role as Lead Independent Director. Mr. Stanley will lead the Company until permanent replacements are named. The Compensation Committee of the Company’s board of directors has commenced a search for a new Chief Executive Officer and a new Chairman of the Company’s board of directors.

Unconsummated Sale of Cole Capital to RCAP

On October 1, 2014, the Company announced that it had entered into the Purchase Agreement, pursuant to which RCAP would acquire Cole Capital, the Company’s private capital management business, for at least $700.0 million. As part of the transaction, the Company would be entitled to an earn-out of up to an additional $130.0 million based upon Cole Capital’s 2015 EBITDA.

On November 3, 2014, the Company received notice from RCAP purporting to terminate the Agreement.

On December 4, 2014, the Company issued a press release announcing that it had entered into a settlement agreement with RCAP that resolved their dispute relating to the Agreement. The settlement, in which the Company received $60.0 million, resolved litigation brought by the Company in the Delaware Court of Chancery to enforce its rights under the Agreement.

The settlement included: $42.7 million in cash paid by RCAP to the Company; a $15.3 million unsecured note issued by RCAP to the Company; and a release of the Company from its obligation to pay $2.0 million to RCAP or its affiliates relating to another matter described in the press release. The $42.7 million in cash included a $10.0 million payment already delivered to the Company by RCAP in connection with the Agreement. The two-year unsecured note bears interest at an 8.0% interest rate per annum. In addition, the Company and RCAP have agreed to terminate, unwind or otherwise discontinue all agreements, arrangements and understandings between the two parties and any of their respective subsidiaries.

Multi-tenant Shopping Center Portfolio Sale

On October 17, 2014, the Company completed the sale of its Multi-Tenant Portfolio for $1.9 billion to the Joint Venture Blackstone and DDR. Additionally, the Company entered into a letter of intent with an unrelated third party to sell five multi-tenant properties for $52.8 million bringing total sale proceeds to $2.0 billion. The transaction aimed to simplify the Company’s business model, allowing it to focus solely on its single-tenant, net lease investments. The disposition to Blackstone and DDR provided $1.3 billion of net proceeds, of which $1.2 billion were used to reduce the Company’s leverage by paying down the Company’s line of credit. In connection with the sale, $542.8 million of secured mortgage debt was either repaid or assumed by the Purchaser, providing the Company with $1.3 billion in net proceeds and a loss on sale of $261.1 million, which includes the write-off of $195.5 million of goodwill allocated to the cost basis of the Multi-Tenant Portfolio.

Line of Credit, Agreements, and Waivers

The Company has substantial amounts of indebtedness outstanding upon which it relies for funding of future capital needs. As discussed within Note 14 — Credit Facilities, at September 30, 2014, the Credit Facility had commitments of $4.3 billion. As of September 30, 2014, a maximum of $391.0 million was available to the OP for future borrowings, subject to borrowing availability.

On November 12, 2014, the Company entered into a consent, waiver and amendment (“the Amendment”) with its lenders under its unsecured credit facility for an extension regarding the delivery of its third quarter 2014 financial statements and certain other financial deliverables until the earlier of five days following the date the Company files with the SEC its third quarter 2014 10-Q and January 5, 2015. The Amendment allowed the Company to remain compliant with its borrowing obligations under its Credit Facility as its external auditors completed their review of the Company’s previously filed 2013 and 2014 financial statements. As part of the Amendment, in order to better align the size of the facility with anticipated future usage, the Company elected to reduce the maximum amount of indebtedness from $4.65 billion to $4.0 billion. Additionally, until the 2013 and 2014 financial statements are filed with the SEC, the maximum principal amount of indebtedness outstanding under the Credit Facility was temporarily reduced thereunder to $3.6 billion.

On December 23, 2014, the Company and the OP, as the borrower, entered into a Consent and Waiver Agreement (the “Consent and Waiver”) with respect to Amended Credit Agreement. The Consent and Waiver, among other things, (i) provided for a further extension regarding the delivery of the Company’s third quarter 2014 financial statements and certain other financial deliverables that the Company agreed to provide under the Amendment, until the earlier of: March 2, 2015; and 45 days following the receipt of a notice of breach or default from the applicable trustee or the requisite percentage of holders under the Company’s and the OP’s respective indentures, (ii) provided an extension from the lenders for the delivery of the Company’s full-year 2014 audited financial statements until the earlier of: the fifth day after the date that the Company files its Annual Report on Form 10-K with the SEC for the fiscal year ended December 31, 2014; and March 31, 2015, (iii) permanently reduced the maximum amount of indebtedness under the Credit Agreement to $3.6 billion, including the reduction of commitments under the Company’s revolving facilities and the elimination of the $25 million swingline facility, (iv) provided that until the date that all required financial deliverables have been delivered, no further loans or letters of credit would be requested under the Amended Credit Agreement by the Company, other than in accordance with the cash flow forecast provided by the Company to the Lenders thereunder, that neither the Company nor the OP would pay any dividends on, or make any other Restricted Payment (as defined in the Credit Agreement) on, its respective common equity and (v) provided that the Company would provide additional financial and other information to the Lenders from time to time. In connection with the Amendment and Consent and Waiver, the Company agreed to pay certain customary fees to the consenting Lenders and agreed to reimburse certain customary expenses of the arrangers. On February 20, 2015, we entered into a third consent (the “Third Consent”) to confirm that certain revisions to the required financial deliverables were agreed with the Lenders.

Agreement in Principle with Senior Noteholder Group; Convertible Notes

On January 22, 2015, the Company announced that it had entered into an agreement in principle with an ad hoc group of holders (the “Senior Noteholder Group”), which the Company had been advised then represented a majority of the aggregate principal amounts outstanding of each of the 2.00% senior notes due 2017, the 3.00% senior notes due 2019 and the 4.60% senior notes due 2024, which, in each case, were issued by the OP, of which the Company is the sole general partner, and guaranteed by us under an Indenture, dated February 6, 2014 (the “Indenture”), by and among the OP, U.S. Bank National Association, as trustee, and the guarantors named therein. Pursuant to such agreement, the Senior Noteholder Group agreed not to issue a notice of default, prior to March 3, 2015, for the Company’s failure to timely deliver this quarterly report on Form 10-Q containing financial information required to be included therein in respect of the OP, which is required to be delivered pursuant to the terms of the Indenture. In exchange, the Company agreed to sign a confidentiality agreement with the Senior Noteholder Group’s counsel and pay reasonable and documented fees and out-of-pocket expenses of such counsel up to $300,000. Furthermore, the parties agreed that in the event a notice of default related to our failure to timely deliver such this quarterly report on Form 10-Q is issued by the senior noteholders on or after March 3, 2015, the 60-day cure period set forth in the Indenture will be reduced by one day for each day after January 19, 2015 that such notice of default is given. Such agreement was subsequently definitively documented and a supplement to the Indenture was entered into on February 9, 2015. The agreement was reached after the ad hoc group organized recently and directed counsel to the Senior Noteholder Group to engage in discussions with the Company regarding the terms of a possible resolution in response to our failure to timely deliver such third quarter 2014 financial information regarding the OP.

In addition, the Company announced on January 22, 2015 that it received at its Phoenix, Arizona corporate office notice (the “Notice”) from the trustee under the indentures (the “Convertible Indentures”) governing each of the 3.00% convertible senior notes due 2018 issued by us on July 29, 2013 and the 3.75% convertible senior notes due 2020 issued by the Company on December 10, 2013 (collectively, the “Convertible Notes”) of the Company’s failure to timely deliver our Third Quarter 10-Q, which was required to be delivered pursuant to the terms of the Convertible Indentures. Subsequent to the Company’s announcement, the Company learned that it also received the Notice on January 16, 2015, at an address in New York City that was formerly the Company’s principal place of business. Pursuant to the terms of the Convertible Indentures, the Company has 60 days following its receipt of a notice of default to deliver the required financial statements, after which such failure would become an event of default under each of the Convertible Indentures. The filing of this quarterly report on Form 10-Q will cure such default.

Non-Compliance Associated with the Company’s and the Partnership’s Filings

The federal securities laws require companies subject to the Exchange Act to disclose information on an ongoing basis. These laws include deadlines for public companies based on the category of the filer as well as type of form filed.

The Company is classified as a Large Accelerated Filer. The deadlines associated with our filing category are as follows:

• The Company’s Annual Report on Form 10-K must be submitted within 60 days of the Company’s fiscal year end; and

• The Company’s Quarterly Report on Form 10-Q must be submitted within 40 days of the Company’s fiscal quarter end.

• The Partnership is a non-accelerated filer and its filing deadlines are 90 and 45 days, respectively.

In light of the non-reliance on the Company’s and the Partnership’s financial statements and the ongoing Audit Committee investigation, such deadlines with the SEC were not met with respect to the Company’s or the Partnership’s Quarterly Report on Form 10-Q for the three months ended September 30, 2014.

On November 12, 2014, the Company received a notification letter (the “Letter”) from the NASDAQ Listing Qualifications Department (“NASDAQ”) stating that because the Company had not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2014 (the “Third Quarter 10-Q”) with the SEC, it was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1). The Company also received, and has cooperated with, a letter (the “NASDAQ Information Request”) from NASDAQ requesting certain information relating to the matters described in the Current Report on Form 8-K filed October 29, 2014.

Pursuant to the Letter, the Company was required to submit a plan to NASDAQ to regain compliance with the applicable NASDAQ Listing Rule within 60 days of November 12, 2014. We complied and submitted a plan. After review of the Company’s plan for regaining compliance, NASDAQ granted the Company an extension until April 15, 2015 to deliver our Third Quarter 10-Q and any other delinquent filings to regain compliance with the listing rule.

Dividend Policy

As of December 24, 2014, the Company determined that, until it has delivered its 2013 financial statements, 2014 financial statements and related compliance certificates, neither it nor its subsidiary, the OP, will pay any dividends on, or make any other Restricted Payment (as defined in the Amended Credit Agreement) on, its respective common equity. Following the delivery of its financial statements, the Company will reevaluate a reinstatement of its dividend at a rate that is in line with its industry peers.

Cole Litigation Matters

The defendants in the consolidated Baltimore Merger Actions, which were filed by Cole stockholders challenging the Cole Merger, mailed a Notice of Pendency of Derivative and Class Action (the “Class Notice”) to the Cole stockholders on October 7, 2014, following the court’s preliminary approval of the parties’ Settlement Stipulation. On December 3, 2014, the parties in the consolidated Baltimore Merger Actions executed an Amended Stipulation and Release and Agreement of Compromise and Settlement (the “Amended Stipulation”) modifying the Stipulation. A final settlement hearing in the consolidated Baltimore Merger Actions was held on December 12, 2014, and on January 13, 2015, the Baltimore Circuit Court issued an order approving the settlement pursuant to the terms of the Amended Stipulation. Two objectors have since filed a notice of appeal of the settlement order. Following court approval of the settlement of the consolidated Baltimore Merger Actions, the Wunsch case was dismissed voluntarily on January 21, 2015.

Regulatory Investigations and Litigation Relating to the Audit Committee Investigation

On October 29, 2014, the Company filed a Current Report on Form 8-K (the “October 29 8-K”) reporting that the Audit Committee had concluded that the previously-issued audited consolidated financial statements and other financial information contained in the original filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, the previously issued unaudited financial statements and other financial information contained in the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2014 and June 30, 2014, and the Company’s earnings releases and other financial communications for these periods should no longer be relied upon. Prior to that filing, the Audit Committee previewed for the SEC the information contained in that filing. Subsequent to the filing, the SEC provided notice that it had commenced a formal investigation and issued subpoenas calling for the production of documents. In addition, the United States Attorney’s Office for the Southern District of New York contacted counsel for the Audit Committee and counsel for the Company with respect to this matter, and the Secretary of the Commonwealth of Massachusetts issued a subpoena calling for the production of various documents. The Audit Committee and the Company are cooperating with these regulators in their investigations.

As discussed below, the Company and certain of its current and former directors and officers have been named as defendants in a number of lawsuits filed in response to the October 29 8-K, including class action, derivative actions, and individual actions under the federal securities laws and state common and corporate laws in both federal and state courts in New York and Maryland.

Between October 30, 2014 and January 20, 2015, the Company and its current and former officers and directors, among others, were named as defendants in ten putative securities class action complaints in the United States District Court for the Southern District of New York (the “SDNY Actions”): Ciraulu v. American Realty Capital, Inc., et al., No. 14-cv-8659 (AKH); Priever v. American Realty Capital Properties, Inc., et al., No. 14-cv-8668 (AKH); Rubinstein v. American Realty Capital Properties, Inc., et al., No. 14-cv-8669 (AKH); Patton v. American Realty Capital Properties, Inc., et al., No. 14-cv-8671 (AKH); Edwards v. American Realty Capital Properties, Inc., et al., No. 14-cv-8721 (AKH); Harris v. American Realty Capital Properties, Inc., et al., No. 14-cv-8740 (AKH); Abadi v. American Realty Capital Properties, Inc., et al., No. 14-cv-9006 (AKH); City of Tampa General Employees Retirement Fund v. American Realty Capital Properties, Inc., et al., No. 14-cv-10134 (AKH); Teachers Insurance and Annuity Association of America v. American Realty Capital Properties, Inc., et al., No. 15-cv-0421 (AKH); and New York City Employees Retirement System v. American Realty Capital Properties, Inc., et al., No. 15-cv-0422 (AKH). At a February 10, 2015 status conference, the court consolidated the SDNY Actions, appointed a lead plaintiff, and set a deadline of April 10, 2015 for the defendants to respond to the consolidated class action complaint, namely, the complaint filed in Teachers Insurance and Annuity Association of America v. American Realty Capital Properties, Inc., et al., No. 15-cv-0421 (AKH). The consolidated class action complaint asserts claims for violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14a-9 promulgated thereunder, arising out of allegedly false and misleading statements in connection with the purchase or sale of the Company’s securities. The proposed class period runs from May 6, 2013 to October 29, 2014.

In addition, on November 25, 2014, the Company and certain of its current and former officers and directors were named as defendants in a putative securities class action filed in the Circuit Court for Baltimore County, Maryland, captioned Wunsch v. American Realty Capital Properties, Inc., et al., No. 03-C-14-012816 (the “Maryland Securities Action,” and together with the SDNY Actions, the “Securities Actions”). On December 23, 2014, the Company removed the Maryland Securities Action to the United States District Court for the District of Maryland (Northern Division), under the caption Wunsch v. American Realty Capital Properties, Inc., et al., No. 14-cv-4007 (ELH), and seeks to transfer the action to the United States District Court for the Southern District of New York. The Maryland Securities Action asserts claims for violations of Sections 11 and 15 of the Securities Act of 1933, arising out of allegedly false and misleading statements made in connection with the Company’s securities issued in connection with the Cole Merger. The Company is not yet required to respond to this complaint.

Between November 17, 2014 and February 2, 2015, six shareholder derivative actions, purportedly in the name and for the benefit of the Company, were filed against certain of the Company’s current and former officers and directors, amongst others, in the United States District Court for the Southern District of New York (the “SDNY Derivative Actions”): Michelle Graham Turner 1995 Revocable Trust v. Schorsch, et al., No. 14-cv-9140 (AKH); Froehner v. Schorsch, et al., No. 14-cv-9444 (AKH); Serafin v. Schorsch, et al., No. 14-cv-9672 (AKH); Hopkins v. Schorsch, et al., No. 15-cv-262 (AKH); Appolito v. Schorsch, et al., No. 15-cv-644 (AKH); and The Joel and Robin Staadecker Living Trust v. Schorsch, et al., No. 15-cv-768 (AKH). In addition, between December 30, 2014 and January 16, 2015, the Company and certain of its current and former officers and directors were named as defendants in two shareholder derivative actions filed in the Circuit Court for Baltimore City, Maryland (the “Maryland Derivative Actions”): Meloche v. Schorsch, et al., No. 24-C-14-008210 and Botifoll v. Schorsch, et al., No. 24-C-15-000245. In addition, on January 29, 2015, the Company and certain of its current directors, amongst others, were named as defendants in a shareholder derivative action filed in the Supreme Court of the State of New York, captioned Fran Kosky Roth IRA v. Rendell, et al., No. 15-650269 (the “New York Derivative Action,” and together with the SDNY Derivative Actions and the Maryland Derivative Actions, the “Derivative Actions”). On February 9, 2015 and February 20, 2015, three plaintiffs who filed SDNY Derivative Actions—Appolito, Hopkins and The Joel and Robin Staadecker Living Trust—voluntarily dismissed their actions without prejudice. The Derivative Actions seek money damages and other relief on behalf of the Company for, among other things, alleged breaches of fiduciary duty, abuse of control, gross mismanagement and unjust enrichment in connection with the alleged conduct underlying the claims asserted in the Securities Actions and negligence and breach of contract. At a February 10, 2015 status conference, the court consolidated the SDNY Derivative Actions and directed the plaintiffs to file a consolidated amended complaint by March 10, 2015. The court set a deadline of April 3 for the defendants to respond to the consolidated complaint. On February 18, 2015, the parties to the New York Derivative Action entered into a stipulation setting a deadline of April 20, 2015 for the Company and defendants to respond to the complaint in that action. The Company and defendants are not yet required to respond to the complaints in the Maryland Derivative Actions.

On December 18, 2014, a former employee, Lisa McAlister, filed a defamation action against the Company and certain of its former officers and directors in the Supreme Court for the State of New York, captioned McAlister v. American Realty Capital Properties, Inc., et al., No. 14-162499. The complaint sought, among other things, compensatory and punitive damages and alleged that the October 29 8-K falsely blamed plaintiff for improper accounting and financial reporting practices. On January 26, 2015, the Company and the other defendants filed motions to dismiss plaintiff’s complaint. Subsequently, Ms. McAlister dismissed this action without prejudice.

On January 7, 2015, Ms. McAlister also filed a complaint, No. 2-4173-15-016, with the Occupational Safety and Health Administration of the United States Department of Labor. The complaint sought, among other things, compensatory and punitive damages and asserted claims for wrongful termination of employment for allegedly reporting concerns relating to alleged improper accounting practices by the Company. Ms. McAlister has withdrawn the complaint without prejudice.

On January 15, 2015, the Company and certain of its former directors and officers were named as defendants in an individual securities fraud action filed in the United States District Court for the Southern District of New York, captioned Jet Capital Master Fund, L.P. v. American Realty Capital Properties, Inc., et al., No. 15-cv-307 (AKH) (the “Jet Capital Action”). The Jet Capital Action seeks money damages and asserts claims for alleged violations of Sections 10(b), 18 and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, as well as common law fraud under New York law in connection with the purchase of the Company’s securities. The court set a deadline of April 10 for the defendants to respond to the complaint.

On February 20, 2015, the Company, certain of its current and former directors and officers, and ARC Properties Operating Partnership L.P. (and others) were named as defendants in an individual securities fraud action filed in the United States District Court for the Southern District of New York, captioned Twin Securities, Inc. v. American Realty Capital Properties, Inc., et al., No. 15-cv-1291 (the “Twin Securities Action”). The Twin Securities Action seeks money damages and asserts claims for alleged violations of Sections 10(b), 14(a), 18, and 20(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14a-9 promulgated thereunder, Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as well as common law fraud under New York law in connection with the purchase of the Company’s securities. The Company and defendants are not yet required to respond to the complaint in the Twin Securities Action.

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Net Loss Per Share/Unit (Tables)

9 Months Ended

Sep. 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 ARCP for the three and nine months ended September 30, 2014 and 2013 (dollar amounts in thousands, except for share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)			2014			2013 (As Restated)
Net loss attributable to the Company	$	(280,398	)	$	(80,201	)	$	(626,562	)	$	(293,684	)
Less: dividends declared on preferred shares and participating securities		37,643			199			84,366			625
Net loss attributable to common stockholders	$	(318,041	)	$	(80,400	)	$	(710,928	)	$	(294,309	)
Weighted average number of shares of common shares outstanding:
Basic		902,096,102			221,707,920			756,289,984			196,254,575
Net loss per common share:
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(0.35	)	$	(0.36	)	$	(0.94	)	$	(1.50	)

Net Loss Per Unit

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)			2014			2013 (As Restated)
Net loss attributable to the Operating Partnership	$	(288,202	)	$	(83,354	)	$	(650,720	)	$	(301,566	)
Less: dividends declared on preferred shares and participating securities		37,643			199			84,366			625
Net loss attributable to common unitholders	$	(325,845	)	$	(83,553	)	$	(735,086	)	$	(302,191	)
Weighted average common units outstanding:
Basic		926,801,361			231,682,236			781,112,325			204,318,637
Basic and diluted net loss per unit attributable to common unitholders	$	(0.35	)	$	(0.36	)	$	(0.94	)	$	(1.48	)

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 11 — Fair Value of Financial Instruments

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 September 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 nine months ended September 30, 2014, real estate assets with a carrying amount of $5.1 million related to five properties and real estate assets with a carrying amount of $8.2 million related to nine properties, respectively, were deemed to be impaired and their carrying amounts were reduced to their estimated fair values, resulting in impairment charges of $2.3 million and $3.9 million, respectively, which are included in impairment of real estate on the consolidated statements of operations for the three and nine months ended September 30, 2014. During the three and nine months ended September 30, 2013, real estate assets with a carrying amount of $2.6 million related to one property were deemed to be impaired and their carrying amounts were reduced to their estimated fair values, resulting in impairment charges of $2.1 million, which is included in impairment of real estate on the consolidated statements of operations for the three and nine months ended September 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 September 30, 2014 and December 31, 2013 was $2.8 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 September 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Level 1		Level 2			Level 3			Balance as of September 30, 2014
Assets:
CMBS		—		—			59,077			59,077
Interest rate swap assets		—		8,775			—			8,775
Total assets	$	—	$	8,775		$	59,077		$	67,852
Liabilities:
Interest rate swap liabilities	$	—	$	(5,986	)	$	—		$	(5,986	)
Total liabilities	$	—	$	(5,986	)	$	—		$	(5,986	)
	Level 1		Level 2			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	)

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 was determined using a binomial option pricing model. Key inputs in the model include the expected term, risk-free interest rate, volatility and dividend yield.

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 nine months ended September 30, 2014.

The following is a reconciliation of the changes in instruments with Level 3 inputs in the fair value hierarchy for the nine months ended September 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		9,456			—			—			9,456
Changes in fair value included in net income, net		—			(13,574	)		(990	)		(14,564	)
Purchases, issuances, settlements and amortization:
Fair value at purchase/issuance		151,197			—			(3,606	)		147,591
Sale of CMBS acquired in the Cole Merger		(151,248	)								(151,248	)
Reclassification of previous unrealized gains on investment securities into net loss-CMBS		(7,417	)		—			—			(7,417	)
Return of principal received		(3,678	)		—			—			(3,678	)
Amortization included in net income, net		184			—			—			184
Reclassification of contingent consideration to held for sale		—			—			4,596			4,596
Redemption of Series D		—			30,310			—			30,310
Ending balance	$	59,077		$	—		$	—		$	59,077

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 September 30, 2014		Fair Value at September 30, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment		3	$	96,981	$	97,607	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net		3	$	4,327,454	$	4,407,627	$	1,301,114	$	1,305,823
Corporate bonds, net		3		2,546,294		2,553,566		—		—
Convertible debt, net		3		976,251		998,441		972,490		976,629
Credit facilities		3		4,259,000		4,259,000		1,819,800		1,819,800
Secured term loan		3		48,587		50,572		58,979		59,049
Trust preferred notes		3		—		—		26,548		23,345
Unsecured Credit Facility		3		—		—		150,000		150,000
Other debt		3		—		—		19,277		19,350
Total liabilities			$	12,157,586	$	12,269,206	$	4,348,208	$	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, mortgage notes payable 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.

Trust preferred notes — The fair value of the Company’s other long-term debt is estimated using a discounted cash flow analysis, based on management’s estimates of market interest rates.

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Related Party Transactions and Arrangements (Schedule of Investment in the Managed REITs) (Detail) (USD $)	Sep. 30, 2014
Related Party Transaction [Line Items]
Carrying amount of investment	$ 4,205,000
Cole Credit Property Trust IV, Inc. [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	0.01%
Carrying amount of investment	134,000
Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	2.40%
Carrying amount of investment	2,096,000
Cole Corporate Income Trust, Inc. [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	0.01%
Carrying amount of investment	77,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	1.44%
Carrying amount of investment	1,741,000
Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
% of Outstanding Shares Owned	0.18%
Carrying amount of investment	$ 157,000

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Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 16 — Accounts Payable and Accrued Expenses

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

	September 30, 2014		December 31, 2013
Accrued other	$	72,703	$	683,197
Accrued interest		41,411		14,189
Accrued real estate taxes		61,450		24,658
Accounts payable		4,774		5,887
Accrued merger costs		—		2,640
	$	180,338	$	730,571

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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	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Derivatives, Fair Value [Line Items]
Derivative asset	$ 8,775	$ 9,189	$ 0
Derivative liability			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	1,165	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	(1,235)	0
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative asset	7,610	9,189
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Deferred Rent, Derivative Liabilities and Other Liabilities [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	(4,751)	(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	$ 0	$ (16,736)

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Equity-based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 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		5,641,085			13.28		3,000			13.99
Vested		(634,208	)		12.97		(21,875	)		13.44
Forfeited		(134,825	)		13.92		—			—
Unvested, September 30, 2014		5,803,494		$	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 General Partner’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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Related Party Transactions and Arrangements (Related Party Fees and Expenses) (Detail) (Affiliated Entity [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 65,452,000	$ 20,032,000	$ 332,923,000	$ 348,086,000
Financing Fees And Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	0	0	13,796,000
Offering Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	666,000	2,150,000	159,323,000
Acquisition Related Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	10,064,000	1,652,000	36,894,000
Merger And Other Non-Routine Transactions [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	2,298,000	137,778,000	109,233,000
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	60,000	7,004,000	16,089,000	16,347,000
Indirect Affiliate Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	5,595,000	0	10,090,000	0
Offering Related Revenues [Member] | Cole Capital [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	21,535,000	0	73,957,000	0
Operating Revenues [Member] | Cole Capital [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 38,262,000	$ 0	$ 77,319,000	$ 0

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Investment Securities, at Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):

	September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
CMBS		56,908		2,169		—		59,077
Total	$	56,908	$	2,169	$	—	$	59,077

	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 September 30, 2014 is as follows (in thousands):

	September 30, 2014
	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due after one year through five years		1,075		1,104
Due after five years through 10 years		38,144		39,696
Due after 10 years		17,689		18,277
	$	56,908	$	59,077

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Related Party Transactions and Arrangements (Offering Related Costs) (Detail) (Affiliated Entity [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 65,452	$ 20,032	$ 332,923	$ 348,086
Commissions And Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	546	0	148,232
Offering Costs And Other Reimbursements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	120	2,150	11,091
Offering Related Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 666	$ 2,150	$ 159,323

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CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Affiliate acquisition related	$ 10.1	$ 1.7	$ 36.9
Affiliate merger and other one-time transactions	2.3	137.8	109.2
Affiliates general and administrative	$ 7.0	$ 16.1	$ 16.3

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Other Debt - Secured Term Loan Borrowings and Collateral (Detail) (Secured Debt [Member], USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Secured Term Loan [Member]
Debt Instrument [Line Items]
Borrowings	$ 48,016
Collateral Carrying Value	80,591
Loans Held For Investment [Member]
Debt Instrument [Line Items]
Borrowings	30,689
Collateral Carrying Value	43,900
Intercompany Mortgage Loans [Member]
Debt Instrument [Line Items]
Borrowings	4,201
Collateral Carrying Value	15,091
Commercial Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Borrowings	13,126
Collateral Carrying Value	$ 21,600

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - ARC Properties Operating Partnership, L.P. (USD $) In Thousands, except Share data, unless otherwise specified		Total USD ($)		ARC Properties Operating Partnership, L.P. [Member] USD ($)		ARC Properties Operating Partnership, L.P. [Member] Parent [Member] USD ($)	ARC Properties Operating Partnership, L.P. [Member] Non-Controlling Interests [Member] USD ($)	Convertible Common Stock [Member] ARC Properties Operating Partnership, L.P. [Member] USD ($)	Convertible Preferred Stock [Member] ARC Properties Operating Partnership, L.P. [Member] USD ($)	Convertible Preferred Stock [Member] ARC Properties Operating Partnership, L.P. [Member] Parent [Member] USD ($)	General Partner [Member] ARC Properties Operating Partnership, L.P. [Member]	General Partner [Member] ARC Properties Operating Partnership, L.P. [Member] Preferred Stock [Member] USD ($)	General Partner [Member] ARC Properties Operating Partnership, L.P. [Member] Common Stock [Member] USD ($)	General Partner [Member] Convertible Common Stock [Member] ARC Properties Operating Partnership, L.P. [Member] Common Stock [Member] USD ($)	General Partner [Member] Convertible Preferred Stock [Member] ARC Properties Operating Partnership, L.P. [Member] Preferred Stock [Member] USD ($)	General Partner [Member] Convertible Preferred Stock [Member] ARC Properties Operating Partnership, L.P. [Member] Common Stock [Member] USD ($)	Special Limited Partner [Member] ARC Properties Operating Partnership, L.P. [Member] Preferred Stock [Member] USD ($)	Special Limited Partner [Member] ARC Properties Operating Partnership, L.P. [Member] Common Stock [Member] USD ($)	Special Limited Partner [Member] Convertible Common Stock [Member] ARC Properties Operating Partnership, L.P. [Member] Common Stock [Member] USD ($)	Special Limited Partner [Member] Convertible Preferred Stock [Member] ARC Properties Operating Partnership, L.P. [Member] Preferred Stock [Member] USD ($)
Value, outstanding, beginning balance at Jun. 30, 2013
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income		$ (83,354)	[1],[2]	$ (83,354)
Other comprehensive income		(2,697)	[1]	(2,697)
Value, outstanding, ending balance at Sep. 30, 2013				2,262,372
Value, outstanding, beginning balance at Dec. 31, 2012				1,668,760		1,668,760						163,047	1,489,587					16,126
Units, outstanding, beginning balance at Dec. 31, 2012												6,990,328	184,553,676					1,621,349
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of Common OP Units, net				1,174,675		1,174,675							1,066,904					107,771
Conversion of Units to units														5,799	(8)	8			(5,799)
Issuance of OP units, net, units													63,055,919					8,029,545
Conversion of Units to units, units														599,233	(828,472)	829,629			(599,233)
Issuance of Common OP Units in connection with issuance of RSAs, net				25,563		25,563							25,563
Issuance of restricted units and LTIPs, net, units													940,737
Offering costs, commissions and dealer manager fees		(164,831)	[1]	(164,831)		(164,831)							(164,831)
Repurchases of Common OP Units				(357,917)		(357,917)							(357,917)
Repurchases of Common OP Units , units													(28,272,905)
Issuance of Preferred OP Units				931,095		931,095						901,337					15,878	13,880
Issuance of Preferred OP Units, units												36,053,490					721,465	630,689
Excess of ARCT IV Merger considerations over historical cost		(557,545)	[1]	(557,545)		(557,545)							(557,545)
Equity-based compensation				13,981		13,981							4,154					9,827
Equity based compensation, shares													645,491					8,241,100
Equity component of convertible debt		9,372	[1]	9,372		9,372							9,372
Distributions declared on Common OP Units		(181,823)	[1]	(188,034)		(188,034)							(181,812)					(6,222)
Contributions from non-controlling interest holders	[1]	29,758
Net (loss) income		(301,566)	[1],[2]	(301,566)		(301,566)							(293,684)					(7,882)
Other comprehensive income		8,819	[1]	8,819		8,819							8,362					457
Value, outstanding, ending balance at Sep. 30, 2013				2,262,372		2,262,372						1,064,376	1,062,739				15,878	120,466
Units, outstanding, ending balance at Sep. 30, 2013												42,215,346	222,351,780				721,465	17,923,450
Value, outstanding, beginning balance at Dec. 31, 2013				2,229,228	[1]	2,228,661	567					1,054,989	1,018,124				16,466	139,082
Units, outstanding, beginning balance at Dec. 31, 2013												42,199,547	239,248,853				721,465	17,832,274
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of Common OP Units, net				9,075,937		9,075,937							8,923,453					152,484
Issuance of OP units, net, units													662,305,318					7,956,297
Conversion of Units to units								0						16,275	12,470				(16,275)	(12,470)
Conversion of Units to units, units														1,098,074	622,836				(1,098,074)	(622,836)
Issuance of Common OP Units in connection with issuance of RSAs, net				(4,256)		(4,256)							(4,256)
Issuance of restricted units and LTIPs, net, units													5,326,404
Equity-based compensation				32,805		32,805							23,183					9,622
Equity based compensation, shares																		10,744,697
Distributions declared on Common OP Units		(593,846)		(626,272)		(625,024)	(1,248)		(80,749)	(80,749)			(597,463)		(53,120)	(27,629)		(27,561)
Contributions from non-controlling interest holders		982		982			982
Non-controlling interests retained in Cole Merger		24,766		24,766			24,766
Net (loss) income		(650,485)		(650,485)		(650,720)	235						(626,562)					(24,158)
Other comprehensive income		934		934		934							899					35
Value, outstanding, ending balance at Sep. 30, 2014				10,002,890		9,977,588	25,302					1,014,339	8,726,024				3,996	233,229
Units, outstanding, ending balance at Sep. 30, 2014												42,822,383	907,978,649				98,629	35,435,194
Value, outstanding, beginning balance at Jun. 30, 2014
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income		(288,047)		(288,047)
Other comprehensive income		1,542		1,542
Value, outstanding, ending balance at Sep. 30, 2014				$ 10,002,890								$ 1,014,339					$ 3,996
Units, outstanding, ending balance at Sep. 30, 2014												42,822,383					98,629

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

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

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Restated Consolidated Statements of Operations (Detail) (USD $)	3 Months Ended				9 Months Ended				12 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Revenues:
Rental income	$ 365,712,000		$ 89,729,000	[1]	$ 924,646,000		$ 183,251,000	[1]
Direct financing lease income	625,000		1,201,000	[1]	2,812,000		1,201,000	[1]
Operating expense reimbursements	30,984,000		4,325,000	[1]	81,716,000		8,516,000	[1]
Total revenues	457,118,000		95,255,000	[1],[2]	1,160,450,000		192,968,000	[1],[2]
Operating expenses:
Acquisition related	13,998,000	[3]	26,948,000	[1],[3]	34,616,000	[3]	74,541,000	[1],[3]
Merger and other non-routine transactions	7,632,000	[4]	4,301,000	[1],[4]	175,352,000	[4]	133,734,000	[1],[4]
Property operating	40,977,000		5,430,000	[1]	110,018,000		11,065,000	[1]
Management fees to affiliate	0		0	[1]	13,888,000		12,493,000	[1]
General and administrative	32,207,000	[5]	9,866,000	[1],[5]	128,711,000	[5]	23,921,000	[1],[5]
Equity-based compensation			0		32,805,000		13,981,000	[1]
Depreciation and amortization	265,150,000		62,136,000	[1]	689,731,000		122,484,000	[1]
Operating fees to affiliate			0				0
Impairment of real estate	2,299,000		2,074,000	[1]	3,855,000		2,074,000	[1]	3,300,000
Total operating expenses	377,661,000		110,755,000	[1],[2]	1,213,073,000		380,312,000	[1],[2]
Operating income	79,457,000		(15,500,000)	[1]	(52,623,000)		(187,344,000)	[1]
Other (expense) income:
Interest expense	(101,643,000)		(27,189,000)	[1]	(326,491,000)		(45,414,000)	[1]
Loss on contingent value rights			0				0
Income from investment securities			0		247,000		0	[1]
Gain (loss) on sale of investment securities	6,357,000		(2,246,000)	[1]	6,357,000		(1,795,000)	[1]
Loss on derivative instruments	(17,484,000)		(38,651,000)	[1]	(10,398,000)		(69,830,000)	[1]
Other income, net	7,556,000		136,000	[1]	29,702,000		2,658,000	[1]
Total other expenses, net	(367,504,000)		(67,950,000)	[1]	(597,862,000)		(114,381,000)	[1]
Loss from continuing operations	(288,047,000)		(83,450,000)	[1]	(650,485,000)		(301,725,000)	[1]
Net (gain) loss from continuing operations attributable to non-controlling interests			3,153,000				7,882,000
Net loss from continuing operations attributable to stockholders			(80,293,000)				(293,843,000)
Discontinued operations:
Net income (loss) from operations of held for sale properties	0		96,000	[1]	0		159,000	[1]
(Loss) gain on held for sale properties			0				0
Net income (loss) from discontinued operations	0		96,000	[1],[2]	0		159,000	[1],[2]
Net (loss) income from discontinued operations attributable to non-controlling interests			0				0
Net income (loss) from discontinued operations attributable to stockholders			96,000				159,000
Net loss	(288,047,000)		(83,354,000)	[1],[2]	(650,485,000)		(301,566,000)	[1],[2]
Net (income) loss attributable to non-controlling interests	7,649,000		3,153,000	[1]	23,923,000		7,882,000	[1]
Net loss attributable to stockholders	(280,398,000)		(80,201,000)	[1]	(626,562,000)		(293,684,000)	[1]
Basic and diluted net loss per share from continuing operations attributable to common stockholders	$ (0.35)		$ (0.36)	[1]	$ (0.94)		$ (1.50)	[1]
Basic and diluted net loss per share attributable to common stockholders			$ (0.36)				$ (1.50)
Adjustments [Member]
Operating expenses:
Equity-based compensation							0
As Previously Reported [Member]
Revenues:
Rental income			56,681,000	[6]			138,060,000	[6]
Direct financing lease income			977,000	[6]			977,000	[6]
Operating expense reimbursements			3,226,000	[6]			6,878,000	[6]
Total revenues			60,884,000	[6]			145,915,000	[6]
Operating expenses:
Acquisition related			1,235,000	[6]			21,961,000	[6]
Merger and other non-routine transactions			3,791,000	[6]			146,240,000	[6]
Property operating			4,103,000	[6]			8,972,000	[6]
Management fees to affiliate			0	[6]			0	[6]
General and administrative			1,586,000	[6]			4,018,000	[6]
Equity-based compensation			7,180,000	[6]			13,895,000	[7]
Depreciation and amortization			39,382,000	[6]			92,211,000	[6]
Operating fees to affiliate			0	[6]			0	[6]
Impairment of real estate			0	[6]			0	[6],[7]
Total operating expenses			57,277,000	[6]			284,912,000	[6]
Operating income			3,607,000	[6]			(138,997,000)	[6]
Other (expense) income:
Interest expense			(24,135,000)	[6]			(41,589,000)	[6]
Loss on contingent value rights			(38,542,000)	[6]			(69,676,000)	[6]
Income from investment securities			0	[6]			218,000	[6]
Gain (loss) on sale of investment securities			0	[6]			451,000	[6],[7]
Loss on derivative instruments			(99,000)	[6]			(144,000)	[6]
Other income, net			45,000	[6]			171,000	[6]
Total other expenses, net			(62,731,000)	[6]			(110,569,000)	[6]
Loss from continuing operations			(59,124,000)	[6]			(249,566,000)	[6]
Net (gain) loss from continuing operations attributable to non-controlling interests			(30,000)	[6]			726,000	[6]
Net loss from continuing operations attributable to stockholders			(59,154,000)	[6]			(248,840,000)	[6]
Discontinued operations:
Net income (loss) from operations of held for sale properties			96,000	[6]			159,000	[6]
(Loss) gain on held for sale properties			0	[6]			14,000	[6]
Net income (loss) from discontinued operations			96,000	[6]			173,000	[6]
Net (loss) income from discontinued operations attributable to non-controlling interests			(5,000)	[6]			(9,000)	[6]
Net income (loss) from discontinued operations attributable to stockholders			91,000	[6]			164,000	[6]
Net loss			(59,028,000)	[6]			(249,393,000)	[6],[7]
Net (income) loss attributable to non-controlling interests			(35,000)	[6]			717,000	[6]
Net loss attributable to stockholders			(59,063,000)	[6]			(248,676,000)	[6]
Basic and diluted net loss per share from continuing operations attributable to common stockholders			$ (0.32)	[6]			$ (1.49)	[6]
Basic and diluted net loss per share attributable to common stockholders			$ (0.32)	[6]			$ (1.49)	[6]
As Previously Reported [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation							11,510,000	[6]
Reclassifications And Immaterial Adjustments [Member]
Revenues:
Rental income			(6,000)				89,000
Direct financing lease income			0				0
Operating expense reimbursements			6,000				(89,000)
Total revenues			0				0
Operating expenses:
Acquisition related			0				0
Merger and other non-routine transactions			0				0
Property operating			0				0
Management fees to affiliate			0				0
General and administrative			0				34,000
Equity-based compensation			0
Depreciation and amortization			0				(34,000)
Operating fees to affiliate			0				0
Impairment of real estate			0				0
Total operating expenses			0				0
Operating income			0				0
Other (expense) income:
Interest expense			0				0
Loss on contingent value rights			38,542,000				69,676,000
Income from investment securities			0				(2,016,000)
Gain (loss) on sale of investment securities			0				0
Loss on derivative instruments			(38,542,000)				(69,676,000)
Other income, net			0				2,016,000
Total other expenses, net			0				0
Loss from continuing operations			0				0
Net (gain) loss from continuing operations attributable to non-controlling interests			0				0
Net loss from continuing operations attributable to stockholders			0				0
Discontinued operations:
Net income (loss) from operations of held for sale properties			0				0
(Loss) gain on held for sale properties			0				0
Net income (loss) from discontinued operations							0
Net (loss) income from discontinued operations attributable to non-controlling interests			0				0
Net income (loss) from discontinued operations attributable to stockholders			0				0
Net loss			0				0
Net (income) loss attributable to non-controlling interests			0				0
Net loss attributable to stockholders			0				0
Basic and diluted net loss per share from continuing operations attributable to common stockholders			$ 0.00				$ 0.00
Basic and diluted net loss per share attributable to common stockholders			$ 0.00				$ 0.00
Reclassifications And Immaterial Adjustments [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation							0
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member]
Revenues:
Rental income			33,054,000	[8]			45,102,000	[8]
Direct financing lease income			224,000	[8]			224,000	[8]
Operating expense reimbursements			1,093,000	[8]			1,727,000	[8]
Total revenues			34,371,000	[8]			47,053,000	[8]
Operating expenses:
Acquisition related			25,713,000	[8]			52,603,000	[8]
Merger and other non-routine transactions			2,122,000	[8]			3,835,000	[8]
Property operating			1,341,000	[8]			2,107,000	[8]
Management fees to affiliate			0	[8]			0	[8]
General and administrative			822,000	[8]			2,214,000	[8]
Equity-based compensation			0	[8]			18,000	[8]
Depreciation and amortization			23,030,000	[8]			30,620,000	[8]
Operating fees to affiliate			0	[8]			0	[8]
Impairment of real estate			0	[8]			0	[8]
Total operating expenses			53,028,000	[8]			91,379,000	[8]
Operating income			(18,657,000)	[8]			(44,326,000)	[8]
Other (expense) income:
Interest expense			(3,054,000)	[8]			(3,240,000)	[8]
Loss on contingent value rights			0	[8]			0	[8]
Income from investment securities			0	[8]			1,798,000	[8]
Gain (loss) on sale of investment securities			(2,246,000)	[8]			(2,246,000)	[8]
Loss on derivative instruments			0	[8]			0	[8]
Other income, net			44,000	[8]			463,000	[8]
Total other expenses, net			(5,256,000)	[8]			(3,225,000)	[8]
Loss from continuing operations			(23,913,000)	[8]			(47,551,000)	[8]
Net (gain) loss from continuing operations attributable to non-controlling interests			260,000	[8]			415,000	[8]
Net loss from continuing operations attributable to stockholders			(23,653,000)	[8]			(47,136,000)	[8]
Discontinued operations:
Net income (loss) from operations of held for sale properties			0	[8]			0	[8]
(Loss) gain on held for sale properties			0	[8]			0	[8]
Net income (loss) from discontinued operations			0	[8]			0	[8]
Net (loss) income from discontinued operations attributable to non-controlling interests			0	[8]			0	[8]
Net income (loss) from discontinued operations attributable to stockholders			0	[8]			0	[8]
Net loss			(23,913,000)	[8]			(47,551,000)	[8]
Net (income) loss attributable to non-controlling interests			260,000	[8]			415,000	[8]
Net loss attributable to stockholders			(23,653,000)	[8]			(47,136,000)	[8]
Basic and diluted net loss per share from continuing operations attributable to common stockholders			$ 0.00	[8]			$ 0.00	[8]
Basic and diluted net loss per share attributable to common stockholders			$ 0.00	[8]			$ 0.00	[8]
Reclassifications And Immaterial Adjustments [Member] | ARCT IV [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation							0	[8]
Error Corrections [Member]
Revenues:
Rental income			0				0
Direct financing lease income			0				0
Operating expense reimbursements			0				0
Total revenues			0				0
Operating expenses:
Acquisition related			0				(23,000)
Merger and other non-routine transactions			(1,612,000)				(16,341,000)
Property operating			(14,000)				(14,000)
Management fees to affiliate			0				12,493,000
General and administrative			7,458,000				17,655,000
Equity-based compensation			(7,180,000)				68,000
Depreciation and amortization			(276,000)				(313,000)
Operating fees to affiliate			0				0
Impairment of real estate			2,074,000				2,074,000
Total operating expenses			450,000				4,021,000
Operating income			(450,000)				(4,021,000)
Other (expense) income:
Interest expense			0				(585,000)
Loss on contingent value rights							0
Income from investment securities			0				0
Gain (loss) on sale of investment securities			0				0
Loss on derivative instruments							(10,000)
Other income, net			47,000				8,000
Total other expenses, net			37,000				(587,000)
Loss from continuing operations			(413,000)				(4,608,000)
Net (gain) loss from continuing operations attributable to non-controlling interests			2,923,000				6,741,000
Net loss from continuing operations attributable to stockholders			2,514,000				2,133,000
Discontinued operations:
Net income (loss) from operations of held for sale properties			0				0
(Loss) gain on held for sale properties			0				(14,000)
Net income (loss) from discontinued operations			0				(14,000)
Net (loss) income from discontinued operations attributable to non-controlling interests			5,000				9,000
Net income (loss) from discontinued operations attributable to stockholders			5,000				(5,000)
Net loss			(413,000)				(4,622,000)
Net (income) loss attributable to non-controlling interests			2,928,000				6,750,000
Net loss attributable to stockholders			2,515,000				2,128,000
Basic and diluted net loss per share from continuing operations attributable to common stockholders			$ 0.00				$ 0.00
Basic and diluted net loss per share attributable to common stockholders			$ 0.00				$ 0.00
Error Corrections [Member] | Adjustments [Member]
Operating expenses:
Equity-based compensation							$ (11,510,000)

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

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

[3] Includes $1.7 million to affiliates for the nine months ended September 30, 2014, and $10.1 million and $36.9 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[4] Includes $137.8 million to affiliates for the nine months ended September 30, 2014, and $2.3 million and $109.2 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[5] Includes $0.1 million and $16.1 million to affiliates for the three and nine months ended September 30, 2014, respectively, and $7.0 million and $16.3 million to affiliates for the three and nine months ended September 30, 2013, respectively.

[6] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the three and nine month period ended September 30, 2013.

[7] Certain line items have been consolidated from the original presentation in the Quarterly Report on Form 10-Q filing for the nine month period ended September 30, 2013.

[8] These financial statements have been recast in applying the carryover basis of accounting to include ARCT IV.

XML

Mortgage Note Payable (Schedule of Mortgage Notes Payable) (Detail) (USD $)	3 Months Ended				9 Months Ended				12 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Debt Instrument [Line Items]
Outstanding Loan Amount	$ 3,782,407,000		$ 272,015,000		$ 3,782,407,000		$ 272,015,000		1,301,114,000	[1]
Mortgage notes held for sale	542,800,000				542,800,000
Loss on derivative instruments, net	(17,484,000)		(38,651,000)	[1]	(10,398,000)		(69,830,000)	[1]
Gain (loss) of deferred debt issuance cost					14,637,000		0	[1]
Mortgages [Member]
Debt Instrument [Line Items]
Encumbered Properties	806	[2]			806	[2]			177
Outstanding Loan Amount	4,237,464,000	[2]			4,237,464,000	[2]			1,258,661,000
Weighted Average Effective Interest Rate	4.80%	[2],[3]			4.80%	[2],[3]			3.42%	[3]
Unamortized discount (premium), net	(87,800,000)				(87,800,000)
Extinguishment of debt, amount	173,300,000				1,000,000,000
Payments for prepayments fees	3,000,000				35,900,000
Gain (loss) of deferred debt issuance cost	1,900,000				18,900,000
Mortgages [Member] | CapLease [Member]
Debt Instrument [Line Items]
Unamortized discount (premium), net	(137,400,000)				(137,400,000)
Mortgages [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity					6 years 3 months 7 days	[2],[4]			3 years 4 months 28 days	[4]
Mortgages [Member] | Minimum [Member]
Debt Instrument [Line Items]
Effective interest rate	2.43%				2.43%				1.83%
Mortgages [Member] | Maximum [Member]
Debt Instrument [Line Items]
Effective interest rate	7.20%				7.20%				6.28%
Mortgages [Member] | Mortgages One [Member]
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	5.00%				5.00%
Mortgages [Member] | Mortgages One [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity					2 years 5 months 12 days
Mortgages [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Loss on derivative instruments, net	$ 100,000				$ 10,200,000

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

[2] Includes $542.8 million of mortgage notes held for sale.

[3] Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.43% to 7.20% at September 30, 2014 and 1.83% to 6.28% at December 31, 2013.

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

XML

Related Party Transactions and Arrangements (Detail) (USD $)	3 Months Ended				9 Months Ended				0 Months Ended		2 Months Ended	12 Months Ended	0 Months Ended				12 Months Ended		3 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	Dec. 31, 2012	Jan. 03, 2014	Jan. 08, 2014	Jul. 31, 2013	Oct. 04, 2013	Dec. 31, 2013		Mar. 31, 2013	Jun. 30, 2014
Related Party Transaction [Line Items]
Acquisition related	$ 13,998,000	[1]	$ 26,948,000	[1],[2]	$ 34,616,000	[1]	$ 74,541,000	[1],[2]
Related party transaction, selling, general and administrative expenses from transactions with related party	100,000		7,000,000		16,100,000		16,300,000
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	59,077,000		9,480,000		59,077,000		9,480,000										62,067,000
Carrying amount of investment	4,205,000				4,205,000
Due from affiliates	55,666,000				55,666,000												0	[2]
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
ARCT III Merger [Member]
Related Party Transaction [Line Items]
Asset Management Fee Percentage, Option 2										0.40%
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	65,452,000		20,032,000		332,923,000		348,086,000
Dealer Manager Fee [Member]
Related Party Transaction [Line Items]
Revenue from related party, percentage of gross offering proceeds																				2.00%
Former Manager [Member] | ARCT III Merger [Member]
Related Party Transaction [Line Items]
Management fee waived			3,800,000				6,100,000
Special Limited Partner [Member]
Related Party Transaction [Line Items]
Value of ARCP OP Units Issued to Special Limited Partnership	750,000				750,000
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
Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Carrying amount of investment	157,000				157,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member]
Related Party Transaction [Line Items]
Carrying amount of investment	1,741,000				1,741,000
Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Carrying amount of investment	2,096,000				2,096,000
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
ARCP IV [Member] | ARCT IV / ARCP Merger [Member] | Special Limited Partner [Member]
Related Party Transaction [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares													2,800,000
Conversion of Stock, Shares Converted													6,700,000
American Realty Capital III Special Limited Partnership, LLC [Member] | Entity Wholly Owned By Sponsor [Member] | ARCP Merger [Member] | Common Stock [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
American Realty Capital III Special Limited Partnership, LLC [Member] | Entity Wholly Owned By Sponsor [Member] | ARCP Merger [Member] | Common Stock [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
American Realty Capital III Special Limited Partnership, LLC [Member] | Entity Wholly Owned By Sponsor [Member] | ARCP Merger [Member] | Common Stock [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
ARCP [Member] | ARCT III Merger [Member]
Related Party Transaction [Line Items]
Asset Management Fee Percentage, Option 1										0.50%
ARCP [Member] | ARCT III Merger [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Unadjusted book value of assets										3,000,000,000
ARC Real Estate Partners, LLC [Member] | Operating Partnership Unit [Member]
Related Party Transaction [Line Items]
Common stock held by related party, percent	2.75%				2.75%												4.37%
Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | Cole Office And Industrial REIT (CCIT II), Inc. [Member]
Related Party Transaction [Line Items]
Due from affiliates	30,000,000				30,000,000
Available borrowings under the revolving line of credit	10,000,000				10,000,000
Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Due from affiliates	20,000,000				20,000,000
Available borrowings under the revolving line of credit	10,000,000				10,000,000
Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member] | LIBOR [Member]
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate					2.20%
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] | Affiliates Of Former Manager [Member] | Restricted Stock [Member] | Director [Member]
Related Party Transaction [Line Items]
Number of Restricted Common Shares, Granted					87,702
Restricted Share Plan [Member] | Affiliated Entity [Member] | Restricted Stock [Member] | Employee [Member]
Related Party Transaction [Line Items]
Number of Restricted Common Shares, Granted					796,075
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%
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] | American Realty Capital Advisors III LLC [Member] | Advisor [Member] | Annual Targeted Investor Return [Member]
Related Party Transaction [Line Items]
Cumulative capital investment return, threshold percentage													6.00%
Pre-tax Non-compounded Return on Capital Contribution [Member] | American Realty Capital Advisors III LLC [Member] | Advisor [Member] | Annual Targeted Investor Return [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] | American Realty Capital Advisors III LLC [Member] | Advisor [Member] | ARCT IV / ARCP Merger [Member] | Annual Targeted Investor Return [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
Amount Available Or Outstanding Under Financing Arrangement [Member] | ARC Properties Advisors, LLC [Member] | Manager [Member]
Related Party Transaction [Line Items]
Financing coordination fees earned by related party, percentage of benchmark			0.75%				0.75%
Related party operation fees and reimbursements							13,800,000
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] | American Realty Capital Advisors III LLC [Member] | Advisor [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Property Management Fees Earned by Related Party, Percentage of Benchmark	1.00%				1.00%
Strategic and Financial Advisory Services Fee [Member] | Affiliates Of Former Manager [Member] | Cole Merger [Member] | ARC Advisory [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] | Acquisition Related Expenses Reimbursed Expenses [Member] | Cole Merger [Member] | ARC Advisory [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			100,000				100,000
Strategic and Financial Advisory Services Fee [Member] | Affiliated Entity [Member] | MT-Spin Off [Member] | RCS Advisory [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] | Affiliated Entity [Member] | Cole Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							0
Other Non-Routine Costs, Legal Fees And Expenses [Member] | Affiliated Entity [Member] | Cole Merger [Member] | RCS Advisory [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					2,900,000
Payments to related parties					2,900,000
Other Non-Routine Costs, Legal Fees And Expenses [Member] | Affiliated Entity [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							0
Other Non-Routine Costs, Legal Fees And Expenses [Member] | Affiliated Entity [Member] | ARCT III Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							61,000
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%
Selling Commissions Reallowance Expense [Member]
Related Party Transaction [Line Items]
Revenue from related parties	13,365,000				48,991,000
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%
Selling Commissions Reallowance Expense [Member] | Cole Real Estate Income Strategy [Member]
Related Party Transaction [Line Items]
Revenue from related parties	258,000				474,000
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	7,123,000				12,073,000
Selling Commissions Reallowance Expense [Member] | Cole Credit Property Trust V, Inc. [Member]
Related Party Transaction [Line Items]
Revenue from related parties	5,988,000				7,335,000
Post Transaction Support Services [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			1,200,000		11,352,000		3,200,000
Post Transaction Support Services [Member] | Affiliated Entity [Member] | Cole Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			0		0		0
Post Transaction Support Services [Member] | Affiliated Entity [Member] | ARCT III Merger [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] | Affiliated Entity [Member] | ARCT IV / ARCP Merger [Member]
Related Party Transaction [Line Items]
Payments to related parties							1,200,000							10,000,000
Transition services agreement term							60 days
Related party transactions, property management services service period extension, days														60 days
Post Transaction Support Services [Member] | Affiliated Entity [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			1,200,000		1,352,000		1,200,000
Post Transaction Support Services [Member] | Affiliated Entity [Member] | ARCT III Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							2,000,000
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] | Affiliated Entity [Member] | Cole Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					0		0
Subordinated Distributions [Member] | Affiliated Entity [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					78,244,000		0
Subordinated Distributions [Member] | Affiliated Entity [Member] | ARCT III Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							98,360,000
Subordinated Distributions [Member] | Affiliated Entity [Member] | ARCT III [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							98,400,000
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
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
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | Affiliated Entity [Member] | Cole Merger [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] | Affiliated Entity [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					417,000
Other Non-Routine Costs, Personnel Costs And Other Reimbursements [Member] | Affiliated Entity [Member] | ARCT IV Merger [Member] | ARC Advisory [Member]
Related Party Transaction [Line Items]
Payments to related parties					1,300,000
Fees and Expense Reimbursements [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	100,000		900,000		2,000,000		4,500,000
Equity Awards [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	0		6,138,000		14,074,000		11,814,000
Equity Awards [Member] | Affiliates Of Former Manager [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Number of Restricted Common Shares, Granted			295,000				620,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value									4,500,000						4,400,000
Equity Awards [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements					1,600,000
Equity Awards [Member] | Affiliated Entity [Member] | ARCT III Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							2,000,000
Tenant Improvement, Furniture And Operating Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	4,700,000				8,500,000
Lease Agreement and Termination [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Payments to related parties	100,000				200,000
Lease term																15 years
Lease amount																400,000
Revenue from related parties					17,000
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	5,595,000		0		10,090,000		0
Indirect Affiliate Expenses [Member] | Affiliated Entity [Member] | Operating Partnership Unit [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					400,000
ANST Office Build Out [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	114,000				449,000
New York Office [Member] | Leasehold Improvements [Member]
Related Party Transaction [Line Items]
Payments to related parties	500,000				500,000
New York Office [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Payments to related parties	200,000				500,000
New York Office [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	677,000				864,000
Other Related Parties [Member]
Related Party Transaction [Line Items]
Indirect ownership interests, percentage					100.00%
Number of properties	63				63
Organization and Offering Fee [Member]
Related Party Transaction [Line Items]
Program Development Costs	18,000,000				18,000,000
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					600,000
Acquisition Related Expenses [Member] | GE Capital Portfolio [Member]
Related Party Transaction [Line Items]
Payments to related parties							1,900,000
Acquisition Related Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	0		10,064,000		1,652,000		36,894,000
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] | GE Capital Portfolio [Member]
Related Party Transaction [Line Items]
Payments to related parties			3,500,000				3,500,000
Related Party Transaction, Acquisition Fees Earned by Related Party, Percentage of Benchmark			0.25%				0.25%
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			2,500,000				15,700,000
Acquisition Related Expenses [Member] | ARCT IV [Member] | ARC Properties Advisors, LLC [Member] | GE Capital Portfolio [Member]
Related Party Transaction [Line Items]
Payments to related parties			8,200,000				13,800,000
Acquisition Related Expenses [Member] | Contract Purchase Price [Member] | ARCT IV [Member] | Fortress Investment Group LLC Portfolio [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] | ARCT IV [Member] | Inland Acquisition [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]
Payments to related parties							6,100,000
Acquisition Related Expenses Reimbursed Expenses [Member] | ARCT IV [Member] | ARC Properties Advisors, LLC [Member] | GE Capital Portfolio [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			4,100,000				4,100,000
Advisory And Information Agent Services [Member] | Affiliates Of Former Manager [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			800,000				800,000
Related party agreement amount			800,000				800,000
Advisory And Information Agent Services Reimbursement [Member] | Affiliates Of Former Manager [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			200,000				200,000
Brokerage Commission Fee [Member] | Advisor [Member] | ARCT IV Merger [Member]
Related Party Transaction [Line Items]
Acquisition related					8,400,000
Asset Management Fees [Member] | Advisor [Member] | ARCT III Merger [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] | ARCT IV [Member]
Related Party Transaction [Line Items]
Asset management fee, percentage of assets													0.1875%
Asset Management Fees [Member] | ARCT IV [Member] | Class B Units [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, issued for services													498,857				492,483
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, Asset Management Fees [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements	0		0		13,888,000		11,693,000
Management Fees To Affiliates, Asset Management Fees [Member] | Affiliates Of Former Manager [Member] | ARCT III Merger [Member] | Class B Units [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements																			9,400,000
Property Management Services [Member] | Affiliates Of Former Manager [Member] | ARCT III Merger [Member] | Merger Related Costs [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements							2,300,000
Related party transactions, property management services service period extension, days							60 days
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		0		0		800,000
Equity Awards, Valuation [Member] | Affiliates Of Former Manager [Member]
Related Party Transaction [Line Items]
Related party operation fees and reimbursements			$ 6,100,000				$ 9,800,000
Dealer Manager Fee [Member] | Cole Real Estate Income Strategy [Member] | Common Class W [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent	0.55%				0.55%
Dealer Manager Fee [Member] | Cole Real Estate Income Strategy [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent	0.55%				0.55%
Dealer Manager Fee [Member] | Cole Real Estate Income Strategy [Member] | Common Class I [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] | Cole Real Estate Income Strategy [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Daily Asset Based Related Party Fee Percent	0.50%				0.50%

[1] Includes $1.7 million to affiliates for the nine months ended September 30, 2014, and $10.1 million and $36.9 million to affiliates for the three and nine months ended September 30, 2013, respectively.

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

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Acquisitions of CapLease, Cole and CCPT - Cole Acquisition Assets Acquired and Liabilities Assumed (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Identifiable Liabilities Assumed at Fair Value:
Goodwill	$ 2,096,450	$ 92,789	[1]
Cole Merger [Member]
Identifiable Assets Acquired at Fair Value:
Land	1,737,839
Buildings, fixtures and improvements	5,901,827
Acquired intangible lease assets	1,324,217
Total real estate investments	8,963,883
Investment in unconsolidated entities	103,966
Investment securities, at fair value	151,197
Loans held for investment, net	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, net	2,706,585
Credit facilities	1,309,000
Other debt	49,013
Below-market lease liabilities	212,433
Accounts payable and accrued expenses	142,243
Deferred 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 Capital Segment [Member]
Identifiable Liabilities Assumed at Fair Value:
Goodwill	558,835	0
Cole Capital Segment [Member] | Cole Merger [Member]
Identifiable Assets Acquired at Fair Value:
Investment in unconsolidated entities	3,307
Cash and cash equivalents	20,413
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:
Accounts payable and accrued expenses	54,615
Deferred rent, derivative and other liabilities	167,458
Due to affiliates	44
Total liabilities assumed	222,117
Net identifiable assets acquired	241,165
Goodwill	558,835
Net assets acquired	800,000
Real Estate Investment Segment [Member]
Identifiable Liabilities Assumed at Fair Value:
Goodwill	1,537,615	92,789
Real Estate Investment Segment [Member] | Cole Merger [Member]
Identifiable Assets Acquired at Fair Value:
Land	1,737,839
Buildings, fixtures and improvements	5,901,827
Acquired intangible lease assets	1,324,217
Total real estate investments	8,963,883
Investment in unconsolidated entities	100,659
Investment securities, at fair value	151,197
Loans held for investment, net	72,326
Cash and cash equivalents	129,552
Restricted cash	15,704
Deferred costs and other assets	43,774
Total identifiable assets acquired	9,477,095
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable, net	2,706,585
Credit facilities	1,309,000
Other debt	49,013
Below-market lease liabilities	212,433
Accounts payable and accrued expenses	87,628
Deferred rent, derivative and other liabilities	67,841
Dividends payable	6,271
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

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

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Commitments and Contingencies

9 Months Ended

Sep. 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 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 appealed that dismissal. On July 31, 2014, plaintiffs dismissed the pending appeal based on an agreement by defendants to reimburse plaintiffs in the amount of $100,000. 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 did 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 contained coercive deal protection measures and that the Cole Merger Agreement and 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 would 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 would enter into a stipulation of settlement, subject to customary conditions, including confirmatory discovery and court approval following notice to Cole’s stockholders. The Sobon lawsuit was voluntarily dismissed on February 3, 2014.

On August 14, 2014, the parties in the consolidated Baltimore Merger Actions executed a Stipulation and Release and Agreement of Compromise and Settlement (the “Settlement Stipulation”). The parties in the consolidated Baltimore Merger Actions submitted the Settlement Stipulation, along with related filings, for approval by the Maryland court on August 18, 2014. On August 25, 2014, the Baltimore Circuit Court entered an Order on Preliminary Approval of Derivative and Class Action Settlement and Class Action Certification and scheduled a final settlement hearing in the consolidated Baltimore Merger Actions.

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.

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
October 1, 2014 - December 31, 2014	$	4,594
2015		12,922
2016		11,575
2017		10,248
2018		7,918
Thereafter		83,934
Total	$	131,191

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 September 30, 2014, the Company was a party to 70 purchase and sale agreements with unaffiliated third-party sellers to purchase a 100% interest in 303 properties, subject to meeting certain criteria, for an aggregate purchase price of $1.2 billion, exclusive of closing costs. As of September 30, 2014, the Company had $36.9 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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Property Dispositions (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended	0 Months Ended
	Sep. 30, 2014	Jun. 11, 2014 Property	Oct. 17, 2014 Property	Dec. 31, 2013 Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties, held for sale	71			1
2014 Property Dispositions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross sales price	$ 158.6
Multi Tenant Portfolio [Member] | ARC Properties Operating Partnership, L.P. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of		9
Number of multi tenant properties sold		67
Multi Tenant Portfolio [Member] | ARC Properties Operating Partnership, L.P. [Member] | Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of			64
Single Tenant Properties [Member] | ARC Properties Operating Partnership, L.P. [Member] | Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed of			7
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	29
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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Investment Securities, at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Investments in real estate funds, amortized cost basis
Available-for-sale Securities, Amortized Cost Basis	$ 56,908	$ 62,041
Investments in real estate funds, fair value
Investment securities, at fair value	59,077	62,067	9,480
Available-for-sale Securities, Gross Unrealized Gain	2,169	498
Available-for-sale Securities, Gross Unrealized Loss	0	(472)
Investment securities, at fair value	59,077	62,067	9,480
Commercial Mortgage Backed Securities [Member]
Investments in real estate funds, amortized cost basis
Due within one year	0
Due after one year through five years	1,075
Due after five years through 10 years	38,144
Due after 10 years	17,689
Amortized cost basis, total	56,908
Available-for-sale Securities, Amortized Cost Basis	56,908	60,452
Investments in real estate funds, fair value
Due within one year	0
Due after one year through five years	1,104
Due after five years through 10 years	39,696
Due after 10 years	18,277
Investment securities, at fair value	59,077	60,583
Available-for-sale Securities, Gross Unrealized Gain	2,169	498
Available-for-sale Securities, Gross Unrealized Loss	0	(367)
Investment securities, at fair value	59,077	60,583
Securities Assets [Member]
Investments in real estate funds, amortized cost basis
Available-for-sale Securities, Amortized Cost Basis		1,589
Investments in real estate funds, fair value
Investment securities, at fair value		1,484
Available-for-sale Securities, Gross Unrealized Gain		0
Available-for-sale Securities, Gross Unrealized Loss		(105)
Investment securities, at fair value		$ 1,484

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Acquisitions of CapLease, Cole and CCPT (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013 (As Restated)			2014			2013 (As Restated)
Real estate investments, at cost:
Land	$	608,875		$	258,019		$	823,795		$	754,012
Buildings, fixtures and improvements		1,309,751			730,159			2,486,868			2,161,831
Total tangible assets		1,918,626			988,178			3,310,663			2,915,843
Acquired intangible assets:
In-place leases		354,409			118,212			522,568			330,191
Above-market leases		82,023			—			110,230			—
Assumed intangible liabilities:
Below-market leases		(84,071	)		(4,200	)		(101,108	)		(4,200	)
Fair value adjustment of assumed notes payable		—			—			(23,531	)		—
Total purchase price of assets acquired, net		2,270,987			1,102,190			3,818,822			3,241,834
Notes payable assumed		—			—			(301,532	)		—
Cash paid for acquired real estate investments	$	2,270,987		$	1,102,190		$	3,517,290		$	3,241,834
Number of properties acquired		753			650			1,092			1,670

CapLease [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

	Preliminary
	Adjusted Amounts Recognized 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 Recognized Identified Assets Acquired and Liabilities Assumed

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

	Preliminary
	Adjusted Total as of Cole Acquisition Date
Identifiable Assets Acquired at Fair Value:
Land	$	1,737,839
Buildings, fixtures and improvements		5,901,827
Acquired intangible lease assets		1,324,217
Total real estate investments		8,963,883
Investment in unconsolidated entities		103,966
Investment securities, at fair value		151,197
Loans held for investment, net		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, net		2,706,585
Credit facilities		1,309,000
Other debt		49,013
Below-market lease liabilities		212,433
Accounts payable and accrued expenses		142,243
Deferred 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

Schedule of Business Acquisitions, by Acquisition

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 revised estimated fair values of the assets acquired and liabilities assumed for the REI segment as initially recorded at the Cole Acquisition Date (in thousands):

	Preliminary
	REI Segment (Adjusted)
Identifiable Assets Acquired at Fair Value:
Land	$	1,737,839
Buildings, fixtures and improvements		5,901,827
Acquired intangible lease assets		1,324,217
Total real estate investments		8,963,883
Investment in unconsolidated entities		100,659
Investment securities, at fair value		151,197
Loans held for investment, net		72,326
Cash and cash equivalents		129,552
Restricted cash		15,704
Deferred costs and other assets		43,774
Total identifiable assets acquired	$	9,477,095
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable, net		2,706,585
Credit facilities		1,309,000
Other debt		49,013
Below-market lease liabilities		212,433
Accounts payable and accrued expenses		87,628
Deferred rent, derivative and other liabilities		67,841
Dividends payable		6,271
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 Capital 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 for Cole Capital as initially recorded at the Cole Acquisition Date, as well as measurement period adjustments made and the revised estimated fair values of the assets acquired and liabilities assumed at the Cole Acquisition Date (in thousands):

	Preliminary
	Cole Capital (Adjusted)
Identifiable Assets Acquired at Fair Value:
Investment in unconsolidated entities	$	3,307
Cash and cash equivalents		20,413
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:
Accounts payable and accrued expenses		54,615
Deferred rent, derivative and other liabilities		167,458
Due to affiliates		44
Total liabilities assumed		222,117
Net identifiable assets acquired		241,165
Goodwill		558,835
Net assets acquired	$	800,000

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Deferred Costs and Other Assets, Net

9 Months Ended

Sep. 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

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

	September 30, 2014		December 31, 2013 (As Restated)
Deferred costs, net	$	150,026	$	84,746
Accounts receivable, net (1)		70,224		16,254
Straight-line rent receivable		68,694		19,010
Prepaid expenses		18,764		43,801
Leasehold improvements, property and equipment, net (2)		30,153		531
Restricted escrow deposits		43,740		101,813
Derivative assets, at fair value		8,775		9,189
Other assets		56,230		5,317
	$	446,606	$	280,661

(1) Allowance for doubtful accounts was $1.9 million and $0.2 million as of September 30, 2014 and December 31, 2013, respectively.

(2) Amortization expense for leasehold improvements totaled $0.3 million and $0.9 million for the three and nine months ended September 30, 2014, respectively. Accumulated amortization was $0.9 million and $7,000 as of September 30, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $0.5 million and $1.1 million for the three and nine months ended September 30, 2014, respectively. Accumulated depreciation was $1.1 million and $5,000 as of September 30, 2014 and December 31, 2013, respectively.

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Commitments and Contingencies Future Obligations (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
October 1, 2014 - December 31, 2014	$ 4,594
2015	12,922
2016	11,575
2017	10,248
2018	7,918
Thereafter	83,934
Total	$ 131,191