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Real Estate Investments (Tables)
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table presents the allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Real estate investments, at cost:
 
 
 
 
 
 
Land
 
$
23,187

 
$
5,051

 
$
808,930

Buildings, fixtures and improvements
 
67,865

 
28,643

 
2,505,409

Total tangible assets
 
91,052

 
33,694


3,314,339

Acquired intangible assets:
 
 
 
 
 
 
In-place leases (1)
 
9,613

 
2,580

 
545,389

Above-market leases (2)
 
—

 
153

 
112,484

Assumed intangible liabilities:
 
 
 
 
 
 
Below-market leases (3)
 
(471
)
 
(108
)
 
(107,185
)
Fair value adjustment of assumed notes payable
 
—

 
—

 
(23,589
)
Total purchase price of assets acquired
 
$
100,194

 
$
36,319


$
3,841,438

Mortgage notes payable assumed
 
—

 
—

 
(301,532
)
Cash paid for acquired real estate investments
 
$
100,194


$
36,319


$
3,539,906


____________________________________
(1)
The weighted average amortization period for acquired in-place leases is 13.8 years, 11.0 years and 19.0 years for 2016 Acquisitions, 2015 Acquisitions and 2014 Acquisitions, respectively.
(2)
The weighted average amortization period for acquired above-market leases is 14.1 years and 19.4 years for 2015 Acquisitions and 2014 Acquisitions, respectively. There were no acquired above-market leases during the year ended December 31, 2016.
(3)
The weighted average amortization period for acquired intangible lease liabilities is 10.0 years, 15.0 years and 20.6 years for 2016 Acquisitions, 2015 Acquisitions and 2014 Acquisitions, respectively.
Summary of Pro Forma Business Acquisition Information
Data below is presented in thousands.
 
 
Year Ended December 31,
 
 
2014
 
2013
 
 
(Unaudited)
 
(Unaudited)
Pro forma revenues
 
$
1,853,014

 
$
1,585,511

Pro forma net (loss) attributable to stockholders
 
$
(606,549
)
 
$
(478,093
)
Schedule of Future Minimum Operating Lease Base Rent Payments
The following table presents future minimum base rent 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)
2017
 
$
1,106,798

 
$
3,819

2018
 
1,096,146

 
3,016

2019
 
1,058,299

 
2,397

2020
 
1,021,668

 
2,023

2021
 
978,368

 
1,899

Thereafter
 
6,487,753

 
3,993

Total
 
$
11,749,032

 
$
17,147

____________________________________
(1)
32 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 minimum base rental cash payments due to the Company under the lease agreements on these respective properties.
The following table reflects the minimum base rent payments due from the Company over the next five years and thereafter for certain ground lease obligations, which are substantially reimbursable by our tenants, and office lease obligations (in thousands):
 
 
Future Minimum Base Rent Payments
 
 
Ground Leases
 
Office Leases
2017
 
$
14,393

 
$
4,381

2018
 
14,217

 
4,298

2019
 
14,069

 
4,359

2020
 
13,433

 
4,381

2021
 
12,662

 
4,369

Thereafter
 
212,000

 
8,415

Total
 
$
280,774

 
$
30,203
Schedule of Future Minimum Direct Financing Lease Payments
The following table presents future minimum base rent 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)
2017
 
$
1,106,798

 
$
3,819

2018
 
1,096,146

 
3,016

2019
 
1,058,299

 
2,397

2020
 
1,021,668

 
2,023

2021
 
978,368

 
1,899

Thereafter
 
6,487,753

 
3,993

Total
 
$
11,749,032

 
$
17,147

____________________________________
(1)
32 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 minimum base rental cash payments due to the Company under the lease agreements on these respective properties.
Schedule of Capital Leased Assets
The components of the Company’s net investment in direct financing leases as of December 31, 2016 and December 31, 2015 are as follows (in thousands):
 
 
December 31, 2016
 
December 31, 2015
Future minimum lease payments receivable
 
$
17,147

 
$
21,993

Unguaranteed residual value of property
 
27,450

 
31,562

Unearned income
 
(5,142
)
 
(7,243
)
Net investment in direct financing leases
 
$
39,455


$
46,312
Summary of Operating Income from Continuing Operations of Multi-Tenant Portfolio
The following table summarizes the operating income from continued operations of the Multi-Tenant Portfolio for the year ended December 31, 2014 (in thousands):
 
 
Year Ended December 31, 2014
Total revenue
 
$
122,522

Total expenses
 
(123,776
)
Loss from Multi-Tenant Portfolio
 
$
(1,254
)
Summary of Unconsolidated Joint Ventures
The following is a summary of the Company’s percentage ownership and carrying amount related to each of the Unconsolidated Joint Ventures as of December 31, 2016 (dollar amounts in thousands):
Name of Joint Venture
 
 Partner
 
Ownership Percentage (1)
 
Carrying Amount of Investment (2)
Cole/Mosaic JV South Elgin IL, LLC
 
Affiliate of Mosaic Properties and Development, LLC
 
50%
 
$
5,891

Cole/Faison JV Bethlehem GA, LLC
 
Faison-Winder Investors, LLC
 
90%
 
35,438

 
 
 
 
 
 
$
41,329

_______________________________________________
(1)
The Company’s ownership interest in this table reflects its legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests.
(2)
The total carrying amount of the investments is greater than the underlying equity in net assets by $6.4 million. This difference relates to a purchase price step up in fair value of the investment assets acquired in connection with the Cole Merger. The step up in fair value was allocated to the individual investment assets and is being amortized in accordance with the Company’s depreciation policy.