Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The following events occurred subsequent to September 30, 2015:

Notable Real Estate Investment Activity

From October 1, 2015 through November 3, 2015, the Company disposed of 56 properties for an aggregate gross sales price of $436.4 million. The notable dispositions include 51 Red Lobster^® restaurants for an aggregate gross sales price of $204.4 million and an AT&T office property held in one of the consolidated joint venture arrangements for $226.2 million, which represents the Company’s share of the sales price based on its legal ownership interest. The legal ownership interest may not equal the Company’s economic interest at the disposition date.

Departure and Appointment of Certain Officers

Effective October 5, 2015, the board of directors appointed Michael J. Bartolotta as Executive Vice President, Chief Financial Officer and Treasurer, succeeding Michael J. Sodo in those positions. Mr. Sodo entered into a separation agreement with the Company with respect to his departure, pursuant to which, effective October 5, 2015, Mr. Sodo was no longer the Company’s Executive Vice President, Chief Financial Officer and Treasurer and no longer occupied any other positions with the Company’s subsidiaries. Pursuant to Mr. Sodo’s employment agreement with the Company, dated January 9, 2015, he will receive cash severance of $1.4 million and his outstanding unvested time-based restricted shares and restricted stock units will vest in full. The outstanding performance criteria underlying Mr. Sodo’s performance-based restricted stock units have not been satisfied and, accordingly, such performance-based restricted stock units have been forfeited in full. Mr. Sodo remained with the Company to assist in the transition of responsibilities to Mr. Bartolotta through November 4, 2015.