June 30, 2014 and December 31, 2013 Restated Consolidated Balance Sheets


	June 30, 2014												December 31, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported ⁽¹⁾			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	3,361,195		$	—		$	(17,960	)	$	3,343,235		$	1,379,453		$	—		$	855		$	1,380,308
Buildings, fixtures and improvements		12,445,972			(3,623	)		(21,723	)		12,420,626			5,291,031			—			6,369			5,297,400
Land and construction in progress		62,594			—			—			62,594			21,839			—			—			21,839
Acquired intangible lease assets		2,231,675			382			(4,664	)		2,227,393			758,376			382			837			759,595

Total real estate investments, at cost		18,101,436			(3,241	)		(44,347	)		18,053,848			7,450,699			382			8,061			7,459,142
Less: accumulated depreciation and amortization		(661,005	)		(281	)		669			(660,617	)		(267,352	)		(155	)		229			(267,278	)

Total real estate investments, net		17,440,431			(3,522	)		(43,678	)		17,393,231			7,183,347			227			8,290			7,191,864
Investment in unconsolidated entities		102,047			—			—			102,047			—			—			—			—
Investment in direct financing leases, net		62,094			—			—			62,094			66,112			—			—			66,112
Investment securities, at fair value		219,204			—			—			219,204			62,067			—			—			62,067
Loans held for investment, net		97,587			—			—			97,587			26,279			—			—			26,279
Cash and cash equivalents		193,690			—			1,839			195,529			52,725			—			—			52,725
Derivative assets, at fair value ⁽²⁾		—			—			—			—			9,189			(9,189	)		—			—
Restricted cash		69,544			—			—			69,544			35,921			—			—			35,921
Prepaid Expenses ⁽²⁾		—			—			—			—			187,930			(187,930	)		—			—
Intangible assets, net		347,618			—			—			347,618			—			—			—			—
Deferred costs and other assets, net		405,056			3,522			9,621			418,199			—			281,865			(1,204	)		280,661
Goodwill		2,304,880			—			(11,860	)		2,293,020			102,419			—			(9,630	)		92,789
Due from affiliates		73,336			—			350			73,686			—			—						—
Deferred Costs ⁽²⁾		—			—			—			—			81,311			(84,973	)		3,662			—
Assets held for sale		—						38,737			38,737			679			—			(14	)		665

Total assets	$	21,315,487		$	—		$	(4,991	)	$	21,310,496		$	7,807,979		$	—		$	1,104		$	7,809,083

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	4,227,494		$	—		$	—		$	4,227,494		$	1,301,114		$	—		$	—		$	1,301,114
Corporate bonds, net		2,546,089			—			—			2,546,089			—			—			—			—
Convertible debt, net		975,003			—			—			975,003			972,490			—			—			972,490
Senior corporate credit facilities ⁽³⁾		—			—			—			—			1,819,800			(1,819,800	)		—			—
Secured credit facility ⁽³⁾		—			—			—			—			150,000			(150,000	)		—			—
Credit facilities		1,896,000			—			—			1,896,000			—			1,969,800			—			1,969,800
Other debt, net		146,158			—			—			146,158			104,804			—			—			104,804
Below-market lease liabilities, net		283,518			—			(1,564	)		281,954			77,789			—			(620	)		77,169
Accounts payable and accrued expenses		154,741			—			20,201			174,942			808,900			—			(78,329	)		730,571
Derivative liabilities, at fair value ⁽⁴⁾		—			—			—			—			18,455			(18,455	)		—			—
Deferred rent and other liabilities		218,023			—			5,396			223,419			21,816			18,455			—			40,271
Distributions payable		3,837			—			6,942			10,779			10,278			—			625			10,903
Due to affiliates		835			—			2,349			3,184			—			—			103,434			103,434

Total liabilities		10,451,698			—			33,324			10,485,022			5,285,446			—			25,110			5,310,556

The consolidated balance sheets continue onto the next page.


	June 30, 2014											December 31, 2013
	As Previously Reported			Reclassifications		Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at June 30, 2014 and December 31, 2013, respectively	$	269,299		$	—	$	—		$	269,299		$	269,299		$	—	$	—		$	269,299

Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,730,013 and 42,199,547 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively		427			—		—			427			422			—		—			422
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 907,918,821 and 239,234,725 issued and outstanding at June 30, 2014 and December 31, 2013, respectively		9,079			—		—			9,079			2,392			—		—			2,392

Additional paid-in capital		11,904,537			—		(2,862	)		11,901,675			2,939,287			—		1,620			2,940,907
Accumulated other comprehensive income		12,392			—		(5,334	)		7,058			7,666			—		—			7,666
Accumulated deficit		(1,628,354	)		—		(10,854	)		(1,639,208	)		(864,516	)		—		(13,441	)		(877,957	)

Total stockholders’ equity		10,298,081			—		(19,050	)		10,279,031			2,085,251			—		(11,821	)		2,073,430
Non-controlling interests		296,409			—		(19,265	)		277,144			167,983			—		(12,185	)		155,798


Total equity		10,594,490			—		(38,315	)		10,556,175			2,253,234			—		(24,006	)		2,229,228

Total liabilities and equity	$	21,315,487		$	—	$	(4,991	)	$	21,310,496		$	7,807,979		$	—	$	1,104		$	7,809,083

(1)	This line item caption has been reclassified and included within deferred costs and other assets, net in the accompanying consolidated balance sheets for the period ended June 30, 2014.

(2)	This line item caption has been reclassified and included within credit facilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

(3)	This line item caption has been reclassified and included within deferred rent, derivative and other liabilities in the accompanying consolidated balance sheets for the period ended June 30, 2014.

June 30, 2013 Restated Consolidated Balance Sheet


	June 30, 2013
	As Previously Reported			ARCT IV Adjustments ⁽¹⁾			Reclassifications			Restatement Adjustments			As Restated
ASSETS
Real estate investments, at cost:
Land	$	504,562		$	249,931		$	—		$	—		$	754,493
Buildings, fixtures and improvements		2,043,270			770,009			—			—			2,813,279
Acquired intangible lease assets		318,488			113,465			347			—			432,300

Total real estate investments, at cost		2,866,320			1,133,405			347			—			4,000,072
Less: accumulated depreciation and amortization		(108,765	)		(7,905	)		(132	)		—			(116,802	)

Total real estate investments, net		2,757,555			1,125,500			215			—			3,883,270
Investment in direct financing leases, net		67,518			8,892			—			—			76,410
Investment securities, at fair value		9,920			68,082			—			—			78,002
Cash and cash equivalents		10,958			261,490			—			—			272,448
Derivative assets, at fair value		10,161			41			(10,202	)		—			—
Restricted cash		1,576			—			—			—			1,576
Deferred costs and other assets, net		—			—			128,825			(642	)		128,183
Prepaid expenses and other assets, net		14,626			50,262			(64,888	)		—			—
Receivable for issuance of common stock		—			443			(443	)		—			—
Deferred costs, net		38,443			15,064			(53,507	)		—			—
Assets held for sale		6,028			—			—			(14	)		6,014

Total assets	$	2,916,785		$	1,529,774		$	—		$	(656	)	$	4,445,903


LIABILITIES AND EQUITY
Mortgage notes payable, net		269,918			2,124			—			—			272,042
Senior corporate credit facilities		600,000			—			—			—			—
Credit facilities		—			—			—			—			600,000
Convertible Obligation to Series C Convertible Preferred Stockholders		445,000			—			—			—			445,000
Contingent value rights obligation to preferred and common investors		31,134			—			—			—			31,134
Derivative liabilities		1,186			—			—			—			—
Accounts payable and accrued expenses		12,060			654,518			(103	)		(395	)		666,080
Deferred rent and other liabilities		5,274			1,796			1,289			—			8,359
Distributions payable		1			9,717			—			248			9,966
Due to affiliates		—			—			—			1,349			1,349

Total liabilities		1,364,573			668,155			—			1,202			2,033,930


Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,921,213 shares issued and outstanding at June 30, 2013		8			422			—			—			430
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 221,690,474 issued and outstanding at June 30, 2013		1,846			368			—			—			2,214
Additional paid-in capital		1,801,460			901,592			—			3,035			2,706,087
Accumulated other comprehensive income		8,919			(1,337	)		—			—			7,582
Accumulated deficit		(379,502	)		(68,175	)		—			(64	)		(447,741	)

Total stockholders’ equity		1,432,731			832,870			—			2,971			2,268,572
Non-controlling interests		119,481			28,749			—			(4,829	)		143,401

Total equity		1,552,212			861,619			—			(1,858	)		2,411,973

Total liabilities and equity	$	2,916,785		$	1,529,774		$	—		$	(656	)	$	4,445,903

(1)	Adjustments to financial statements in order to apply the carryover basis of accounting to include the effects of the merger with ARCT IV.

Restated Consolidated Statements of Operations (for the three months ended June 30, 2014 and 2013)


	Three Months Ended												Three Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	314,843		$	—		$	(324	)	$	314,519		$	52,664		$	—		$	—		$	52,664
Direct financing lease income		1,181			—			—			1,181			—			—			—			—
Operating expense reimbursements		28,545			—			711			29,256			2,281			—			—			2,281
Cole Capital revenue		37,412			(190	)		—			37,222			—			—			—			—

Total revenues		381,981			(190	)		387			382,178			54,945			—			—			54,945

Operating expenses:
Cole Capital reallowed fees and commissions		7,068			—			—			7,068			—			—			—			—
Acquisition related		8,453			—			(1,252	)		7,201			37,289			—			(23	)		37,266
Merger and other transaction related ⁽¹⁾		13,286			—			(5,864	)		7,422			6,393			—			(528	)		5,865
Property operating		39,372			—			(86	)		39,286			3,086			—			—			3,086
General and administrative		19,063			2,788			18,161			40,012			2,361			23			3,899			6,283
Equity-based compensation ⁽²⁾		9,338			—			(9,338	)		—			3,458			—			(3,458	)		—
Depreciation and amortization		258,993			—			(8,254	)		250,739			33,752			(23	)		(48	)		33,681
Impairment of real estate ⁽³⁾		—			—			1,556			1,556			—			—			—			—

Total operating expenses		355,573			2,788			(5,077	)		353,284			86,339			—			(158	)		86,181

Operating income (loss)		26,408			(2,978	)		5,464			28,894			(31,394	)		—			158			(31,236	)

Other (expense) income:
Interest expense, net		(99,635	)		(4,619	)		357			(103,897	)		(11,068	)		(356	)		—			(11,424	)
Extinguishment of debt, net ⁽³⁾		—			—			(6,469	)		(6,469	)		—			—			—			—
Other income, net		6,526			7,597			(2,187	)		11,936			1,167			356			—			1,523
Gain (loss) on derivative instruments, net		21,926			—			(7,719	)		14,207			(40	)		(31,134	)		—			(31,174	)
Loss on contingent value rights		—			—			—			—			(31,134	)		31,134			—			—
Gain on disposition of properties, net		1,510			—			(2,779	)		(1,269	)		—			—			—			—

Total other expenses, net		(69,673	)		2,978			(18,797	)		(85,492	)		(41,075	)		—			—			(41,075	)

Net loss from continuing operations		(43,265	)		—			(13,333	)		(56,598	)		(72,469	)		—			158			(72,311	)


Discontinued operations:
Income from operations of held for sale properties		—			—			—			—			36			—			—			36

Net loss from discontinued operations		—			—			—			—			36			—			—			36


Net loss		(43,265	)		—			(13,333	)		(56,598	)		(72,433	)		—			158			(72,275	)
Net loss attributable to non-controlling interests		2,937			—			(1,059	)		1,878			475			—			2,197			2,672

Net loss attributable to the Company	$	(40,328	)	$	—		$	(14,392	)	$	(54,720	)	$	(71,958	)	$	—		$	2,355		$	(69,603	)



Basic and diluted net loss per share attributable to common stockholders	$	(0.08	)	$	—		$	—		$	(0.10	)	$	(0.36	)	$	—		$	—		$	(0.35	)

(1)	This line item caption has been updated to “merger and other non-routine transactions” in the accompanying consolidated statements of operations.

(2)	As disclosed above, this line item caption has been reclassified into “general and administrative” in the accompanying consolidated statements of operations.

(3)	This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

Restated Consolidated Statements of Operations (for the six months ended June 30, 2014 and 2013)


	Six Months Ended												Six Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications			Restatement Adjustments			As Restated
Revenues:
Rental income	$	559,288		$	—		$	(354	)	$	558,934		$	93,651		$	—		$	—		$	93,651
Direct financing lease income		2,187			—			—			2,187			—			—			—			—
Operating expense reimbursements		49,641			—			1,091			50,732			4,191			—			—			4,191
Cole Capital revenue		91,479			—			—			91,479			—			—			—			—

Total revenues		702,595			—			737			703,332			97,842			—			—			97,842

Operating expenses:
Cole Capital reallowed fees and commissions		41,504			—			—			41,504			—			—			—			—
Acquisition related		20,337			—			281			20,618			47,616			—			(23	)		47,593
Merger and other non-routine transactions ⁽¹⁾		235,478			—			(67,758	)		167,720			144,162			—			(14,729	)		129,433
Property operating		69,030			—			11			69,041			5,635			—			—			5,635
Management fees to affiliate		—			—			13,888			13,888			—			—			12,493			12,493
General and administrative		44,748			3,911			47,845			96,504			3,815			23			10,217			14,055
Equity-based compensation ⁽²⁾		31,848			—			(31,848	)		—			4,339			—			(4,339	)		—
Depreciation and amortization		424,356			—			225			424,581			60,505			(23	)		(48	)		60,434
Impairment of real estate ⁽³⁾		—			—			1,556			1,556			—			—			—			—

Total operating expenses		867,301			3,911			(35,800	)		835,412			266,072			—			3,571			269,643

Operating income (loss)		(164,706	)		(3,911	)		36,537			(132,080	)		(168,230	)		—			(3,571	)		(171,801	)

Other (expense) income:
Interest expense, net		(216,347	)		(8,272	)		(229	)		(224,848	)		(17,124	)		(502	)		(599	)		(18,225	)
Extinguishment of debt, net ⁽⁴⁾		—			—			(15,868	)		(15,868	)		—			—			—			—
Other income, net		10,915			12,183			(952	)		22,146			2,020			502			—			2,522
Gain (loss) on derivative instruments, net		1,729			—			5,357			7,086			(45	)		(31,134	)		—			(31,179	)
Loss on contingent value rights		—			—			—			—			(31,134	)		31,134			—			—
Gain (loss) on disposition of properties and held for sale assets, net		4,489			—			(23,363	)		(18,874	)		—			—			—			—
Gain on sale of investments		—			—			—			—			451			—			—			451

Total other expenses, net		(199,214	)		3,911			(35,055	)		(230,358	)		(45,832	)		—			(599	)		(46,431	)

Net loss from continuing operations		(363,920	)		—			1,482			(362,438	)		(214,062	)		—			(4,170	)		(218,232	)


Discontinued operations:
Income from operations of held for sale properties		—			—			—			—			20			—			—			20
Gain on held for sale properties		—			—			—			—			14			—			(14	)		—

Net loss from discontinued operations		—			—			—			—			34			—			(14	)		20


Net loss		(363,920	)		—			1,482			(362,438	)		(214,028	)		—			(4,184	)		(218,212	)
Net loss attributable to non-controlling interests		14,911			—			1,363			16,274			907			—			3,822			4,729

Net loss attributable to the Company	$	(349,009	)	$	—		$	2,845		$	(346,164	)	$	(213,121	)	$	—		$	(362	)	$	(213,483	)

Basic and diluted net loss per share attributable to common stockholders	$	(0.58	)	$	—		$	—		$	(0.58	)	$	(1.16	)	$	—		$	—		$	(1.17	)

(1)	This line item caption has been updated to merger and other non-routine transactions in the accompanying consolidated statements of operations.

(2)	As disclosed above, this line item caption has been reclassified into “general and administrative” in the accompanying consolidated statements of operations.

(3)	This line item caption has been added and is included in the accompanying consolidated statements of operations for the period ended June 30, 2014.

Restated Statements of Comprehensive Loss (for the three months ended June 30, 2014 and 2013)


	Three Months Ended									Three Months Ended
	June 30, 2014									June 30, 2013
	As Previously Reported			Restatement Adjustments			As Restated			As Previously Reported			Restatement Adjustments		As Restated
Net loss ⁽¹⁾	$	(43,265	)	$	(13,333	)	$	(56,598	)	$	(72,433	)	$	158	$	(72,275	)

Other comprehensive (loss) income:
Designated derivatives, fair value adjustments		(6,883	)		(400	)		(7,283	)		14,058			—		14,058
Unrealized gain (loss) on investment securities, net		5,878			—			5,878			(1,793	)		—		(1,793	)

Total other comprehensive (loss) income		(1,005	)		(400	)		(1,405	)		12,265			—		12,265

Total comprehensive loss		(44,270	)		(13,733	)		(58,003	)		(60,168	)		158		(60,010	)
Net loss attributable to non-controlling interests		2,937			(1,059	)		1,878			475			2,197		2,672

Total comprehensive loss attributable to the Company	$	(41,333	)	$	(14,792	)	$	(56,125	)	$	(59,693	)	$	2,355	$	(57,338	)

(1)	The statement of comprehensive loss previously began with net loss attributable to common stockholders. The statement has been updated to begin with net loss to properly show the total comprehensive loss.

Restated Statements of Comprehensive Loss (for the six months ended June 30, 2014 and 2013)


	Six Months Ended									Six Months Ended
	June 30, 2014									June 30, 2013
	As Previously Reported			Restatement Adjustments			As Restated			As Previously Reported			Restatement Adjustments			As Restated
Net loss	$	(363,920	)	$	1,482		$	(362,438	)	$	(214,028	)	$	(4,184	)	$	(218,212	)
Other comprehensive (loss) income:
Designated derivatives, fair value adjustments		(4,247	)		(5,334	)		(9,581	)		12,881			—			12,881
Unrealized gain (loss) on investment securities, net		8,973			—			8,973			(1,365	)		—			(1,365	)

Total other comprehensive (loss) income		4,726			(5,334	)		(608	)		11,516			—			11,516


Total comprehensive loss		(359,194	)		(3,852	)		(363,046	)		(202,512	)		(4,184	)		(206,696	)
Net loss attributable to non-controlling interests		14,911			1,363			16,274			907			3,822			4,729

Total comprehensive loss attributable to the Company	$	(344,283	)	$	(2,489	)	$	(346,772	)	$	(201,605	)	$	(362	)	$	(201,967	)

Restated Statements of Cash Flows


	Six Months Ended												Six Months Ended
	June 30, 2014												June 30, 2013
	As Previously Reported			Reclassifications			Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Cash flows from operating activities:
Net loss	$	(363,920	)	$	—		$	1,482		$	(362,438	)	$	(214,028	)	$	—	$	(4,184	)	$	(218,212	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of OP Units		153,885			—			(61,001	)		92,884			108,247			—		(476	)		107,771
Depreciation and amortization		452,446			—			20,738			473,184			64,243			—		537			64,780
Gain on disposition of properties		(4,489	)		—			23,363			18,874			(14	)		—		14			—
Equity-based compensation		31,848			—			(4,584	)		27,264			6,717			—		74			6,791
Equity in income of unconsolidated entities		385			—			—			385			—			—		—			—
Distributions from unconsolidated entities ⁽¹⁾		—			—			4,033			4,033			—			—		—			—
Net direct financing lease adjustments ⁽¹⁾		—			—			—			—			—			—		—			—
Loss on derivative instruments		8,048			—			(15,134	)		(7,086	)		45			—		—			45
Gain on sale of investments, net		—			—			—			—			(451	)		—		—			(451	)
Impairment of real estate		—			—			1,556			1,556
Gain on extinguishment of debt		(8,398	)		—			(8,587	)		(16,985	)		—			—		—			—
Unrealized loss on contingent value rights obligations, net of settlement payments		—			—			—			—			31,134			—		—			31,134
Changes in assets and liabilities:					—			—			—			—			—		—			—
Investment in direct financing leases		525			—			—			525			—			—		—			—
Deferred costs and other assets, net		(62,175	)		—			(31,378	)		(93,553	)		(10,300	)		—		37			(10,263	)
Due from affiliates		(5,335	)		—			(350	)		(5,685	)		—			—		—			—
Accounts payable and accrued expenses		(133,960	)		—			82,189			(51,771	)		4,554			—		(394	)		4,160
Deferred rent, derivative and other liabilities		(35,298	)		—			26,566			(8,732	)		2,676			—		—			2,676
Due to affiliates		223			—			(41,485	)		(41,262	)		—			—		1,349			1,349

Net cash provided by (used in) operating activities		33,785			—			(2,592	)		31,193			(7,177	)		—		(3,043	)		(10,220	)

Cash flows from investing activities:
Investments in real estate and other assets		(1,246,588	)		—			—			(1,246,588	)		(2,129,677	)		—		—			(2,129,677	)
Acquisition of a real estate business, net of cash acquired		(755,701	)		—			(531	)		(756,232	)		—			—		—			—
Investment in direct financing leases		—			—			—			—			(76,410	)		—		—			(76,410	)
Capital expenditures		(46,649	)		21,733			14,927			(9,989	)		(30	)		—		—			(30	)
Real estate developments		—			(21,733	)		—			(21,733	)		—			—		—			—
Distributions from unconsolidated entities⁽¹⁾		4,033			—			(4,033	)		—			—			—		—			—
Principal repayments received from borrowers		4,155			—			—			4,155			—			—		—			—
Investments in unconsolidated entities		(2,500	)		—			—			(2,500	)		—			—		—			—
Return of investment from unconsolidated entities		—			—			—			—			—			—		—			—
Proceeds from disposition of properties		95,321			—			(498	)		94,823			—			—		—			—
Investment in intangible assets		(266	)		—			—			(266	)		—			—		—			—
Investment in other assets		—			—			—			—			(1,041	)		—		1,041			—
Deposits for real estate investments		(129,602	)		—			—			(129,602	)		(47,086	)		—		—			(47,086	)
Uses and refunds of deposits for real estate investments		196,075			—			—			196,075			—			—		—			—
Purchases of investment securities		—			—			—			—			(81,460	)		—		—			(81,460	)

The consolidated statements of cash flows continue onto the next page.


	Six Months Ended											Six Months Ended
	June 30, 2014											June 30, 2013
	As Previously Reported			Reclassifications		Restatement Adjustments			As Restated			As Previously Reported			Reclassifications		Restatement Adjustments			As Restated
Line of credit advances to affiliates	$	(80,300	)	$	—	$	—		$	(80,300	)	$	—		$	—	$	—		$	—
Line of credit repayments from affiliates		15,600			—		—			15,600			—			—		—			—
Proceeds from sale of investment securities		—			—		—			—			44,188			—		—			44,188
Change in restricted cash		—			—		(15,499	)		(15,499	)

Net cash used in investing activities		(1,946,422	)		—		(5,634	)		(1,952,056	)		(2,291,516	)		—		1,041			(2,290,475	)
Cash flows from financing activities:
Proceeds from mortgage notes payable		718,275			—		—			718,275			6,924			—		—			6,924
Payments on mortgage notes payable		(876,874	)		—		—			(876,874	)		—			—		—			—
Payments on other debt		(7,524	)		—		—			(7,524	)		—			—		—			—
Proceeds from credit facilities		3,246,000			—		—			3,246,000			825,000			—		—			825,000
Payments on credit facilities		(4,628,800	)		—		—			(4,628,800	)		(349,604	)		—		—			(349,604	)
Proceeds from corporate bonds		2,545,760			—		—			2,545,760			—			—		—			—
Payments of deferred financing costs		(80,515	)		—		(3,650	)		(84,165	)		(40,488	)		—		(973	)		(41,461	)
Common stock repurchases		—			—		—			—			(350,396	)		—		—			(350,396	)
Proceeds from issuances of preferred shares		—			—		—			—			445,000			—		—			445,000
Proceeds from issuances of common stock, net offering costs		1,595,735			—		(2,273	)		1,593,462			1,810,116			—		(74	)		1,810,042
Consideration to Former Manager for internalization		—			—		—			—			(3,035	)		—		3,035			—
Contributions from non-controlling interest holders		1,043			—		(61	)		982			29,758			—		—			29,758
Distributions to non-controlling interest holders		(16,418	)		—		587			(15,831	)		(3,111	)		—		—			(3,111	)
Distributions paid		(427,541	)		—		(77	)		(427,618	)		(90,740	)		—		—			(90,740	)
Change in restricted cash		(15,539	)		—		15,539			—			(844	)		—		—			(844	)

Net cash provided by financing activities		2,053,602			—		10,065			2,063,667			2,278,580			—		1,988			2,280,568

Net change in cash and cash equivalents		140,965			—		1,839			142,804			(20,113	)		—		(14	)		(20,127	)

Cash and cash equivalents, beginning of period		52,725			—		—			52,725			292,575								292,575

Cash and cash equivalents, end of period	$	193,690		$	—	$	1,839		$	195,529		$	272,462		$	—	$	(14	)	$	272,448

(1)	This line item caption has been added and is included in the accompanying consolidated statements of cash flows for the period ended June 30, 2014.