Real Estate Investments (As Restated) (Tables)

3 Months Ended

Mar. 31, 2014

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma information as if all of the 2014 Acquisitions and the Cole Merger and ARCT IV Merger, as discussed in Note 3 — Mergers and Acquisitions (As Restated), were completed on January 1, 2013 for each period presented below. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of acquisitions to reflect the additional depreciation and amortization and interest expense that would have been charged had the acquisitions occurred on January 1, 2013. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $13.4 million and $10.3 million for the three months ended March 31, 2014 and 2013, respectively and merger and other non-routine transaction related expenses of $160.3 million and $123.6 million for the three months ended March 31, 2014 and 2013, respectively. These costs were recognized in the pro forma information for the three months ended March 31, 2013 (in thousands):


	Three Months Ended March 31,
	2014			2013
	As Restated			As Restated
Pro forma revenues	$	414,320		$	44,330
Pro forma net income attributable to stockholders	$	(2,937	)	$	3,146

Schedule of Future Minimum Rental Payments for Operating Leases

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)
April 1, 2014 - December 31, 2014	$	921,815	$	3,802
2015		1,152,446		4,757
2016		1,127,440		4,674
2017		1,075,967		4,273
2018		1,021,150		3,183
Thereafter		7,251,560		10,052

Total	$	12,550,378	$	30,741

(1)	47 properties are subject to direct financing leases and, therefore, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Schedule of Future Minimum Lease Payments for Capital Leases

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


	March 31, 2014			December 31, 2013
Future minimum lease payments receivable	$	31,001		$	33,729
Unguaranteed residual value of property		47,089			46,172
Unearned income		(12,367	)		(13,789	)

Net investment in direct financing leases	$	65,723		$	66,112

Schedule of Annualized Rental Income by Major Tenants

There were no tenants exceeding 10% of consolidated annualized rental income March 31, 2014.


	March 31,
Tenant	2014			2013
Walgreens		15.6	%		*
Dollar General		*			12.0	%
Citizens Bank		*			12.0	%

*	The tenants’ annualized rental income was not greater than 10% of total consolidated annualized rental income for all portfolio properties as of the period specified.