Most social, technological and biological networks are embedded in a finite dimensional space, and the distance between two nodes influences the likelihood that they link to each other. Indeed, in social systems, the chance that two individuals know each other drops rapidly with the distance between them; in the cell, proteins predominantly interact with proteins in the same cellular compartment; in the brain, neurons mainly link to nearby neurons. Most modeling frameworks that aim to capture the empirically observed degree distributions tend to ignore these spatial constraints. In contrast, models that account for the role of the physical distance often predict bounded degree distributions, in disagreement with the empirical data. Here we address a long-standing gap in the spatial network literature by deriving several key network characteristics of spatial networks, from the analytical form of the degree distribution to path lengths and local clustering. The mathematically exact results predict the existence of two distinct phases, each governed by a different dynamical equation, with distinct testable predictions. We use empirical data to offer direct evidence for the practical relevance of each of these phases in real networks, helping better characterize the properties of spatial networks.